Tag Archives: malcolm turnbull

Doing God’s Work – Turnbull An Angel Of Death Derivatives

24 May

Ever heard of “death derivatives”?

If not, then what you’re about to learn may cause you to wish that you had never read this post.

Or the linked mainstream business news stories.

On April 6 last year, the leading advocate for CO2 emissions trading in Australia, Goldman Sachs’ Malcolm Turnbull, announced his retirement from politics, having lost the leadership of the Liberal Party over his dogged stance on an ETS.

At the time, Mr Turnbull indicated his desire to pursue business interests.

From SmartCompany.com.au:

Will Malcolm Turnbull Become Australia’s Most Prominent Angel Investor?

“Lucy and I are looking forward to pursuing new opportunities in the business world,” he told Sky News shortly after announcing his decision to quit.

We all know just how keenly Malcolm Turnbull wants to see Australia with a carbon (dioxide) derivatives trading scheme.

So one wonders if he is also looking to become an “angel” of Goldman’s newest invention – “death derivatives”.

From Bloomberg one week ago, 17 May 2011:

Death Derivatives Emerge From Pension Risks of Living Too Long

Goldman Sachs Group Inc. (GS), Deutsche Bank AG (DBK) and JPMorgan Chase & Co. (JPM), which bundled and sold billions of dollars of mortgage loans, now want to help investors bet on people’s deaths.

Pension funds sitting on more than $23 trillion of assets are buying insurance against the risk their members live longer than expected. Banks are looking to earn fees from packaging that risk into bonds and other securities to sell to investors.

There you have it.

To banksters, insurance companies, and superannuation fund managers, the possibility of your living “longer than expected” is considered a “risk“.

Nice.

And now, thanks to the sick, evil genius of global banksters like Goldman Sachs, this “risk” factor of you and your loved ones living longer than expected can be packaged up into a tradeable commodity.

A ‘death derivative’.

A new artificial “commodity” – exactly like “carbon permits” – that can be used to attract “investors” who want to place bets with despicable scumbag banksters like Goldman Sachs, on how long each securitised “pool” of human beings will live for.

“And the merchants of the earth will weep and mourn over her, for no one buys their merchandise anymore: merchandise of gold and silver … and bodies and souls of men.”

Shocked?

Maybe you should not be.

This latest bankster monstrosity comes from the very same people who, according to CEO Lloyd Blankfein, claim they are “doing god’s work”.

From Times Online UK:

I’m doing ‘God’s work’. Meet Mr Goldman Sachs

We have seen in “Compassion For Malcolm: He Just Wants His Balls Back”, that there is a little-known and very uncomfortable truth about the connection between Mr Turnbull and international investment bank Goldman Sachs.

We know too, that Mr Turnbull loves to get in early on new profit-making opportunities, as an “angel investor”.

Malcolm Turnbull is the wealthiest politician in Australia by far, with an estimated $186 million fortune in 2010.

Will he use some of it to become an angel of (Goldman’s) death derivatives?

Seems like a sound investment to me … if you’re a morally bankrupt prophet (profit) of global warming catastrophe, (ie), a merchant of death.

Think about it.

A carbon tax – the banksters’ foot-in-the-door on the way to an emissions trading scheme “in 3 to 5 years” – will drive up the cost of living.  That is one of the key goals that global warming advocates will – only if pressured – sheepishly admit is the whole point of “putting a price on carbon”.  To force citizens to alter their way of living, due directly to rising costs for everything.

What will be the ultimate effect?

Barnaby Joyce has said it well.  More and more older Australians already stay in bed all day in winter, because they can’t afford the extra electricity to warm the house:

“Last winter my mother-in-law told me that on her meals-on-wheels runs she often finds pensioners in bed, not because they are sick, but because it is the warmest part of the house when they can’t afford the heating.

That’s right here in Australia, where we enjoy a naturally warm climate.

Can you imagine just how many elderly (and not so elderly) people will suffer physically in the future, when current record-high electricity prices double?

From The Age, May 22 2011:

One of Australia’s largest home and business electricity suppliers, TRUenergy, has warned that household power bills will double in six years after a carbon price is introduced and uncertainty over its implementation might lead to power shortages.

That would be bad enough for older Australians.  People just like your mum and dad. Your nanna and grandpa.

Imagine the impact on elderly folk in the much-colder Northern Hemisphere, where far more of the world’s total population lives. And where, right now, 44 million (about 1 in 7) Americans already depend on food stamps for survival.  All thanks to the banksters’ GFC.

