In yet another dazzling example of the ‘natural brilliance’ and ‘sound economic management’ of the Howard government, the Future Fund has been handed to Northern Trust Corporation, the trustee of the Enron pension fund in which some 20,000 employees lost up to $US1.6 billion and paid a settlement of $US37.5 million to the new trustee. With close links to the Bush Administration, the Enron collapse was the largest in US corporate history.
Unbelievable and yet so predictable! More coupon clipping being passed off as superior and sound economic management. HowardCo have ridden the wave of economic growth born of the Hawke-Keating era, but basically couldn’t organise a piss-up in a brewery when it comes to stimulating productive growth. They only know how to take a percentage of the action on behalf of the big players.
The question must be begged as to why we can’t manage our own Future Fund using Australian companies and Australian workers. Are we that cringe-worthy that we need to hand it over to US Bushistas? Maybe we could invest it in Halliburton, who have just announced second quarter earnings growth of 284%?
Filed under: Big Picture, Economics, Nonsense, Politics
