There is a powerful prima facie case that points to Malcolm Turnbull and Bill Shorten doing a deal not to raise each other’s corrupt past during the election as well as the corrupt and criminal conduct of their respective political parties.
The obvious reason for the deal to conceal the corruption during the election is that any battle between each other based on corruption would decrease their votes and increase the votes for the minor parties and independents. It is disgusting that two leaders and two parties would do a deal to downplay the corruption issue but it is very obvious that they have done the deal.
It was only a few months ago that the Liberal Party were travelling full steam ahead to make an election issue out of Bill Shorten’s corrupt dealings when he was in the union movement. The Labor Party were also set to raise Malcolm Turnbull’s dodgy dealings with his mate and criminal Rodney Adler which brought down HIH and was Australia’s biggest corporate bankruptcy.
Malcolm Turnbull and HIH / FAI and why he won’t have a Royal Commission into the banks
HIH Insurance collapsed in 2001 losing an estimated $5.3 billion. One of the reasons often given for its collapse is that it bought another insurance company called FAI for $300 when it was actually worth nothing and losing money. Malcolm Turnbull at the time was the head of the Australian division of investment bank Goldman Sachs and was an advisor to FAI.
Most voters do not know but Malcolm Turnbull gave evidence in the witness stand at the HIH Royal Commission in 2002 and he was later sued personally in civil proceedings by the HIH liquidator McGrathNicol. The reason Turnbull was personally sued was because of his alleged dodgy conduct in his role as the managing director of the investment bank Goldman Sachs in advising FAI as it was taken over by HIH.
HIH Insurance was Australia’s second largest insurance company. It was placed into provisional liquidation on 15 March 2001. The demise of HIH is considered to be the largest corporate collapse in Australia’s history, with liquidators estimating that HIH’s losses totalled up to $5.3 billion. Investigations into the cause of the collapse have led to conviction and imprisonment of a handful of members of HIH management on various charges relating to fraud.
The liquidator “attributed the HIH company failures to rapid expansion, unsupervised delegation of authority, extensive and complex reinsurance arrangements, under pricing, reserve problems, false reports, reckless management, incompetence, fraud, greed, and self–dealing.” (Click here to read more)
Turnbull’s role in helping his mate Rodney Adler
In 1997 Malcolm Turnbull was advising FAI CEO and major shareholder Rodney Adler about the possibility of privatising FAI with the help of Goldman Sachs. For some reason Goldman Sachs pulled out of the deal which was probably because they realised that FAI was nearly broke.
In 1998 FAI received a takeover offer from HIH and Goldman Sachs (Malcolm Turnbull) advised the FAI directors on the sale. But Turnbull did not tell FAI directors that Goldman Sachs had pulled out of the deal with Rodney Adler to buy FAI a few months earlier which Turnbull had an obligation to do. Turnbull said he thought Rodney Adler had told them so he didn’t bother.
Rodney Adler ended up doing jail time (2005-2007) and maybe Malcolm Turnbull should have as well.
The civil lawsuit against Malcolm Turnbull was settled out of court for an undisclosed amount.
I suspect the HIH / FAI matter would have to be a major reason why Mr Turnbull does not want to have a Royal Commission into the banks. If there is a Royal Commission into the banks there might be a chance that Malcolm Turnbull will be back in the witness stand like he was at the HIH Royal Commission. Especially if the terms of reference are written by the Labor Party, Bill Shorten and the unions.
It would be a huge vote winner for the Labor Party if they focused on Malcolm Turnbull’s time at investment bank Goldman Sachs and his role in the HIH / FAI collapse and then linked it to the fact that he won’t have a Royal Commission into the banks. The problem for Labor is if they do that then it will break the deal they have with the Liberals and the Liberals will return fire and focus on Bill Shortens handiwork in the union movement.
Other corruption in Turnbull’s past that Labor should raise but won’t I have written about before in an article titled “Malcolm Turnbull the rain man who speaks with forked tongue.” which is worth a read if you haven’t already.
Bill Shorten’s union days as secretary of the Australian Workers Union (AWU)
Using a dirt sheet on opponents during elections is the specialty of Bill Shorten and crew which includes Senator Stephen Conroy. Google Bill Shorten and dirt sheet and you will see what I mean. But in this election they don’t have to make up a dirt sheet because they have the truth of Turnbull’s past to throw at him but have so far refused to do so. The reason is Bill Shorten has so many skeleton in his closet it makes it impossible for Labor to attack Turnbull and the Liberals on corruption issues during the election so they cut a deal.
Bill Shorten’s corrupt past was exposed extensively during the Trade Union Royal Commission and the fact the Liberals haven’t used this to their benefit during the campaign says plenty. Add that to the fact that the Labor Party haven’t raised Malcolm Turnbull’s past and it is obvious that a deal has been done between Malcolm Turnbull and Bill Shorten.
Also have a look at all the corruption over the last few weeks by members of the Liberal Party and Labor Party that has barely been mentioned by both parties. The Labor Party had a staffer charged by police last week and have had another (former NSW ALP boss Jamie Clements) charged this week by the NSW Electoral Commission yet the Liberal Party have not even raised it to my knowledge. Maybe it has something to do with the fact that Liberal MP Stuart Robert has been busy corruptly stacking the Gold Coast council with Liberals while he is under investigation by the Federal police for another matter.
Shutting their mouths while ignoring corruption and hoping the voters don’t notice won’t help the Liberal/National Party and Labor Party. A quick look at social media says corruption is a major issue for voters and I suspect we are going to end up with a record number of independent MP’s and Senators unless the major parties change their attitudes fast if it’s not already too late.
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