The effect of our allowing CO2 taxes / emissions trading to be enacted, is now very clear.

The cost of electricity will rise.

The cost of gas will rise.

The cost of food will rise.

The cost of water will rise.

The cost of clothing will rise.

The cost of transport will rise.

The cost of housing will rise.

Yes. The cost of everything will rise.

In due time.

But is all this just about ever-rising prices?

No.

It’s about the effect of ever-rising prices.

And what will be the effect?

The multi-decade trend of rising longevity in the Western world, will begin to reverse.

Older people – like your parents, and grandparents – will stop living longer.

They will start dying earlier than the insurance and superannuation industries’ models have been expecting.

Thanks to carbon dioxide derivatives trading, more and more human beings will die earlier and earlier than “investors” in death derivatives have estimated.

Superannuation fund managers, insurance companies, “investors” and speculators will find that they have made the wrong bet on average life expectancies.

Meaning – the banksters will first make a killing on the trade in carbon dioxide derivatives.

And then make another killing on the trade in their new ‘death derivatives’ too.

That’s their plan.

Angels of death. ‘Doing god’s work’.

Profits of death. For merchants of death.

“The first thing you need to know about Goldman Sachs is that it’s everywhere. The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.”

This is the ugly reality. There are people in this world who do not give a shit about you, or your little life.

They just want to profit from it.

In every way they can.

They don’t even “see” you … a wonderful, unique, and priceless individual human being.

They only see a vast herd of human cattle.

To be milked dry.

A huge herd of debt-laden cattle whose lives – and times of death – can be packaged together into different ‘risk’ ‘pools’ and ‘tranches’. Sliced and diced.  Securitised.  And traded on new “commodity” markets, for vast profits.

What you must also understand is this. These evil scum play The Long Game.

They’re patient bastards.

Don’t be fooled by politicians talk of “household compensation”.  It is only for a limited time.

Don’t be fooled by politicians talk of a “low starting price” on carbon dioxide. That is only for a limited time too.

Don’t be fooled by politicians and “experts” pro/con arguments over the “merit” of a carbon tax, versus an emissions trading scheme. Both are intended to have the same effect.

Don’t be fooled by the “carbon tax”.

The banksters would prefer an emissions trading scheme from Day 1. But they are prepared to wait a few years to get what they really want, if opposition from the public means that the safer-sounding option of a “fixed price” carbon tax is needed as a wedge, to get things started.

Mind you, while they’re waiting for an ETS they are still keen to get their hands on those billions in carbon tax money from Day 1 too (see “Our ‘Squeeze Pop’ Carbon Bank“).

A “carbon tax” is the banksters’ foot in our front door.

Don’t be fooled by the merchants of death.

Stop the CO2 Tax.

Stop the banksters.

Please share this information with everyone you know, today.

* Don’t forget to read all about the $15 Trillion in OTC (over the counter) derivatives – called “financial weapons of mass destruction” by none other than Warren Buffet – that are held Off-Balance Sheet by Australia’s banks, versus only $2.66 Trillion in On-Balance Sheet ‘Assets’ … 66% of which ‘assets’ are loans.


UPDATE:

Julia says today that she is playing “the long game” on carbon trading –

Julia Gillard has assured Labor MPs her government will run its full term, telling them she is playing “the long game” and predicting Tony Abbott’s popularity will fade as Labor programs begin to deliver on-the-ground benefits for voters.

What did I say above?

Malcolm’s Motive: His ETS Lie Unravelled

24 May

Did Malcolm Turnbull lie about the real reason for changing his mind about his decision to quit politics, barely two weeks after announcing it?

From ABC’s Sunday Profile, May 28 2010:

Mr Turnbull is my guest on Sunday Profile. Welcome to the show. I’m Monica Attard.

When he rescinded that much publicised resignation from parliament Malcolm Turnbull says it was Prime Minister Rudd’s decision to shelve the ETS (emissions trading scheme) until at least 2013 which spurred him on.

Got that?

It was Rudd’s decision to delay the ETS that spurred Malcolm to go back on his decision to quit politics.

So, when exactly did Kevin Rudd announce his decision?

From ABC News, May 4 2010:

Rudd confirms ETS delay

Prime Minister Kevin Rudd says the Government’s emissions trading scheme is being delayed until 2011.

He has also cut the price of carbon from $40 to $10 for the first year of the scheme.

