Stormy News

Stephen Kerr writes: Re. “Storm scandal blows out 83% — but it should start with a clean slate” (yesterday, item 15) News “independent” investigators lead to the sacking of Strom independent directors? Bullsh-t.News controls the league, controls Storm, controls directors (or so they thought — but they could simply sack them anyway) and its investigators, yet they didn’t know what was going on.

Dig a bit deeper Nick into why the independent director wanted to sue — you might find its bit more to do with News behaviour than an opposition to the penalty.

Collapsing tunnels

Dr John L Goldberg from the University of Sydney writes: Re. “Brisbane’s tunnel vision: numbers look like pie in the sky” (Wednesday, item 13) In 2006 I correctly forecast the financial collapse of the Lane Cove Tunnel and the Cross City Tunnel.

In evidence I gave to the NSW Parliamentary Inquiry into the Cross City Tunnel, I showed the way in which the forecasts had been fabricated to satisfy a predetermined outcome for equity investors.

This work back approach was also used for the Clem 7 tunnel. I have done a complete mathematical analysis of Clem 7 in which I reconstructed the Base Case Financial Model from data in the PDS. This analysis shows that if River City distributes all its net income to equity investors, it will be unable to amortise debt. A favourite trick of the promoters is to get traffic modelling done by a compliant traffic engineering firm. It can then say “we modelled the traffic”.

Then the modelling results are discarded in favour of the improper work back process described above. When the fabricated numbers fail to show up they falsely blame it on traffic “risk”.

The boys have been doing it for years, ripping off the superannuation funds of decent Australians. People reading this article and the comments should realise that the Australian toll road industry is built on sophisticated fraud.

Election speculation

Niall Clugston writes: Re.”Election Speculation tip #742” (yesterday, item 6) Can Crikey stop publishing nonsense like this under the guise of an insider tip? The election date will not be known until Julia Gillard announces it. Even if she has a date in mind, she still has the flexibility to reschedule at the last minute.

The AEC finds out the date like everyone else. If the AEC knew in advance, and started booking halls, then the day would be common knowledge.

Beryce Nelson writes: I doubt that 25 September is the date as it is in the middle of the Queensland (and other states) school holidays. I am sticking to 4 September. The weather is a bit warmer, no school hols etc so maximises turnout — but maybe First Dog has it right.

Time for a Hawke musical

Denise Marcos writes: Re. “When old men fall out: Hawke and Keating can both feel proud” (yesterday, item 2)  A nation holds its collective breath as we await the next act of wanton devotion by Blanche d’Alpuget. My prediction: the libretto for Hawke! The Musical.

Puppets of politics

John Shailer writes: At the last election voters thought they had elected Kevin 07 to run the country for 3 years. Wrong! In fact he was only elected for as long as he served the purpose of about 6 union and Labor factional male heavies, wielding the real power. If Julia Gillard is elected she will be beholden to these faceless men, and may ultimately suffer the same fate as Kevin.

You can see what Labor’s shadowy puppet masters have done to NSW, playing Punch & Judy with 3 premiers. Don’t let it happen to the whole of the country!

Healthy scepticism

Martin Gordon writes: The Labor negative ads on health are instructive. Abbott wants to put money into mental health and Labor does not, losing their key adviser Professor Mendoza along the way. The Labor GP super clinics are behind schedule like the few child care centres Labor will actually deliver, and destined for marginal seats almost exclusively.

Some ugly Audit Office reports are shortly due out on Green Loans, Aboriginal Children’s Services (cut back) and the Digital Education Revolution (school computers), no wonder Labor wants to distract from their own failures.