Compassion For Malcolm: He Just Wants His Balls Back

19 May

Malcolm Turnbull has again managed to anger his colleagues, thanks to his comments on the Coalition’s Direct Action climate policy on Lateline this week.

I for one think that we could all show a little more compassion for Malcolm’s eunuchly uncomfortable position.

You see, there is plenty of evidence to strongly suggest the – somewhat embarrassing – true reason why Malcolm Turnbull so fervently believes that an emissions trading scheme is the best way to address global warming.

Simply take the time to review the history of the HIH collapse in March 2001.

Consider the highly questionable role that Goldman Sachs Australia – of whom Malcolm Turnbull was chairman at the time – had to play in this, the biggest corporate failure in Australian history:

SMH, Oct 18 2007

Turnbull Accused Of Deceiving Directors

Consider the subsequent $450+ million lawsuit brought against the key players in the HIH collapse… including named defendant, Malcolm Turnbull:

Wall Street Journal (via The Australian), Sep 17, 2008

One time banker done with HIH, but scandal isn’t done with him

The Australian, Sep 19 2008

Malcolm Turnbull has one less immediate distraction, after a Supreme Court judge yesterday acknowledged that a big civil court case in which the new federal Liberal leader is an individually named defendant could be settled by early December.

Consider only a few years after the collapse of HIH, even as those legal proceedings were being prepared, Malcolm Turnbull’s (again, questionable) takeover from Peter King as the Liberal candidate for the seat of Wentworth gave him a ready-made entrance into Parliament in 2004.

Consider his rapid elevation to the key role of … Environment Minister. Followed by the big push for the Howard Government to adopt an ETS.

Consider the revelation only a short time later that then Opposition Leader Malcolm Turnbull was to be spared from appearing in court as a defendant in that $450+ million lawsuit.  Why?

Because his former employer Goldman Sachs had made a “confidential” settlement on his behalf:

The Australian, March 13 2009

HIH score settled for Malcolm

Opposition Leader Malcolm Turnbull looks set to emerge from his long court case over HIH Insurance with his former employer, the Goldman Sachs merchant bank, making a confidential settlement on his behalf.

Most importantly, consider which massive international banking power has been behind all the great market bubbles in modern history – and is again behind the global drive for a new derivatives-based trading bubble, the likes of which the world has never seen:

Business Pundit, June 25 2009

Matt Taibbi’s latest Rolling Stone article, “The Great American Bubble Machine,” undresses Goldman Sachs – and finds a “giant vampire squid wrapped around the face of humanity.” Not only do former Goldmanites essentially run the world, they help manufacture and burst economic bubbles, harvesting mean profits the entire time. Taibbi details how the bank manipulated investors, starting during the Great Depression.

Rolling Stone, July 9 2009 print edition

The Great American Bubble Machine

From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression — and they’re about to do it again.

The Telegraph UK, Feb 19 2010

Here comes the next bubble – carbon trading

Forget CDOs and other inventions of the great credit bubble. That’s all old hat. Investment bankers are moving on to an area of securities trading that is potentially even more lucrative, and what’s more, even has a social value – saving the planet. Or supposedly so, anyway.

Finally, consider that less than a month (less than 9 days*, in fact) after announcing his intention to retire from politics …

SMH April 16 2010

Turnbull quits politics

…  Malcolm suddenly changed his mind:

SMH, May 1, 2010

Former Liberal leader Malcolm Turnbull has made a dramatic return to politics, sparking a rethink on leadership and climate change within his party.

Or should that be, had it changed for him?

Herald Sun, April 25* 2010

Former Liberals leader Malcolm Turnbull is seriously reconsidering his decision to quit politics.

Although Mr Turnbull is overseas

Goldman Sachs is based in New York, with “tentacles” all over the world.

It hardly takes a rocket scientist to put two + two together.

Malcolm Turnbull, the former Goldman Sachs Australia chairman, named co-defendant in a $450+ million lawsuit, and beneficiary of a “confidential” settlement made on his behalf by his former employer, believes so strongly in Australia having an emissions trading scheme for a very good reason indeed.

But I personally harbour the gravest of doubts that “saving the planet” has anything whatsoever to do with it…

The Testicle Cookbook - By Goldman Sachs

*This is an updated reprise of my April 28, 2010 article (“Rudd Destroys His Ministers Beliefs“)


22 May 2011:

From –

Turnbull also has a good track record as an investor in early stage companies.

In 1999 he made just under $60 million from the sale of pioneering internet service provider OzEmail, two years after selling his boutique investment bank Turnbull and Partners to Goldman Sachs.

5 Responses to “Compassion For Malcolm: He Just Wants His Balls Back”

  1. JMD May 19, 2011 at 6:11 pm #

    No doubt carbon credits are a scam. Thing is though, all Barnaby has to do is come out & say it as it is, the government itself is perpetuating all these scams through the Reserve Bank & its ‘clients’, the commercial & investment banks.

    All he has to do is support a gold standard, where all bankers’ debts are redeemable in gold, rather than being rolled over by the government – using your bank account what’s more – & the problem, for the average man, disappears. Of course any banker who is unable to repay his debts may find himself swinging from a lamp post but that’s not the problem of the average man.

    Will Barnaby do this? Frankly, I’m skeptical.

  2. Memo from Wall Street: Your Breathing My Air! July 15, 2011 at 10:02 pm #

    It’s always made me laugh when Labour, the Greens and the media try to use Turnbull’s lust for a Co2 Trading scheme as validation to boost the perceived merit of the concept. He’s an investment banker!! He knows the enormous value to him and his associates.

    It’s so ironic the Labour-Greens Socialist Coalition’s (LGSC) is so desperate to create the funding pool to re-engineer Australian society according to their ideals, they would be the ones to deliver the Holy Grail of the Derivatives markets to the Capitalist finance elites.

    The LGSC intrinsically know the easiest target in the Australian economic landscape are the people earning $80k+ and have a long history of negatively characterising them in the media. In something like a “Scooped-Ecomony where wealth will be stripped from the Middle and Aspirational Classes in Australia and redistributed to deliver Socialist causes. Even though as a consequence many billions of dollars will surge into the pockets of the mega rich at the top end.

    The LGSC seem to accept, even if reluctantly, that the mega rich are well.. already rich, so it doesn’t matter if they make huge profits from the obscene carbon trading market.

  3. WA Piper July 22, 2011 at 8:25 pm #

    Malcolm, yesterday, said vested interests were agaist action on climate change because it did not suit their own financial interests.
    In Australia, Goldman Sachs (Malcolm Turnbull) probably has the biggest financial interest in the creation of a world Emissions Trading System.
    Is this hypocritical?

    • The Blissful Ignoramus July 22, 2011 at 8:37 pm #

      Open a dictionary to “hypocritical”, you’ll find MT’s photo.

  4. Oliver K. Manuel July 27, 2011 at 2:21 pm #

    I agree.

    It’s all a scam.

    But in is an international scam that apparently started on the week of February 21-28, 1972.

    In motivation for the scam – to save the lives of world leaders – was probably the vaporization of Hiroshima on August 6, 1945.

    Through a series of strange coincidences, I have been able to piece together this history (1945-2011) of the climate scam (pdf or doc files):

    Click to access 20110722_Climategate_Roots.pdf

    I do not personally like the conclusion but cannot find a more palatable one.

    With kind regards,
    Oliver K. Manuel
    Former NASA Principal
    Investigator for Apollo

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