From Nine News, May 4, 2010:

The federal government will delay the start of its carbon pollution reduction scheme by a year and could seek deeper cuts to emissions than originally planned.

Prime Minister Kevin Rudd cited the recession, a need to give certainty to business and a chance to negotiate a global agreement in December as the reasons for the decision.

This decision was a momentous decision for Australian politics.

Careers have risen and fallen as a result. More will.

Now consider.

Kevin Rudd’s big decision was kept so secret, that not even Peter Garrett, the government’s own Environmental Protection Minister, was told about it in advance.

From ABC News, June 5 2010:

Peter Garrett has admitted he was kept in the dark over the scrapping of the Federal Government’s Emissions Trading Scheme.

The Environmental Protection Minister told Sky News today he found out the scheme had been dropped when he read about it in a newspaper report.

Now, let’s review the dates of news reports concerning Malcolm Turnbull’s announcement of (1) his decision to retire, and (2) his rapid change of mind.

From the SMH, April 16 2010:

Turnbull quits politics

From the Herald Sun, April 25 2010:

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

From the 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.

Hang on.

Didn’t Rudd announce the oh-so-secret decision to delay the ETS three days later, on May 4?

Even the Environment Protection Minister Peter Garrett says he didn’t know about the decision until he read about it in the newspaper on May 4.

So, how could Malcolm Turnbull possibly have known about it before April 26, in order for the Herald Sun to publish their story saying that he was “seriously reconsidering” his retirement decision?

Malcolm allegedly changed his mind sometime in April … while “overseas” … because he was “spurred on” by Rudd’s decision to delay the ETS.

A secret decision, announced on May 4th.

I think it is abundantly clear what the real reason is for Malcolm’s change of mind:

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.

Learn more about Malcolm Turnbull’s real motives here – “Compassion For Malcolm: He Just Wants His Balls Back”.

Finally, it is interesting to note that many on the left of politics admire Malcolm Turnbull as a man of integrity, precisely because of his consistent strong stand on emissions trading. Malcolm Turnbull consistently polls better with Labor/Green voters on the question of Preferred PM, than he does with conservative voters.

In the interview mentioned above, Malcolm Turnbull was questioned about Tony Abbott’s famous Kerry O’Brien interview, where it is said that he “gaffed” regarding politicians and truth-telling.

This is what Malcolm had to say about it:

MONICA ATTARD: Have you ever in an unscripted moment said something that wasn’t the entire truth?

MALCOLM TURNBULL: I believe that politicians should speak the truth all the time. Invariably there will be occasions when you make statements that are factually incorrect due to an error…

But then there’s the occasion when politicians will say things that are simply not true … That is something that I think should not happen. That’s a no-no. That’s a third rail that you shouldn’t touch.

MONICA ATTARD: And that’s not what Tony Abbott was doing though in relation to the taxation that he was being questioned upon?

MALCOLM TURNBULL: I believe politicians and everybody for that matter should aim to be accurate and truthful in what they say at all times.

Now you can be truthful and inaccurate but what you shouldn’t be doing at any time is saying things that are untrue

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“)

UPDATE:

22 May 2011:

From SmartCompany.com.au –

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.

Our “Squeeze Pop” Carbon Bank

17 May

Big bubbles, no troubles:

An independent carbon bank, similar to the Reserve Bank, should be set up to oversee a carbon price and investment in clean technology, the peak renewable energy lobby says.

The Clean Energy Council will today release a discussion paper proposing the carbon bank, which it says could be allowed to borrow money to invest in renewable energy projects against the future revenue of Labor’s proposed carbon tax and emissions trading scheme.

Hmmmmm.

An “independent” carbon bank.

Trading in … what you breathe out.

Borrowing … and “investing” … against the future government tax revenue.

In other words, the government … meaning taxpayers … the guarantor for any losses on those “investments”.

In a bankster-designed, multi-trillion dollar, global air-trading derivatives market:

What could possibly go wrong?

National Australia Bank Ltd, Westpac Banking Corp Ltd and the Reserve Bank of Australia (RBA) were all recipients of emergency funds from the US Federal Reserve during the global financial crisis, according to media reports.

Data released by the Fed shows the RBA borrowed $US53 billion in 10 separate transactions during the financial crisis…

The “independent” Reserve Bank is a great model to follow then.

Its track record certainly inspires con-fidence:

Why do we tolerate an “independent” Reserve Bank, whose first legal duty is to maintain a “stable” currency, when it is so clear that they have always utterly failed to do so.

And derivatives, well, they’re safe-as-houses too.

After all, the mortgage-backed derivatives market that blew up America is only a tiddling little market.

So there’s clearly no cause for concern about yet another bankster-driven scheme, to blow up a global, air-backed derivatives bubble:

To give an idea of the vast disconnect between our banks’ “Assets” (66% of which are loans), and their exposure to OTC derivatives, the following chart shows their total Assets – blue line – versus a red line of total Off-Balance Sheet “business” (click to enlarge):

$2.66 Trillion in "Assets" versus $15 Trillion in Off-Balance Sheet "Business"


They say that the main gimmick used to promote Hubba Bubba is that it is less sticky than other brands of bubble gum, and so burst bubbles are easier to peel from your skin.

No worries then.

Sure, we are going to get squeezed dry.

But there’ll be no needing to go shave our heads or rend our clothes when the biggest bubble ever goes POP!

I wonder which flavour we will get.

Raspberry?

Watermelon?

Squeeze Pop?

Or, will it be another new flavour …

Carbon Tax.

Emissions Trading.

“Independent” Carbon Bank.

Behave … debt slave.

Ka-Ching!

Turnbull Warns Of NBN “Charade”: Costs Kept “Off The Books”

13 May

The black hole keeps getting bigger.

Labor continues its practice of fiddling the books, to cover up its economic mismanagement.

From Delimiter:

Shadow Communications Minister Malcolm Turnbull has labelled the Federal Government’s continued approach of keeping the cost of building its flagship National Broadband Network project off the annual budget books a “charade”, in the wake of early take-up figures of the network’s services which the Coalition views as being less than expected.

In the budget papers released on Tuesday night, the Government provided further detail about how it would inject equity funding into the NBN project, allocating $18.2 billion in equity injections to NBN co over the proceeding years up until the 2014-15 financial year. The payments are instalments towards the Government’s total equity contribution to the NBN, which is expected to be $27.5 billion.

However, in a statement released tonight as part of the Coalition’s budget response, Turnbull said the Government had continued its “charade” in the budget papers of “keeping the entire cost of this needlessly expensive, excessively risky, anti-competitive project off the books”.

The Government, Turnbull said, assumed the NBN could be kept off-Budget because it would generate a commercial return, making the NBN worth not less than the cost of its initial investment.

“But eight months after the first sites were turned on in Tasmania, expectations of strong early revenues are looking overly optimistic,” the Member for Wentworth said, claiming that only eleven percent of households in Tasmania who had access to the NBN had signed up for services so far; less than predictions that 58 percent of households would by 2014-15 be purchasing services over the network and increasing their internet usage over today’s figures.

“The lacklustre performance metrics for the NBN so far bode ill for taxpayers,” Turnbull added. “The claim that the Government’s equity costs are limited to $27.5 billion (excluding $16 billion to be paid to Telstra) with the balance funded in debt is a very spurious one. There is no prospect of NBN being able to borrow on a no-recourse to the Government basis and so the NBN’s indebtedness will be just another category of Government debt. All of the NBN risk is with the Government.”

Barnaby: Turnbull Is “No.1 Spear-chucker”

29 Apr

Barnaby comments on today’s Big Event, and eloquently seizes the opportunity to take the piss out of the incontinent Republican movement.  Earning special mention is the No. 1 man for that other malodorous and leaky symbolism movement, the one for “putting a price on carbon” – Goldman Sachs’ sock puppet, Malcolm Turnbull.

From the Canberra Times:

Well, I will be watching it, ably encouraged by the fact that I live in a house of five females, young ladies of varying degrees of youngness to whom the royal wedding is akin to oxygen or the meaning of life. Even if I crossed the floor, the vote to watch the wedding would merely change from a 6-nil annihilation to ayes 5, nays 1.

Before I am admonished by the deafening snorts of republicans, might I kindly remind you that your No 2 spear-chucker, Julia Gillard (Malcolm Turnbull is No 1) is fluffing around the Buckingham Palace-Westminster precinct as we speak.

Do not tell me it is just protocol that she attends. I well remember being run over by socially acceptable republicans as they made a beeline for HM QEII on her last lunch at the Australian parliament.

Zing.

Wait for it ….. waaiit for it …. standing by for the ever so boring shrieks of “racist” from all of the usual self-righteous, humourless suspects

..

.

And what are Barnaby’s unique observations on the life of a British royal?

To live one’s life as a human species of goldfish in the glass bowl of 24/7 news; that would truly be a never-relenting hell. Think about it. Would you really want the job?

What better way to remove the problems of finding some poor suffering soul to do the job than make it hereditary?

Bad luck you were born to be photographed and commented on for the rest of your days and the salacious interest in you will plaster glossy mags at the checkout of every supermarket across the globe. You stop to have a leak and look up at the stars – next day, page one.

On top of this, you were born to be the role model for the nuclear family happy, polite, patriotic – and of course, you must breed. The fruit of your loins will be a global obsession.

So I think the royal family are great. When my daughters taunt me with suggestions of body piercing, tattoos and other forms of visual and oral profanity, I just say, ”I wonder if Kate will go to her big day in pure white or with a cream off-the-shoulder number?”

As making it past seven years married becomes a celebration in the modern world, the fact that two well-meaning individuals in a far-away island would do this form of very public high dive is admirable. Good luck to them…

Rudd Destroys His Minister’s Beliefs

28 Apr

* This April 28, 2010 post has since been revised, updated, and expanded with new developments in the ongoing Turnbull saga, in the following articles –

Compassion For Malcolm – He Just Wants His Balls Back
Malcolm’s Motive: His ETS Lie Unravelled
Doing God’s Work – Turnbull An Angel Of Death Derivatives
“Turnbull Once Said To Me, ‘You Capitalise On Chaos'”
“Spread The Word – ‘Untouchable’ Turnbull Is A Goldman-plated Turd”
“Malcolm Turnbull – The Goldman-churian Candidate?”

********************

The following media release by Barnaby just goes to show that he isn’t always right.  There is plenty of evidence to strongly suggest the true reason why Malcolm Turnbull really “believed” in an emissions trading scheme.

Simply take the time to review the history of the HIH collapse.  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.

Consider the subsequent $500 million lawsuit brought against the key players in the HIH collapse… including named defendant Malcolm Turnbull.

Consider that 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 first suggestion that the Howard Government should 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 $500 million lawsuit.  Why?

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

Finally, consider which massive international banking power has been behind all the great 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.

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

Malcolm Turnbull, the former Goldman Sachs chairman, named co-defendant, and beneficiary of a “confidential” settlement by his former employer, “believed” 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” had anything whatsoever to do with it…

Media Release – Senator Barnaby Joyce, 28 April 2010:

“My heart actually felt for Minister Wong being dragged through the public teeth pulling exercise on radio this morning explaining that the Labor Party no longer has a carbon reduction scheme of any sort,” said Senator Barnaby Joyce. “In fact, it is now apparent that the only scheme likely to get up at the next election is the Coalitions as the Labor Party does not have a CPRS policy. Mr Rudd has yet again destroyed another one of his colleagues by revealing his lack of a political soul and his mercenary ambivalence that puts polls over statesmanship.”

“How can he possibly hold any credibility when he publicly denies the fundamental tenant of his political faith so illustriously espoused at the previous election? Mr Rudd has jettisoned the ETS as one would put aside a paper plate at a picnic.”

“One can now see that at least Malcolm Turnbull, although he had a view I fervently disagreed with on the ETS, was willing to put his job on the line because he believed it was right*. Likewise, Brendan Nelson. I don’t believe Tony Abbott is going to change his view to be in favour of an ETS because the polls say so, or Ron Boswell for that matter.”

“Mr Rudd is a philosophical soldier of fortune who chameleon like uses faux earnestness as a key tool of deception. He has made Peter Garrett completely recant all his former beliefs, he has handed Combet his ceiling insulation problems in a modern version of the ‘loaded dog’, and now he is piece by piece dissembling the belief structure of Penny Wong. Why? Because the poll monster told him to do so. Mr Rudd is a political bric-a-brac shop of kitsch philosophies – overpriced, under planned and dispensed at will.”

More Information- Jenny Swan 0746 251500

UPDATE:

Post reorganised to lead with Turnbull/Goldman connection, followed by Barnaby’s media release.

UPDATE 2:

Interesting. Less than a month after announcing his intention to retire from politics, Turnbull changes his mind.

Or should that be, has it changed for him.

(There are numerous anecdotal reports that Turnbull’s “overseas” trip was for a meeting with Goldman Sachs in NY)

UPDATE 3 – 19 May 2011:

h/t Twitterer wakeup2thelies

@BarnabyisRight Thats a fantastic write up Head of CSIRO also Fmr director of Aus arm of of Rothschild 2001-03 resume http://bit.ly/mqpJx9
%d bloggers like this: