The Parasites of Western Economy, Part 7b: Providers of invented inefficient Green projects.

The Parasites of Western Economy, Part 7b: Providers of invented inefficient Green projects.

by tonytran2015 (Melbourne, Australia).

Click here for a full, up to date ORIGINAL ARTICLE and to help fighting the stealing of readers’ traffic.

(Blog No. 1xx).

In third world and Asian countries there are parasites feeding on corruption which is blatant and widespread. In the Western World, there is no blatant corruption, but only elaborately wrapped non-corruption (or otherwise!).

Any government in the world obtains its money from taxes imposed on its citizens. The citizens have the herd mentality and are often unconcerned that their money may be in the wrong hands. This sets the scene for parasites to come in and suck the communal treasure. Here we will use examples drawn on Australian experience but the same thing can be said for most English speaking white nations.

#parasite, #government, #useless service, #inefficient,

Green Power generators that do not work:

Wind turbines only work efficiently in windy area. The city of Melbourne has commisioned a feel good design for one of its council buildings in a non-windy area in the city (https://designinc.com.au/projects/vic/ch2-melbourne-city-council-house-2).

This is just another typical waste of tax money authorized by an Australian empire-building tyranical local government with no control, no accountability.

References:

[1]. https://designinc.com.au/projects/vic/ch2-melbourne-city-council-house-2

“A pilot project for the City of Melbourne’s Zero Net Emissions by 2020 Strategy, Council House 2 was the first commercial project awarded a 6-star Green Star rating by the Green Building Council of Australia.”

[2]. https://greenbuildingbrain.org/buildings/council_house_2_ch2

… Architect: Mick Pearce with Design Inc, Contractor: Hansen Yuncken…

Council House 2 (also known as CH2), is an office building located on Little Collins Street in the CBD, in Melbourne, Australia. It is occupied by the City of Melbourne council, … to achieve a maximum Six Green Star rating, certified by the Green Building Council of Australia. CH2 officially opened in August, 2006.

[3]. The Parasites of Western Economy, Part 7: Providers of invented useless service from tax money.

[4]. The-parasites-of-western-economy-part-10: Greedy-politicians-overpaid-with-our-tax-money

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The Parasites of Western Economy, Part 7: Providers of invented useless service from tax money.

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The Parasites of Western Economy, Part 12: Local councilors and their self-granted benefits.

 

The Parasites of Western Economy, Part 12: Local councilors and their self-granted benefits.

by tonytran2015 (Melbourne, Australia).

Click here for a full, up to date ORIGINAL ARTICLE and to help fighting the stealing of readers’ traffic.

(Blog No. 188).

The Parasites of Western Economy, Part 12: Local councilors and their self-granted benefits.

#parasite, #local council, #oversea junket, #misspending, #budget over-run,

Advanced Western countries (US, UK, Canada, Australia, New Zealand and many EU countries) have multilayered governments. Governments at the lowest level in that hierarchy are the Local Governments. They are responsible with all matters not delegated to their higher governments.

Typical local governments (such as in Victoria, Australia) are called the Local Councils, they are responsible for the following matters:
Rubbish removal service, Local roads and parks maintenance, Running primary and secondary schools, library service, local hospitals.
They are expressly excluded in the following matters: Foreign Affairs, Defense, All matters delegated to Federal and State governments.

The systems in other advanced Western countries are similar.

Any government in the World obtains its money from taxes imposed on its citizens. However citizens have the herd mentality and are often unconcerned that their money may be in the wrong hands. This sets the scene for parasites to come in and suck the communal treasury. [1-12]

1. The runaway Local governments.

Local Councils are currently not audited and their spending are open to abuse. The budget of any Council can be easily siphoned by:

1a- Excessive costs of “external consultancy” on projects. Councilor candidates should have declared their expertise on projects promised to constituents before standing as candidates for elected offices and external consultancy should not be but have been used as a shield to hide incompetence of elected representatives. [13-21]

1b- Unnecessary expensive costs granted by Councilors to themselves for oversea “study trips” (Councilors should have learned about the costs of their promises before standing as candidates for election). Councilors love going on oversea study trips. Those oversea study trips if necessary should have been delegated to professional specialist employees of Council. [22-32]

1d- Non-transparent tendering on approved project.

1e- Unacceptable accounting method lumping significant costs under the headings “others” to hide specific spending items from tax payers. (The heading “others” in any accounting report should only be used just to avoid its overcrowding, by reducing any of its long lists of competing significant items to less than 10 items long).

2. Reform to Local Government are needed.

Residents have cried out for reform to local governments. The following points should be addressed by any reform:

2a. Taxes (also called rates) by local government should be based on service provided. Currently the collection of Council taxes (also called rates) is capped by a percentage on the values of property (land and houses).

2b- Councils are responsible for the following core activities:

Rubbish removal service, Local roads and parks maintenance, Primary and secondary schools, library service, local health offices.[33]

2c- Each Local Council must have functioning information office at town hall and website for residents to follow its activities and register their objections to its actions.

2d. Issues affecting residents significantly (including major and costly projects) must be made public for significant time through Council information office and website.

2e- Councilors must vote in public by show of hands in meeting at their respective town halls on issues affecting residents significantly (including major projects) but the latter have to be made public. Such decisions should be made subjected to revocation by more than 50% of voting residents registering objection by internet within 4 weeks. [34]

2f- Councils can only have recurrent budget items covering the salaries and expenses on their core activity categories specified in 2b.

2g- Any intended spending on all other activities must be publicized, discussed and approved in public meetings as specified by 2e.

Study costs, especially oversea trips for Councilors (who should have learned about their policy promises before standing up for election) should be banned as elected office holders should not be able to grant “benefits” to themselves. [35-36]

2h- Project spending should be carried out with transparent public tenders.

2i- Councilor candidates must declare their expertise on projects promised to constituents before standing for elected office and external consultancy costs to Council on those promises must be revealed.

As a consequence, a candidate would have to say:

If elected I will pay $1M dollars to get a consultant to give us the price to build a Taj Mahal for the Town Hall

instead of

If elected I will spend $10M dollars to build a Taj Mahal for the Town Hall.

2j- Records of all previous election promises at all elections of each councilor candidate must be declared.

2k- A higher government (such as State government in Australia) should audit Council Budgets annually. This audit should reveal activities which are inefficient or are outside the authorized responsibilities of Councils.

3. Examples of run-away Councils.

3a- Councils now have little idea on how to do its core business of garbage collection and dealing with recyclable wastes. [37]

3b- A local council spend money to promote LGBT in the referendum. This is a human rights issue which is for the Federal government to solve.[38]

The ratepayers of Moreland will be astonished to learn that the council is considering spending their hard-earned dollars in support of Russian punk protest band Pussy Riot. This is a human rights issue which is for the Federal government to solve.[39]

3c- Council of Marybyrnong keep the expensive practice of replanting kerbside trees every few years near its Footscray Library.

3d- Council of Brimsbank spent large amount of money to erect a temporary luxury huts promoting “green houses” on Hampshire Road in August-September 2018.

3e- Bayside Council runs its own bus services. [40-41]

3f- Councils running City sisterhood with oversea cities.[42]

Fortunately, the NSW government will crack down on council travel junkets. Under the overhaul, councils will have to disclose what is spent on sister city trips

4. Conclusions.

4a- Reforms to Local Governments are urgently needed.

4b- Every citizen has to be vigilant and report to the higher, supervising Government any cheating he can see at Local Government level. Only by doing so he can avoid being turned into a tax-donkey provider for those cheats. Citizenry must also actively participate in politics to prevent corrupt politicians from turning local tax (also called rate) money into honey pots for themselves and Councilor Offices as their incubator. First hand contact with them will show you their unbounded greed and their contempt for tax payers.

References:

[1]. Investigation into the alleged improper conduct of councillors at Brimbank City Council, https://www.ombudsman.vic.gov.au/Publications/Parliamentary-Reports/Investigation-into-the-alleged-improper-conduct-of

[2]. http://www.abc.net.au/news/2008-02-27/council-sacked-over-cost-blow-out/1055950

[3]. Council spending: Staff wages blow out council spending costs …, Sunday Herald Sun. May 12, 2018 9:00pm, https://www.heraldsun.com.au/news/victoria/staff-costs-blow-out-by-500m-and-take-bigger-share-of-councils-spending/news-story/911e5c5c1c363fc569b48538deb79cc7

[4]. https://geelongindy.com.au/news/26-10-2018/bureaucratic-cost-blowout-threatens-chilwell-ps-project/

[5]. https://www.perthnow.com.au/news/fremantle/fremantle-artwork-removal-costs-blow-out-tenfold-ng-b88931008z

[6]. https://m.northernstar.com.au/news/sculpture-blowout-to-cost-council/2318559/

[7]. https://www.goldcoastbulletin.com.au/news/gold-coast/gold-coast-city-council-coast-blowout-blamed-for-delay-in-nerang-park-light-installation/news-story/f955e31259a126d73b952e4658c49855

[8]. https://www.heraldsun.com.au/leader/north/darebin-council-projects-delayed-with-2m-cost-blowout/news-story/6b48ccde5f0ae2abb93f21c086d1df8f

[9]. https://i.stuff.co.nz/the-press/news/104219388/council-tried-to-keep-multimilliondollar-christchurch-town-hall-budget-blowout-quiet

[10]. https://www.radionz.co.nz/national/programmes/checkpoint/audio/201861321/auckland-council-criticised-from-within-over-budget-blowout

[11]. https://www.zdnet.com/article/brisbane-lord-mayor-blasts-technologyone-for-au60m-contract-blowout/

[11b]. https://www.smh.com.au/technology/brisbane-city-council-it-contract-faces-potential-60-million-blowout-20170125-gtygbh.html

[11c]. https://www.cio.com.au/article/613210/brisbane-city-council-tech-project-faces-possible-60m-blow-out/

[11d]. https://www.heraldsun.com.au/leader/news/what-melbourne-councillors-claim-as-expenses-funded-by-ratepayers/news-story/4c1fc9a3f4611f7d9e969ec0694ae4d6
[12]. https://www.heraldsun.com.au/leader/north-west/maribyrnong-councillor-sarah-carter-spends-100-a-week-on-phone-bill/news-story/e1313c18dc6f1746dd6ec42db658abf7
[13]. https://www.smh.com.au/national/nsw/government-spending-on-consultants-blows-out-by-250m-auditor-20171222-h09bso.html

[14]. https://www.thesun.co.uk/news/4874478/cornish-council-75000-poldark-pasties/

[15]. https://www.consultancy.uk/news/13514/st-albans-council-spends-12-million-on-consultants

[16]. http://www.dailymail.co.uk/news/article-1210682/Haringey-council-spent-24m-consultants-failing-save-Baby-P.html

[17]. https://thestandard.org.nz/auckland-council-it-blowout-guest-post/

[18]. https://i.stuff.co.nz/the-press/news/97201238/consultant-costs-drive-34-million-christchurch-city-council-overspend-on-personnel

[19]. https://i.stuff.co.nz/business/104922841/Govt-blames-public-servant-cap-for-blowout-in-consultant-costs-to-550m-a-year

[20]. https://www.news.com.au/national/victoria/8300-research-trip-for-arch-called-the-springvale-asian-gateway/news-story/513d52517dc3ea8a1d734e8e9e553fe5

[21]. https://www.theage.com.au/national/victoria/melbourne-city-council-budget-2017-spending-rates-bonanza-replacing-roads-with-parks-and-malls-20170504-gvyl0u.html

[22]. https://vexnews.wordpress.com/2009/03/12/no-comment-melbourne-greedy-greens-party-councillor-stonewalls-over-junkets/

[23]. https://www.heraldsun.com.au/ipad/we-pay-for-more-than-1-million-council-junkets/news-story/4cbbaf2652d30269bcc1c2267ec7bfe8

[24]. https://www.bordermail.com.au/story/5234712/mayor-wants-permit-to-fly-on-asia-junket-to-help-create-jobs/

[25]. https://www.theherald.com.au/story/5552345/debate-over-lake-councils-35000-international-study-tour/

[26]. https://www.smh.com.au/national/no-junkets-lord-mayor-packs-his-bags-for-trips-20091102-htgu.html

[27]. https://www.thechronicle.com.au/news/council-should-consider-taking-taxpayers-japan-tri/3148138/

[28]. https://www.thechronicle.com.au/news/council-reveals-destination-fifth-overseas-trip/3175149/

[29]. Council defends overseas ‘junkets’
http://www.pressreader.com/australia/the-chronicle8992/20140212/281908771038726

[30]. https://www.couriermail.com.au/queensland-ratepayers-forking-out-for-councillors-global-junkets/news-story/f4a4782b76dba20228631b433a8b02ea

[31]. VICTORIAN councils are splashing ratepayers’ money on overseas “junkets” instead of focusing on local issues, https://www.heraldsun.com.au/news/victoria/melbourne-councils-under-fire-for-asia-junket-spending/news-story/bc7ec9b5b63991dc43f1cc09a0bcdd44

[32]. https://fremantlereform.com/council-cof/cost-of-fremantle-mayors-rate-payer-funded-junket-doubles/

[33]. http://www.abc.net.au/news/2018-04-19/queensland-council-recycling-dump-to-start-nationwide-reaction/9673370

[34]. https://www.theage.com.au/national/victoria/melbournes-most-secretive-council-under-fire-20160622-gpp36m.html

[35]. https://www.dailymail.co.uk/news/article-6172283/Council-Melbourne-staff-spent-330-000-taxpayer-funds-trips-year.html

[36]. https://www.bordermail.com.au/story/5234712/mayor-wants-permit-to-fly-on-asia-junket-to-help-create-jobs/

[37]. https://fremantlereform.com/council-cof/councils-costly-world-tour-for-rubbish-junkets-continues/

[38]. https://www.heraldsun.com.au/leader/north-west/marriage-equality-moreland-council-flies-rainbow-flag/news-story/334d4b8073f79d045a27ace7e93920e0

[39]. http://www.heraldsun.com.au/news/opinion/more-stupid-council-waste/news-story/620156e34af89e0299a6e8675cf35134

[40]. https://www.bayside.vic.gov.au/news/commuter-bus-trial

[41]. https://www.opendemocracy.net/neweconomics/why-has-the-government-just-banned-councils-from-running-their-own-buses/

[42]. https://www.dailytelegraph.com.au/news/nsw/nsw-councils-to-disclose-full-cost-of-sister-city-trips-in-travel-junket-crackdown/news-story/5e36c4d99a56f89c55d3672c190f7032

Added after 2019 Jan 21:

Council representatives do NOT want to represent constituents.

[44]. https://aceworldnews.wordpress.com/2019/01/26/harrow-flats-new-apartment-block-given-go-ahead-despite-locals-objections/

[45]. https://www.change.org/p/maribyrnong-city-council-review-reduce-maribyrnong-councils-outrageous-rates-expenditure

“It is time that the City Of Maribyrnong put a hold on all non-urgent spending and undertook a whole of Council review of projects, expenditure (one off and ongoing), head count and to actively look for cost savings to reduce the financial burden on all ratepayers.”

[46]. https://www.ratepayersvictoria.com.au/

“There are over 3 million ratepayers in Victoria.
it’s time they were properly represented…We lobby councils to be transparent and share all information possible with ratepayers. We seek to end the “secrecy” within many council operations. We demand less “confidential business” and more scrutiny of all council decisions, spending and outcomes”

[47]. https://www.heraldsun.com.au/leader/north-west/maribyrnong-councillor-sarah-carter-spends-100-a-week-on-phone-bill/news-story/e1313c18dc6f1746dd6ec42db658abf7

“There is a general problem in Victorian councils on how they are spending…”

[48]. What has happened to average rates and charges? https://www.esc.vic.gov.au/sites/default/files/documents/lg-outcomes-maribyrnongccfactsheet-20190520.pdf

[49]. Melbourne councils spending big on international travel …,
https://www.heraldsun.com.au/news/victoria/highflying-melbourne-councils-are-spending-big-on-international-travel/news-story/7bc6cf8a9e63ed1e8f9f45996bda1683

The City of Casey, covering the outer southeastern suburbs, is one council to have caught the travel bug, spending $55,000 in jaunts to New York and China this year alone.

[50]. Maribyrnong Council Rate 20% Jump 2012 – Home owning, https://forums.whirlpool.net.au/archive/1982393

Maribyrnong Council is completely inept, a motlier crew you’d struggle to find in a day’s march. There has been a massive increase in the number of apartments and town houses in the last 5 years or so and Highpoint continues to expand, so rate revenue surely must have grown considerably, yet rates are through the roof and services have been cut.

[51]. Blundering tradies forget to install ramps on new … https://www.dailymail.co.uk/news/article-7080571/Blundering-tradies-forget-install-ramps-new-driveways.html

The local council in Footscray, Melbourne asked the tradesmen to build new driveways. But they forgot to lower the curb to allow cars to drive smoothly on to the road.

RELEVANT MONEY Blogs

The Parasites of Western Economy, Part 10: Greedy politicians overpaid with our tax money.

The Parasites of Western Economy, Part 9: Over-chargers for unfamiliar types of service.

The Parasites of Western Economy, Part 8: Body Corporate robbing owners of low cost dwellings.

The Parasites of Western Economy, Part 7: Providers of invented inefficient service from tax money.

The Parasites of Western Economy, Part 6B: Robbers of pension money in Australia.

The Parasites of Western Economy, Part 6: Robbers of pension money in Australia.

The Parasites of Western Economy, Part 5: Company Asset Strippers and Conspirators posted on 13 August 2017 ,

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, , , , , Cashless bartering for survival, Federal Reserve Bank charges undeserved fees to Americans., A satirical guide to signs of an impending crash for small investors, Your fiat money (Part 2), Your fiat money, Bankers given outrageous incomes by their boards, Signs pointing to an impending crash for small investors,Bankers earn more than interest margin on secured loans, Can most pension funds last?, … all

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The Parasites of Western Economy, Part 10: Greedy politicians overpaid with our tax money.

The Parasites of Western Economy, Part 10: Greedy politicians overpaid with our tax money.

by tonytran2015 (Melbourne, Australia).

Click here for a full, up to date ORIGINAL ARTICLE and to help fighting the stealing of readers’ traffic.

(Blog No. 162).

A nation is built up by people with the same purpose, espousing same values in life. They stake a territory, protect its border, set up rules to operate the nation to their desired aims. It has happened many times in the past, some strong group of people may organize themselves to capture the ruling positions of the nation through violence or through terrorizing the population.

To avoid recurrence of violence and terror accompanying each regime change, most Western, truely democratic, nations now have decided to have their sets of rules above any rulers and call those rules the Constitution of the Nation.

The rulers of each nation are required to uphold its Constitution to every of its letters. The Constitution also specifies who are the citizens of the nation and how the rulers are elected by the citizens of the nation. Only such elected rulers are called constitutionally legitimate representatives and only them can form and operate the government.

#parasite, #government, #politician, #entitlement, #pension, #abuse, #elected office, #tax money,

The Parasites of Western Economy, Part 10: Greedy politicians overpaid with our tax money.

1. Protectors of Constitutions turning into abusers.

Few countries anticipated that it is their own elected representatives that would become corrupt and manipulate the system to entrench themselves with privileges and benefits not envisaged by the authors of their Constitutions.

Power tends to corrupt and absolute power corrupts absolutely.
Lord Acton

Power corrupts, absolute power corrupts absolutely, and I found that out when I was Attorney General in Massachusetts.
Edward Brooke

It is said that power corrupts, but actually it’s more true that power attracts the corruptible. The sane are usually attracted by other things than power.
David Brin

2. Representatives of each nation abuse the trust of their electors and exploit every loopholes in their respective national constitution to entrench their own priviledge.

Most national constitutions do not specify the setting for entitlements of elected representatives or the methods to prevent them getting rich at the expense their nations.

So the representatives increase their own salaries, eligibility, trade favours to their future donors/employers and can even set up their (Clintons styled) Foundations to pressure constituents and those to be affected by their decisions to donate to their foundations !

3. Shameless calls for acceptance of dual citizenship for parliamentarians.

Some Politicians even make shameless proposal for acceptance of Dual Citizenship for Parliament Representative. The advocates may have thought that citizens were fools [1-9].

Australia bans it, Israel bans it, Russia bans it, these economically small countries are doing well. On the other hand, after the failure by Nixon’s administration in US courts to ban dual citizenship in USA [10., 14], that once great country is now heading for trouble. Dannish people are not impressed with USA [15].

4. Travel for serving politicians.

Politicians really enjoy having their travel paid by tax payers Some have his dogs driven around by government cars [15, 16]. Some enjoys helicopter rides [17-22]. Any Australian senator is allowed to net $1040 a week from the excess allowance, supplementing his/her base salary of $199,040, The Daily Telegraph reported [21b].

5. Hush money for sexual misconducts by politicians.

Politicians can even have funds for hush money [23-26]!

6. Lifetime travel for retired Australian politicians axed by Prime Minister Turnbull.

Current Australian Prime Minister Malcome Turnbull is now much hated by Australian politicians for axing their Lifetime Gold Pass for travel. Turnbull is thus a PM who wants to lead by examples. Australians should salute him [27-29].

7. Politicians with questionable campaign money.

Australian MP Dastyari does not think that his campaign fund is contributed by a foreigner [30-32]! Victorian (Australia) State Premier D. Andrew does not think that there is a problem of MP on his side campaigned with tax money [33-35]!

8. Former Prime Ministers using “Former PM” priviledge while working for foreign governments/companies.

There is nothing wrong with a former PM of a country who subsequently wants to work for another country but he should relinquish all priviledge granted to a former PM to save the dignity of the first country. It looks terrible for the first country if its former PM lined up and queue for favor from any other country [36-46].

9. Huge pensions for politicians

UK politicians extort huge pensions on tax payers [47]. Australian politicians require ordinary male working people to work until they get 70 years old before they get entitled to their pension payments. On the other hand, Australian politicians only need to serve 2 elected terms to be entitled for their life pension after turning 55 after finishing the second elected term [48].

10. The ultimate safeguard for American system.

American system has placed an ultimate safeguard against abuse by rulers in its Second Amendment to its Constitution. It is to be used as a guarantee for the ultimate revolt against oppressive government:

“A well regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed. “

This is to prevent the ruling government plus congress of the day from walking into the lounge rooms of Americans and impose a tea tax. However, even this 2nd Amendment is now under constant attack by the elected democratic representatives in their quest for absolute powers and own entrenchment.

11. Conclusions.

Every citizen has to be vigilant and be active in politics. Only by doing so he can avoid being a tax donkey provider for those unhelpful politicians who turn tax money into honey pots for their greedy ones.

It is also now a question whether people with no net contribution to the economy should be allowed to stand for elected office?

References:

DUAL CITIZENSHIP BAN

[1]. https://www.sbs.com.au/news/coalition-rejects-call-for-referendum-to-repeal-dual-citizenship-ban

[2]. https://www.afr.com/news/politics/national/call-for-referendum-over-dual-citizenship-mess-after-high-court-rulings-20180509-h0zuo2

[3]. http://mobile.abc.net.au/news/2017-07-28/section-44-of-constitution-switched-to-evil-writes-annabel-crabb/8754776

[4]. http://mobile.abc.net.au/news/2017-10-27/high-court-citizenship-ruling-health-check-for-our-democracy/9094214

[5]. https://www.timesofisrael.com/five-new-knesset-members-renounce-foreign-citizenship/
(“While Israelis may hold dual citizenship, a Basic Law passed in 1958 states that Knesset members cannot pledge allegiance as parliamentarians unless their foreign citizenship has been revoked under the laws of that country.”)

[6]. https://www.counterpunch.org/2015/01/23/dual-citizens-in-congress-2/

[7]. https://richardedmondson.net/2017/12/08/do-you-hold-dual-citizenship-you-can-serve-in-congress-but-not-the-israeli-knesset/

[8]. https://www.breitbart.com/london/2018/08/14/100000-turkish-immigrants-could-be-stripped-of-austrian-dual-citizenship/

[9]. http://www.thecitizen.co.tz/News/MP-pushes-for-dual-citizenship-to-draw-more-investments/1840340-3950840-nsr3o0z/index.html

[10]. https://en.wikipedia.org/wiki/Afroyim_v._Rusk

[11]. https://en.wikipedia.org/wiki/Schneider_v._Rusk

[12]. https://caselaw.findlaw.com/us-supreme-court/369/367.html

[13]. https://en.wikipedia.org/wiki/Kawakita_v._United_States

[14]. https://travel.state.gov/content/travel/en/legal/travel-legal-considerations/Advice-about-Possible-Loss-of-US-Nationality-Dual-Nationality/Dual-Nationality.html

[15]. https://vikinglifeblog.wordpress.com/2018/08/19/fox-news-took-a-shot-at-denmark-denmark-fired-back/

Chauffeured car for dogs
[15]. http://mobile.abc.net.au/news/2016-10-27/minister-apologises-for-using-taxpayer-money-to-chauffeur-dogs/7969838?pfmredir=sm

[16]. https://au.news.yahoo.com/victorian-minister-uses-chauffeur-driven-car-to-transport-dogs-33018097.html

HELICOPTER TRIPS AUSTRALIAN VERSUS AMERICAN
[17]. http://mobile.abc.net.au/news/2015-07-15/bronwyn-bishop-spends-5000-dollars-80km-charter-flight/6622134?pfmredir=sm

[18]. https://www.theguardian.com/australia-news/2015/jul/16/bronwyn-bishop-agrees-to-pay-back-cost-of-5000-helicopter-trip

[18b]. http://www.dailymail.co.uk/news/article-3179300/I-want-apologise-Australian-people-error-judgment-say-sorry-feel-ve-let-Bronwyn-Bishop.html

[19]. https://www.buzzfeed.com/joshtaylor/this-politician-charged-taxpayers-to-fly-family-to-her-50th

[20]. https://www.news.com.au/national/politics/the-10-most-outrageous-things-pollies-have-spent-our-money-on/news-story/254c2cb0858b56fb89ed65f547bee3f0

Eight new lights have been set up in the inner-north suburb of Braddon featuring both male and female same-sex couples. The lights function like any standard pedestrian crossing signal.

…. The installation costs amounted to $5,500 with a considerable proportion involving setup costs.

[20b]. https://mobile.abc.net.au/news/2018-11-26/same-sex-street-lights-signal-intersectional-push-for-diversity/10554126

Statistics on the percentage of the population that are homosexual and lesbian
…. “Number of homosexuals in Australia Nationwide statistics–1.2% of adults identify as homosexual or lesbian. * 1.6% of adult men identified as homosexual and 0.8% of women as lesbian. * 1.4% of women and 0.9% of men said they were bisexual. Source: The 2003 ‘Sex in Australia’ survey of 20,000 people, with a special weighting to Sydney’s homosexual centre. Conducted by the Australian Research Centre in Sex, Health & Society(ARCSHS) at La Trobe University. Published in Australian & NZ Journal of Public Health, Vol 27 No 2 2003 ISSN 1326 0200.” (saltshakers.org.au/issues/homosexuality/199-statistics-homosexuality)…

[20c].https://carm.org/percent-population-homosexual

[21]. http://mobile.abc.net.au/news/2018-05-21/nt-government-scraps-taxpayer-travel-reporting-requirements/9782014?pfmredir=sm

[21b]. http://www.dailymail.co.uk/news/article-5474865/Greens-senator-Lee-Rhiannon-benefits-travel-entitlements.html

[22]. https://www.nj.com/politics/index.ssf/2018/05/unlike_christie_murphy_isnt_slapping_you_with_big.html

SEX WITH OFFICE SUBORDINATES SILENCED BY PUBLIC MONEY

[23]. https://nypost.com/2017/11/21/shut-down-the-politicians-sex-scandal-hush-funds/

[24]. https://www.nbcnews.com/news/us-news/dennis-hastert-wants-sex-abuse-accuser-return-hush-money-n709116

[25]. https://www.washingtonpost.com/politics/how-congress-plays-by-different-rules-on-sexual-harassment-and-misconduct/2017/10/26/2b9a8412-b80c-11e7-9e58-e6288544af98_story.html?utm_term=.f6de0d8ece85

[25b]. https://alethonews.wordpress.com/2017/12/24/protecting-the-sex-abusers-u-s-congress-in-search-of-an-unspoken-bordello/

[26]. http://www.dailymail.co.uk/news/article-3102662/It-sex-Law-enforcement-sources-say-Dennis-Hastert-hush-money-scandal-sexual-misconduct-male-student-years-high-school-wrestling-coach.html

[27]. https://www.legislation.gov.au/Details/C2004B01478

[28]. https://www.ausbt.com.au/government-axes-lifetime-free-flights-for-former-politicians

[29]. https://www.news.com.au/finance/money/foreign-minister-bob-carrs-wife-helena-has-cost-taxpayers-120000-in-six-months-on-overseas-trips/news-story/b4da807688f39a95eedd14928af6754d

[30]. https://www.theguardian.com/australia-news/2017/jun/05/sam-dastyari-contradicted-south-china-sea-policy-a-day-after-chinese-donors-alleged-threat

[31]. https://www.nytimes.com/2017/12/12/world/australia/sam-dastyari-resigns-china.html

[32]. https://www.news.com.au/finance/business/political-donations-highlight-growing-concerns-over-chinese-influence-in-australia/news-story/4dd02ea4f22f7a42a187cd930d5275a5

And money from tax payers

[33]. https://www.canberratimes.com.au/national/victoria/red-shirts-andrews-digs-in-20180720-p4zsnz.html

[34]. https://www.3aw.com.au/police-consider-formal-investigation-into-labors-red-shirts-scheme/

[35]. http://mobile.abc.net.au/news/2018-07-20/daniel-andrews-should-face-questions-over-misuse-of-funds/10016510?pfmredir=sm

[36]. https://www.smh.com.au/politics/federal/foreign-interference-laws-chinese-russian-state-media-will-have-to-declare-as-foreign-agents-20171206-gzzyol.html

[37]. https://www.crikey.com.au/2005/11/09/paul-keating-sets-the-record-straight-on-his-piggery-play/

[38]. https://www.heraldsun.com.au/news/foreign-minister-kevin-rudds-1-million-power-trip/news-story/53f83e53ef72935ca6e9b120f4e30218

[39]. https://www.smh.com.au/world/china-criticism-grows-over-australian-foreign-interference-stance-20171211-h02in1.html

[40]. http://mobile.abc.net.au/news/2018-05-05/why-is-rudd-using-weibo-to-slam-turnbulls-china-policies/9726756?pfmredir=sm

[41]. http://www.dailymail.co.uk/news/article-5136643/Kevin-Rudd-calls-Malcolm-Turnbull-step-down.html

[42]. https://www.afr.com/news/politics/world/diplomats-frozen-out-kevin-rudds-curious-meeting-with-donor-chau-chak-wing-20180524-h10ho8

[43]. https://www.smh.com.au/politics/federal/kevin-rudd-quietly-met-chau-chak-wing-in-china-20180524-p4zh99.html

[44]. https://www.smh.com.au/politics/federal/labor-has-a-cancer-growing-in-it-that-must-be-cut-out-20180218-p4z0q4.html

[44b]. https://alethonews.com/2018/07/16/washington-dc-charged-as-foreign-agent/

[45]. https://clivehamilton.com/?p=1007

[46]. http://newsroom.uts.edu.au/news/2014/04/bob-carr-lead-new-uts-australia-china-institute

[47]. https://hat4uk.wordpress.com/2018/08/11/the-saturday-essay-forget-parties-the-uk-government-classes-represent-an-obese-pig-on-the-back-of-every-citizen/

]48]. https://www.smh.com.au/national/full-list-of-federal-mps-entitlements-20090521-bh0v.html

Many US Presidents get rich after being in office

[49]. https://exposingmodernmugwumps.com/2018/10/08/you-cant-get-rich-in-politics-unless-youre-a-crook/

government does not exist to serve them (the people); it exists to enslave them

[50]. https://straightlinelogic.com/2018/10/08/the-people-give-the-orders-and-the-government-obeys-by-jeff-thomas/

Do you think that when I or any other senator makes a political speech, has it printed, should charge the printing of that speech and the mailing of that speech to the taxpayers? Do you think, for example, when I or any other Senator makes a trip to his home State to make a purely political speech that the cost of that trip should be charged to the taxpayers? Do you think when a Senator makes political broadcasts or political television broadcasts, radio or television, that the expense of those broadcasts should be charged to the taxpayers? Well I know what your answer is. It’s the same answer that audiences give me whenever I discuss this particular problem: The answer is no. The taxpayers shouldn’t be required to finance items which are not official business but which are primarily political business.[51]

[51]. https://en.m.wikiquote.org/wiki/Richard_Nixon

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The Parasites of Western Economy, Part 6B: Robbers of pension money in Australia.

 

The Parasites of Western Economy, Part 6B: Robbers of pension money in Australia

by tonytran2015 (Melbourne, Australia).

Click here for a full, up to date ORIGINAL ARTICLE and to help fighting the stealing of readers’ traffic.

(Blog No. 151 ).

#parasite, #Royal Commission, #misconduct, #Banks, #Financial Service Industry, #pension, #superannuation, fee gouging, #fee for no service,

The Parasites of Western Economy, Part 6b: Robbers of pension money in Australia.

This is a continuing and update of the original blog The Parasites of Western Economy, Part 6: Robbers of pension money in Australia.

There is currently a national scandal in Australia about the robbery of pension funds of retirees by Banking and Financial Service Sector.

1. Preparation ground work for the Grand Robbery.

1. Non profit Superannuation (Pension) Associations such as NML (National Mutual Life Association), MLC (Mutual Life Corporation), AMP (Australian Mutual Providence Society) have been justly or unjustly dissolved, bought off around 1998 giving capital accumulated or generations to existing members and management.

This is just like dissolving all Catholic Churches to give their huge cash value to existing members and their leaders. Would you think of that as an immoral robbery by existing members and management of the heritage intended not only for them but also for other future members?

From then on, there are only for profits superannuation fund managers.

2. Next. the Australian government made laws forcing all working people to have compulsory superannuation contributions.

3. Banks and entities with unknown reputation are licensed to manage superannuation funds for everyone.

4. Government makes auditing requirements such that it is uneconomical for individual to manage his own superannuation fund.

2. Count Dracula operating the captive blood bank.

With such system already set up, ordinary people have to rely on banks and entities with unknown reputation. These organizations then play the rough game in gouging the savings placed in superannuation funds.

The charges for managing superannuation from these organizations are [1]:

1.Entry and exit fees of 5% chargeable when you join them and when you leave them (it is a captive market). If you decide to let someone else manage your fund, you will lose another 5% again. If you change the manager every year then you will lose 5% every year on top of all other fees.

How can they justify taking 5% of your hard-earned money just for opening the book?

2. Yearly management fees: This may be at around 3% of your money while your money may earn only 2% from investment on the Share Market. So you may end up with a loss of 1% every year!

How can they justify that level of fees given that owner’s instruction to them is only invest according to the Share Market Index, or alternatively only invest in Government bonds?

3. An Australian feature is that the fund managers advise their clients (when and on what?). There have been advice fees of $1000 per annum even to clients whose deaths the managers have known for more than 10 years [11,34,35].

Why don’t those thieves charging fees for no service go to jail like any smaller time pick-pockets? [12,13]

3. A national scandal of robbery of retirees.

There is no wonder why bankers (meaning the CEO of the banks, not the ordinary bank tellers) are given outrageous incomes [14] while retirees keep getting poorer and poorer [15-19].

4. It has now been confirmed.

After the Royal Commission for inquiry into banking and financial service, it has been found that

a. Since the establishment of Compulsory Superannuation (to be run by private organizations for the public at large), by the Keating government in 1992 the superannuation fund managers have collectively gouged 700 Billions dollars in fees from superannuation account owners [27, 28, 29, 30, 31].

b. In to the top 20 OECD countries, superannuation contributors in those countries collect after their retirements periodic payouts equal to 62% of their working incomes [32]. With the same contributions and conditions [33], superannuation contributors in Australia collect after their retirements periodic payouts equal to only 42% of their working incomes [32], although Australia has the third largest pension fund assets in the World [34].

c. The difference is caused by the gouging of their funds by excessive fees by superannuation fund managers [35, 36, 37, 38, 39].

d. When compared to top 20 OECD countries, Australian superannuation scheme looks scandalous and is a nightmare while Norwegian sovereign fund scheme looks like a dream [41].

5. Conclusions.

People with incomes (working people) have go back to their age old practice:

a. People should buy real estate or gold to store wealth while they have income and keep the gold in safe place to store their accumulated wealth [40].

b. Do NOT TRUST ANYBODY with your retirement saving: This includes family members such as parents, children, spouse, brothers, sisters, acquaintances. This is also the rules by the government of the running of superannuation funds: Do not use your retirement fund for lending, borrowing for investments.

c. Only you care for your retirement. No one else does.

References:

[1]. https://www.superguide.com.au/boost-your-superannuation/comparing-super-funds-10-fees-charges-need-know

[2]. https://www.theguardian.com/australia-news/live/2018/apr/23/banking-royal-commission-anz-amp-nab-evidence-live

[3]. https://www.smh.com.au/politics/federal/how-scott-morrison-changed-his-tune-on-the-banking-royal-commission-20180420-p4zaoa.html

[4]. http://mobile.abc.net.au/news/2018-04-16/banking-royal-commission-financial-planners/9662166

[5]. https://www.smh.com.au/business/banking-and-finance/cba-charged-client-fees-for-10-years-after-death-20180419-p4zag1.html

[6]. https://www.theguardian.com/australia-news/2018/apr/23/banking-royal-commission-amp-advice-led-to-loss-of-quarter-of-mans-superannuation

[7]. http://www.abc.net.au/news/2018-04-30/amp-chairperson-catherine-brenner-steps-down/9709874

[8]. https://financialservices.royalcommission.gov.au/public-hearings/Pages/round-2-hearings.aspx

[9]. https://www.minterellison.com/articles/fee-for-no-service-case-studies-at-the-royal-commission

[10]. http://www.afr.com/business/banking-and-finance/financial-services/amp-orders-white-wash-report-for-asic-20180417-h0yvlj

[11]. http://www.abc.net.au/news/2018-04-19/cba-charged-fees-to-customers-who-had-died-commission-hears/9675922

[12]. http://www.abc.net.au/news/2018-04-20/corporate-crooks-set-to-face-tougher-penalties/9677792

[13]. http://www.abc.net.au/news/2018-04-20/banking-royal-commission-financial-advisers-coalition-labor/9679008

[14]. https://survivaltricks.wordpress.com/2016/12/22/bankers-given-outrageous-incomes-by-their-boards/

[15]. http://theconversation.com/the-financial-services-royal-commission-highlights-the-vulnerability-of-many-older-australians-93359

[16]. https://www.investopedia.com/articles/retirement/111216/where-retirees-are-falling-short-living-standard.asp

[17]. http://articles.latimes.com/2013/may/17/business/la-fi-mo-retirees-standard-living-20130517

[18]. http://www.abc.net.au/news/2017-05-23/super-incentives-to-downsize-home-could-leave-retirees-worse-off/8550874

[19]. https://www.corelogic.com.au/news/retirees-downsizing-good-theory-doesnt-appear-make-fiscal-sense-practice#.WukVHZq-mUk

[20]. http://www.thisismoney.co.uk/money/pensions/article-4967930/Pensions-rip-fees.html

[21]. https://www.9news.com.au/royal-commission

[22]. https://www.theguardian.com/australia-news/live/2018/apr/23/banking-royal-commission-anz-amp-nab-evidence-live

[23]. https://www.ageuk.org.uk/information-advice/money-legal/pensions/pension-scams/

[24]. https://theorangefiles.hu/nationalization-of-private-pension-funds/https://www.reuters.com/article/hungary-pensions-idUSL6N0TG2MP20141127

[25]. https://www.telegraph.co.uk/finance/personalfinance/investing/11726158/Exposed-the-rip-off-investment-advisers-who-cost-British-expats-billions.html

[26]. https://daehee.com/steinhoff-scandal/

[27]. https://www.theguardian.com/business/grogonomics/2018/jun/03/super-funds-treat-customers-with-contempt-thats-putting-it-lightly

[28]. https://www.theaustralian.com.au/news/inquirer/royal-commission-should-not-overlook-super-funds-skulduggery/news-story/d5a60be1332e7522273491401db1f5e7

[29]. http://www.abc.net.au/news/2018-05-29/superannuation-report-says-retiree-nest-eggs-are-being-diluted/9809306

[30]. http://www.abc.net.au/news/2018-04-30/the-banks-the-government-and-the-half-trillion-dollar-super-grab/9709114

[31]. https://www.afr.com/news/politics/national/banking-royal-commission-the-remarkable-hypocrisy-of-amp-20180420-h0z14g

[32]. https://data.oecd.org/pension/net-pension-replacement-rates.htm

[33]. https://data.oecd.org/pension/gross-pension-wealth.htm#indicator-chart

[34]. https://www.austrade.gov.au/News/Economic-analysis/australia-has-the-third-largest-pension-fund-assets-in-the-world

[35]. http://www.abc.net.au/news/2018-04-16/banking-royal-commission-financial-planners/9662166

[36]. https://asic.gov.au/regulatory-resources/find-a-document/reports/rep-499-financial-advice-fees-for-no-service/

[37]. https://www.afr.com/business/banking-and-finance/financial-services/cba-cops-asic-penalty-for-fee-for-no-advice-scandal-20180413-h0ypn8

[38]. https://www.dailytelegraph.com.au/news/national/cba-gold-medallist-for-fees-for-no-service-inquiry/video/d65fffd9ccaf04877a3c80a329d246cb

[39]. http://mobile.abc.net.au/news/2018-05-29/superannuation-report-says-retiree-nest-eggs-are-being-diluted/9809306

[40]. https://survivaltricks.wordpress.com/2017/04/28/gold-for-storing-wealth/

[41]. https://money.cnn.com/2017/09/19/investing/norway-pension-fund-trillion-dollars/

[42]. https://www.moneymanagement.com.au/news/financial-planning/has-demutualisation-experiment-paid-dividends

[43]. http://www.afr.com/opinion/columnists/the-curse-of-amp-20180419-h0z0nf

MORE BANKRUPTCY HAPPENING TO AMERICAN RETIREES

[44]. https://us-issues.com/2018/08/13/bankruptcy-soars-as-the-country-grapples-with-an-unprecedented-debt-problem/

[45]. https://money.usnews.com/investing/news/articles/2018-08-24/australia-inquiry-finds-pension-funds-broke-rules

[46]. http://mobile.abc.net.au/news/2018-08-20/banking-royal-commission-superannuation-fees-boost-bank-bonuses/10137904?pfmredir=sm

A HIGH ART OF ROBBERY: COMPENSATING A VICTIM USING HIS OWN MONEY.

[47]. http://www.abc.net.au/radio/programs/pm/royal-commission-ioof-used-member-funds-to-pay-own-compensation/10107966
(Royal Commission: IOOF used members’ funds to pay its own compensation. How do you like someone using YOUR OWN money (kept by him on your behalf) to compensate you for his misdeed?)

IOOF members compensated themselves, Hodge says

[48]. http://mobile.abc.net.au/news/2018-08-10/banking-royal-commission-superannuation-live-blog/10104990?pfmredir=sm

[49]. https://www.afr.com/personal-finance/superannuation-and-smsfs/ioof-failed-members-with-raid-reserve-expert-20180814-h13yn7

[50]. http://mobile.abc.net.au/news/2018-08-16/amp-to-pay-back-customers27-fees/10129660?pfmredir=sm

LENDING SUPERANNUATION FUND TO BANKS FOR HALF THE GOING RATE

[51]. http://bfcsa.com.au/index.php/entry/bfcsa-save-our-super-ioof-calls-out-rivals-on-cash-plays

(about 2.2 per cent. However three IOOF super cash funds achieved average annual returns of 1.3 per cent in that time, according to respected super analyst SuperRatings)

PAID PAUL BY MISTAKES SO HAVE TO ROB PETER TO RECOVER MONEY

[52]. https://thenewdaily.com.au/money/finance-news/2018/08/10/royal-commission-ioof/

VERTICAL INTEGRATION OF BANK, STOCK BROKING, SUPERANNUATION MANAGEMENT CAUSES CONFLICTS

[53]. https://www.superreview.com.au/news/superannuation/are-member-best-interests-compromised-vertical-integration

EVEN STAFF MEMBERS HAVE TO STAND UP AGAINST MANAGEMENTS

[54]. http://www.dailymail.co.uk/wires/aap/article-5940079/IOOF-staff-refuse-implement-fee-hikes.html

AUST SUPERANNUATION MANAGEMENT IS WORLD’S BEST GRAVY TRAIN

[55]. https://www.9news.com.au/national/2018/08/06/11/08/banking-royal-commission-superannuation-nab-day-one

FEES/COMMISION TO ADVISORS

[56]. https://m.nasdaq.com/article/australias-ioof-gains-from-no-strings-attached-fee-for-advisers-20180807-00004

LESSON TO BE LEARNT

[57]. https://www.adviserratings.com.au/news/royal-commission-learnings-from-the-super-hearings/

[58]. https://www.afr.com/business/banking-and-finance/royal-commission-will-drive-more-change-for-financial-planners-20180414-h0ys84

[59]. http://mobile.abc.net.au/news/2017-12-04/verrender-banking-royal-commission-could-be-superannuation-sting/9221798?pfmredir=sm

CHARGING Life Insurance premiums to dead people

[60]. https://www.sbs.com.au/news/amp-charged-dead-people-for-life-insurance

[61]. http://mobile.abc.net.au/news/2018-09-17/amp-charges-dead-customers-for-life-insurance/10255978?pfmredir=sm

Australian banking inquiry: Misconduct ‘driven by greed’

[62]. https://www.bbc.com/news/world-australia-45674716

The Australian bank customers who lost everything

[63]. https://www.bbc.com/news/world-australia-44478508

Banking royal commission interim report released; blames greed for misconduct

[64]. http://mobile.abc.net.au/news/2018-09-28/banking-royal-commission-interim-report-kenneth-hayne/10315908

[65]. https://straightlinelogic.com/2018/10/08/with-corruption-like-this-its-no-wonder-so-many-pension-funds-are-insolvent-by-simon-black/

Dividend swindling:

[66]. https://www.nytimes.com/2018/10/05/business/denmark-skat-tax-scandal.html?ref=oembed

[67]. https://mobile.abc.net.au/news/2018-11-14/superannuation-rosy-picture-not-full-story/10495692

MALAYSIA COMPETING WITH AUSTRALIA

[68]. http://www.fcpablog.com/blog/2018/11/2/1mdb-is-a-nutty-story-heres-why.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+fcpablog%2FsLbh+%28The+FCPA+Blog%29

[68]. https://riggedgame.blog/2018/11/06/1mdb-is-a-nutty-story-heres-why/

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The Parasites of Western Economy, Part 9: Over-chargers for unfamiliar types of service.

The Parasites of Western Economy, Part 9: Over-chargers for unfamiliar types of service.

by tonytran2015 (Melbourne, Australia).

Click here for a full, up to date ORIGINAL ARTICLE and to help fighting the stealing of readers’ traffic.

(Blog No. 1xx).

#parasite, #over-charging, #medical service, #emergency service, #towing service

The Parasites of Western Economy, Part 9: Over-chargers for unfamiliar types of service.

The less a service is known the less people know how to scrutinize its quality and price. There are now parasites specializing in using this unfamiliarity to rip off the population at large. The medical and emergency service providers are not to be blamed but the owners and the accountants of their companies are real parasites feeding on the ignorance of the population at large.

1. Over-charging by companies owning medical service providers.

Few people are to use hospital service during their working life. This make hospital procedures unfamiliar to most of them. They are further worried about expensive hospital procedures so they take up health insurance to let the insurers look after everything.

This leads to a non-symmetric price setting mechanism between supply and demand as the suppliers have no feedback on prices from service demanders

(Family Hit With $18,000 Bill From Hospital After Their Infant Was Given A Brief Nap and Released [1], Oklahoma Woman Charged $15,000 For Four Tiny Screws By Hospital [2].)

Prices charged to health insurers just keep on rocketing and have been deliberately overblown, health insurers just increase the premiums and the health insurance policy holders just keep paying up until they had to drop out of health insurance. Then former health insurance policy holders have to travel oversea every year to obtain their regular health service from the oversea destination.

The non-affordability of health insurance in America is caused by this non-symmetric supply demand relationship and is aggravated by the monopoly granted to the medical service industry by the American licensing system.

2. Over-charging by companies owning emergency service providers.

Emergency service provider companies are not slow to follow the lead. Air ambulance companies can also hit patients with overblown bills.

(“Rides in so-called air ambulances can lead to bills of more than $20,000 depending on a person’s coverage, and insurance experts say big invoices are becoming more common as costs rise and coverage shifts ” [3]. Passenger Who Became Trapped Under a Subway Train Begged Rescuers Not to Call an Ambulance Because She Couldn’t Afford It – Woman Would Rather Die Than Call an Ambulance Because She Could Not Pay the Bill [3b]).

3. Similar occurrences in other industries.

The captive market of unfamiliar services has been exploited by the car towing and car smash repairs industries.

Car towing service in Australia have been with such occurences of uncontrollabe costs [4,5] and State government in Queensland in Australia had to step in [6].

There is also some allegation that some American tow truck business is a racket protected by some police member [7].

The exploitation seems to start from the unfamiliarity of users of those services.

4. Conclusions

a. Going oversea (to Mexico or Cuba) will become a common experience for Americans who cannot afford ever-increasing health care.

b. An education campaign for users of these services in conjunction with some regulations for pricing seem to be the only available method of prevention of this type of exploitation.

c. In Australia, the Australian Medical Association as well as Medicare (national health insurance) system of Australia have a number of checks on the quality and pricing of services such as price for short, long consultations [8,9] etc… This seems to work in area populated by well educated citizens. However, there are still overblown bills to the Australian Federal Government and private insurers as the uninformed users and the over-users (many of them are immigrants) of these seemingly “free service” still do not care about the correctness of the billing to the Government or their insurers, they only sign whatever given to them by their doctors.

d. More regulations on the pricing of these services may work but this carries with it a risk of over-regulation which stiffles innovation.

References:

[1].https://jonathanturley.org/2018/06/29/family-hit-with-18000-bill-from-hospital-after-their-infant-was-given-a-brief-nap-and-released/comment-page-2/

[2]. https://jonathanturley.org/2018/05/15/oklahoma-woman-charged-15000-for-four-tiny-screws-by-hospital/

[3]. https://bcnn1wp.wordpress.com/2018/07/03/rising-bills-for-air-ambulance-hit-patients-with-added-shock/

[4]. https://www.theage.com.au/national/victoria/rogue-towers-accused-of-carnapping-scam-20150516-gh335h.html

[5]. https://www.brisbanetimes.com.au/national/queensland/law-crackdown-targets-dodgy-tow-truck-operations-20180308-p4z3gp.html

[6]. https://www.news.com.au/national/queensland/palaszczuk-government-want-you-to-dob-in-dodgy-tow-truck-operators/news-story/315e7792653bcf7ce710201717e5ce00

[7]. https://www.fullertonsfuture.org/2012/tow-racket-leads-to-yet-another-fpd-lawsuit/

[8]. https://ama.com.au/resources/fees-list

[9]. http://www.mbsonline.gov.au/internet/mbsonline/publishing.nsf/Content/Downloads-201801

Added after 2018 July 06:

[3b]. http://www.dailymail.co.uk/news/article-5923347/Injured-woman-begged-people-NOT-call-ambulance-expensive.html

[3c]. https://jonathanturley.org/2018/10/29/california-professor-charged-48329-for-allergy-tests-by-stanford-health-care/

[2b]. https://fraudscrookscriminals.com/2019/02/02/trial-begins-february-11th-in-largest-medicare-fraud-bust-in-us/

[2c]. https://www.consumerreports.org/healthcare-costs/patients-getting-stuck-with-big-bills-after-er-visits/

[2d]. https://jonathanturley.org/2018/09/01/texas-teacher-hit-with-109000-bill-despite-having-insurance-bill-reduced-to-332-after-media-coverage/

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, posted on 17 April 2017 ,

, posted on 07 May 2017 ,

, posted on 10 Jun 2017 ,

The Parasites of Western Economy, Part 5: Company Asset Strippers and Conspirators posted on 13 August 2017 ,

, , , , , , Cashless bartering for survival, Federal Reserve Bank charges undeserved fees to Americans., A satirical guide to signs of an impending crash for small investors, Your fiat money (Part 2), Your fiat money, Bankers given outrageous incomes by their boards, Signs pointing to an impending crash for small investors,Bankers earn more than interest margin on secured loans, Can most pension funds last?, … all

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The Parasites of Western Economy, Part 8: Body Corporate robbing owners of low cost dwellings.

 

The Parasites of Western Economy, Part 8: Body Corporate robbing owners of low cost dwellings.

by tonytran2015 (Melbourne, Australia).

Click here for a full, up to date ORIGINAL ARTICLE and to help fighting the stealing of readers’ traffic.

(Blog No. 139).

#parasite, #body corporate, #owners corporation, #robbery, #over-price maintenance, #inefficient repairs,

The Parasites of Western Economy, Part 8: Body Corporate robbing owners of low cost dwellings.

There is an invention in the Western World to reduce the cost of owning a dwelling. Many people can pool their resources together and own a building. Each can then live in his own part of the building and can also sell and transfer his ownership as his needs change.

1. The role of a Body Corporate in a common building with many owners.

For example, four owners can pool resources to own a building with 8 rooms, 4 kitchens, 4 toilets. Each owner owns an “apartment” comprising of two interconnected rooms with separate kitchen and toilet. The building, its yards and fences are common property to all four owners.

By laws, there must be someone responsible for the whole building and its land, that person is the Body Corporate of the building. The Body Corporate is responsible for keeping the building safe and complying with all social requirements (from Local governments and neighbors). The Body Corporate is answerable to Local governments and neighbors. The owners of apartments must elect a Body Corporate to operate and be responsible for the building and its land.

Due to the ever increasing complexity of requirements placed on by Local governments, owners usually hire an external company to act as the Body Corporate for the building.

2. Robbery of owners by the Body Corporate.

The Body Corporate has a manager and he may carry out inefficient repairs to building and charge owners outrageous fees for the work.

Examples:

I have seen a Body Corporate engineer suggesting 30 owners to replace 30 windows because one window has cracked due to foundation movement ! When faced with the question, he could not justify his recommendation.

I have seen the same Body Corporate suggesting 36 owners to break up all concrete pavement and re-concrete it because some slabs are not level.

I have also seen the same Body Corporate replacing windows and charging each owner $6000 for works that is worth of no more than $3000.

3. Owners can prevent robbery.

a. Owners should not let Body Corporate decide on the type of works it likes without justification. Reasons for works and costs should be scrutinized.

b. Owners who cannot vote should not give their vote to the Body Corporate Manager. Doing so would make it hard for other owners to argue against expensive works by Body Corporate.

c. Prospective owners should not buy ownership of any apartments with high Body Corporate fees. This will force existing owners to care about the financial wastes of their Body Corporate.

4. Conclusions

a. There should be a State register of complaints against Body Corporate Companies and register of their spending on the repairs of various buildings so that owners of common dwellings know whom they have to avoid appointing as their Body Corporate.

b. Older citizens should know that selling a large property to own a small apartment may not reduce their expenses if Body Corporate Companies of the apartments are allowed to rob them.

References:

[1]. https://www.consumer.vic.gov.au/housing/owners-corporations/buying-into-an-owners-corporation/what-is-an-owners-corporation

[2]. https://www.propertyandlandtitles.vic.gov.au/land-titles/owners-corporations

[3]. https://www.smh.com.au/national/rip-off-body-corporate-managers-stay-registered-20130205-2dwj0.html

[4]. http://www.dailymail.co.uk/news/article-3404218/Retirement-flat-rip-Elderly-people-hit-hidden-fees-amounting-tens-thousands-pounds.html

[5]. http://www.moneysense.ca/spend/real-estate/is-it-wise-to-downsize/

[6]. http://www.thisismoney.co.uk/money/pensions/article-4967930/Pensions-rip-fees.html

Added after 2019 Oct 16:

Owners of units and apartments can join the pages similar to https://www.productreview.com.au/ (owned by private companies) to search for users satisfaction with those Owner Corporation Managers (used to be known as Managers of Body Corporate). One example of such review is:

[7]. https://www.productreview.com.au/listings/melbourne-body-corporate-management-mbcm

RELATED MONEY Blogs

, posted on 17 April 2017 ,

, posted on 07 May 2017 ,

, posted on 10 Jun 2017 ,

The Parasites of Western Economy, Part 5: Company Asset Strippers and Conspirators posted on 13 August 2017 ,

, , , , , , Cashless bartering for survival, Federal Reserve Bank charges undeserved fees to Americans., A satirical guide to signs of an impending crash for small investors, Your fiat money (Part 2), Your fiat money, Bankers given outrageous incomes by their boards, Signs pointing to an impending crash for small investors,Bankers earn more than interest margin on secured loans, Can most pension funds last?, … all

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The Parasites of Western Economy, Part 7: Providers of invented inefficient service from tax money.

The Parasites of Western Economy, Part 7: Providers of invented inefficient service from tax money.

by tonytran2015 (Melbourne, Australia).

Click here for a full, up to date ORIGINAL ARTICLE and to help fighting the stealing of readers’ traffic.

(Blog No. 132).

In third world and Asian countries there are parasites feeding on corruption which is blatant and widespread.

For examples, if you enter Cambodia from Vietnam at the border check point of Moc Bai – Bravet, you always get asked for $5USD tip to the uniformed Cambodian Lieutenant Visa Issuer. The Western World call such demands corruption.

In the Western World, there is no blatant corruption, but only elaborately wrapped non-corruption (or otherwise!).

Any government in the world obtains its money from taxes imposed on its citizens. The citizens have the herd mentality and are often unconcerned that their money may be in the wrong hands. This sets the scene for parasites to come in and suck the communal treasure. Here we will use examples drawn on Australian experience but the same thing can be said for most English speaking white nations.

#parasite, #government, #useless service, #inefficient, #welfare recipient, #elected office

The Parasites of Western Economy, Part 7: Providers of invented useless service from tax money.

1. Easily seen parasitic feeding at local government level:

The local governments are tasked with three basic R’s:

a. Collecting the least possible amounts of rates from residents.

b. to manage weekly collection of rubbish.

c. Maintain and operate local roads, footpath, parks, primary schools, local libraries.

It is simple like that but local governments still manage to bring in some parasitic feedings.

Examples:

Near to Footscray shopping mall (currently belonging to the Maribyrnong Council), Nicholson St (between Barkly Street and Byron Street), the pavements are CONSTANTLY dug up and remodeled since 1990.It must have been a gold mine for the contractors.

Traffic directions in Nicholson Street (between Irving Street and Paisley Street) had been switched from bi-directional to unidirectional in one way then unidirectional in the opposite way, yet, the designer never made up his mind. Trees are dug up and new tree replanted on the other side of the street, then again…

Trees around Footscray library (along Paisley Street and French Street) have been removed, replanted until they get to almost 3m tall, then removed (1995) then replanted with another type of trees. Continual replacement of trees around the library is now a feature of Footscray.

Library in Paisley Street, had been built with no regard for maintenance, its decorative skeleton is exposed to weather !

Library Group Study rooms are not for student groups to use but for connected people to blatantly abuse (October 2004), with those friends (?) of the Chief of Library overstaying their booking slots BY HOURS, spoiling the time tables of groups booking the following time slots.

The City of Maribyrnong in Melbourne allows private contractors to door knock residents and offer to replace any 2 of their filament light bulbs FOR FREE. The contractors are then paid by the Council about $100 AUD (nearly $70 USD) for that 10 minute work. It happened in Kent Street, West Footscray, Maribyrnong Council. 2012.

Council such as Brimbanks also tried to over-manage local stores by its (unsuccessful) attempt at requiring shops to have uniform shutter doors!

That is where Council Rate has been spent or misspent.

Currently Councils in Victoria spent 45% of rates on salaries! Their staff number increases and their Executive Officers receives higher salaries than State Premier.

THE cost of council workforces across Melbourne and Geelong have blown out by more than $500 million in the past five years. [1]

State Government of Victoria supervise all councils in Victoria and from time to time, the State government had to sack dysfunctional Councils [2,3,4,5]

2. Hidden parasitic feeding at local government level:

Local Councils now embarks on non-essential, non-beneficial work:

Advertisement for LGBT on referendum on LGBT rights.

Running City sisterhood with oversea cities.

Councilors going on oversea study trips. What is there to study while they still have not properly done their basic jobs efficiently? The cost for all local service is ways out of proportion to actual benefits.

Examples:

The ratepayers of Moreland will be astonished to learn that the council is considering spending their hard-earned dollars in support of Russian punk protest band Pussy Riot [6].

VICTORIAN councils are under fire for splashing ratepayers’ money on overseas “junkets” instead of focusing on local issues: La Trobe City council in Gippsland will spend $21,000 to send Mayor Darrell White and others to Japan and China in April. [7].

3. Easily seen parasitic feeding at a State government level.

A state government in Australia collect its revenues from distributed GST, Land Sale Tax and is tasked with building and operating intercity highways, ports, airports, lands . They have to supervise the Local Governments. But they also manage to waste States’ money.

Examples:

State of Victoria will set up a website for households to check their electricity pricing. Each visitor will get AUD 50 ($50) when visiting it! The following is a quote from the website [8]:

“To be eligible for a $50 Power Saving Bonus, use this tool between 1 July and 31 December 2018. There will only be one Power Saving Bonus per household.
Welcome to Victorian Energy Compare
An independent Victorian Government energy price comparison site. To get the most out of this tool, you need a recent energy bill or smart meter data file.” [8]

To study the way to set up a high speed rail link from Melbourne to Geelong may cost the State 50 million dollars in Consultant fees [9]. How much money will be left for actual work? Why don’t they use University think tanks instead of private consultants?

State of Victoria has sold out the management rights of its Melbourne Tullamarine Airport, to freely spend that money. Now private owners are now charging (the highest fees in the World?) for using the airport on car parking ($15 per 30 minutes), using baggage trolleys ($2 each use). While a return air ticket to Vietnam may cost only $280, taxi fares to airport average about $40, car-parking fees at airport cost $14/hour. It is very expensive [10].

In the short-stay car park, a 24-hour stay will set a traveler back $56, while people using credit cards to pay for their parking will be liable for a 2 per cent credit card surcharge. [11].

Currently State of Victoria is planning to give $500 million to a private organization AFL to build their stadium. AFL is currently a sport organization of Australia,

“Victoria will pour nearly $500 million into its AFL grounds, with almost half the cash going to a makeover of Etihad Stadium and millions for women’s football.

In a $225 million deal with the AFL, the grand final will stay at the MCG until at least 2057, while Etihad Stadium and its surrounding precinct will be upgraded [12].”

However, there is nothing to prevent AFL to dissolve itself in the future and distribute its capital among its members, in the same way as AMP, National Mutual, MLC, Colonial Mutual, NRMA have done in the 1990’s. The dissolution of non-profit organizations created huge cash from the sky for their then current members at the expense of expectation by former members and past concessions received from tax payers over decades [13,14].

4. Easily seen parasitic feeding at Federal government level.

The welfare system is an obvious place for cheats to dip into tax money. The government allow “chain migration” which places into the population more and more welfare net recipients. Some of them later on engaged in welfare cheats [15, 16, 17, 18, 19]. They set up their own self-serving industries like:

a- Interpreter (Translation) service for the whole lifetime of each immigrant.

b- Medical service where migrants used for certifying administrative papers! A visit to the doctor cost the government $70. The actual purpose of the visit is to ask the doctor to certify their papers. They are too lazy to go to a Police Office or a municipal council office for certification. Immigrant doctors are abnormally much richer than native white doctors in similar circumstances.

Non-migrant manipulators also manage to suck the system with child care centers [20].

Ceiling Insulation by Rudd’s government in 2009, and its Green Energy policy promoting costly Solar panels, depleting Australian treasury surplus also deserve investigation [21, 22, 23, 24].

5. Conclusions.

Every citizen has to be vigilant and report to the Government any cheating he can see. Only by doing so he can avoid being a tax donkey provider for those cheats. Citizenry must also actively participate in politics to prevent leftists from turning the tax money into honey pots for corrupt politicians [25, 26].

It is also now a question whether people with no net contribution to the economy should be allowed to hold elected office?

References:

[1]. Council spending: Staff wages blow out council spending costs …, Sunday Herald Sun. May 12, 2018 9:00pm, https://www.heraldsun.com.au/news/victoria/staff-costs-blow-out-by-500m-and-take-bigger-share-of-councils-spending/news-story/911e5c5c1c363fc569b48538deb79cc7

[2]. https://www.theage.com.au/national/victoria/dysfunctional-geelong-council-sacked-for-four-years-20160411-go3txf.html

[3]. Investigation into the alleged improper conduct of councillors at Brimbank City Council, https://www.ombudsman.vic.gov.au/Publications/Parliamentary-Reports/Investigation-into-the-alleged-improper-conduct-of

[4]. https://www.facebook.com/HowMaribyrnongCouncilTreatsItsCitizens/

[5]. https://www.theage.com.au/national/victoria/whats-wrong-with-our-local-councils-everything-20161019-gs5jcg.html

[6]. http://www.heraldsun.com.au/news/opinion/more-stupid-council-waste/news-story/620156e34af89e0299a6e8675cf35134

[7]. https://myaccount.news.com.au/sites/heraldsun/subscribe.html?sourceCode=HSWEB_WRE170_a&mode=premium&dest=http://www.heraldsun.com.au/news/victoria/melbourne-councils-under-fire-for-asia-junket-spending/news-story/bc7ec9b5b63991dc43f1cc09a0bcdd44&memtype=anonymous

[8]. https://compare.switchon.vic.gov.au/

[9]. http://www.railjournal.com/index.php/australia-nz/victoria-mulls-melbourne-geelong-high-speed-options.html

[10]. https://www.tripadvisor.com.au/ShowUserReviews-g580517-d1201214-r26631819-Mantra_Tullamarine_Hotel-Tullamarine_Greater_Melbourne_Victoria.html

[11]. http://www.traveller.com.au/airport-parking-fees-hit-new-heights-2pkxl

[12]. https://www.sbs.com.au/yourlanguage/korean/en/article/2018/04/13/victorias-500-million-afl-cash-injection

[13]. https://www.moneymanagement.com.au/news/financial-planning/has-demutualisation-experiment-paid-dividends

[14]. http://www.afr.com/opinion/columnists/the-curse-of-amp-20180419-h0z0nf

[15]. http://www.austrac.gov.au/media/media-releases/minister-human-services-media-release-crackdown-wealthy-welfare-cheats-nets-43

[16]. https://www.msn.com/en-au/video/lifestyle/welfare-cheats-with-secret-fortunes-targeted-in-latest-centrelink-crackdown/vp-BBKgNhg

[17]. http://www.dailymail.co.uk/news/article-5375601/Welfare-cheats-forced-pay-Centrelink-1-4-billion.html

[18]. https://www.crikey.com.au/2016/12/21/truth-about-centrelink-crackdown-on-alleged-welfare-cheats/

[19]. https://brittius.wordpress.com/2017/12/05/washington-doj-report-latest-usao-in-coordination-with-hhs-oig-dallas-based-physician-owned-hospital-to-pay-7-5-million-to-settle-allegations-of-paying-kickbacks-to-physicians-in-exchange-for-s/

[20]. https://www.theaustralian.com.au/national-affairs/education/daycare-operators-busted-over-200m-welfare-fraud/news-story/800dac74fa50ecf76f73b430027481db

[20b]. https://thehornnews.com/scandal-u-s-daycare-dollars-funneled-to-islamic-terrorists/

[20c]. https://fellowshipoftheminds.com/2018/05/23/minnesota-somalis-defraud-taxpayers-100m-sent-to-terrorists/

[21]. https://www.theaustralian.com.au/news/nation/rudd-governments-home-insulation-program-interfered-with-industy-court-hears/news-story/97d99499ab320f9af98431e88494932f

[22]. https://www.smh.com.au/opinion/the-great-solar-power-scam-20170207-gu7j7o.html

[23]. http://www.abc.net.au/news/2015-11-10/hill-the-great-energy-con-that-is-costing-us-billions/6924272

[24]. http://www.abc.net.au/news/2017-11-17/curious-adelaide-the-problem-of-power/9158240

[25]. http://www.news.com.au/finance/money/tax/nation-of-dobbers-whats-wrong-with-aussies-spying-on-their-neighbours/news-story/d0b032c3ca70887bc2a244c6c69f8b4a

[26]. https://socialismisnottheanswer.wordpress.com/2018/05/16/millions-in-tax-dollars-stolen-via-welfare-and-sent-to-terrorist-group/

Added after 2018 May 25:

[27]. http://www.news.com.au/national/victoria/news/plans-for-female-signals-at-pedestrian-crossings-slammed/news-story/362be22bdbd123d0d3b8842f82f97641

[28]. [7b]. https://www.telegraph.co.uk/news/2017/03/07/feminism-worst-female-pedestrian-crossing-lights-stir-debate/

[29]. https://fellowshipoftheminds.com/2018/06/05/virginia-school-board-tells-kids-they-werent-born-male-or-female/

[30]. http://www.abc.net.au/news/2018-06-04/kevin-rudd-in-court-home-insulation-scheme/9831626

[31]. http://www.abc.net.au/news/2017-06-13/lpg-bowsers-in-decline-at-petrol-stations/8612570

[32]. http://forums.whirlpool.net.au/archive/2669995

[33]. https://www.themotorreport.com.au/car-review/federal-government-lpg-incentive-scheme-ends-where-to-from-here-80874.html

[34]. https://www.theguardian.com/uk-news/2018/jun/05/dangerous-building-works-turned-grenfell-tower-death-trap-inquiry

[35]. https://newshoundsnewsround.wordpress.com/2018/06/09/disabled-man-sacked-from-30-a-week-council-job-told-he-can-work-for-nothing-as-volunteer/

[36]. https://www.reuters.com/article/us-usa-healthcare-employers-insight/fed-up-with-rising-costs-big-u-s-firms-dig-into-healthcare-idUSKBN1J70ZZ

[36b]. https://acenewsservices.com/2020/02/13/birmingham-u-k-court-report-based-in-a-home-in-rusholme-a-group-of-mothers-and-two-men-conspired-to-mak-e-nearly-900000-in-childcare-claims-with-more-than-60-women-employed-b/

[37]. https://johnib.wordpress.com/2018/07/12/italy-cuts-parliamentary-pensions-in-victory-for-5-star/

[38]. https://www.heritage.org/budget-and-spending/report/social-security-worth-its-cost

[39]. https://reclaimourrepublic.wordpress.com/2018/07/17/special-interests-one-of-main-reasons-for-national-debt-growth-steady-federal-debt-increase-over-30-years/

[40]. https://hat4uk.wordpress.com/2018/07/17/the-brexit-sellout-other-lies-whats-the-purpose-of-it-all/

LICENSING BOARDS EXPANDING THEIR OWN AUTHORITIES

[41]. https://wordpress.com/read/blogs/25486638/posts/107657

[42]. http://mobile.wnd.com/2018/07/state-orders-startup-company-to-give-back-all-income/

[43]. https://mindweaponsinragnarok.com/2018/07/19/liberalism-has-been-financially-incentivizing-feeble-ness-rule-breaking-and-free-riding-for-decades-it-imports-immigrants-from-traditional-conservative-countries-to-maintain-the-proliferating-popul/

HUGE PENSIONS FOR POLITICIANS

[44]. https://hat4uk.wordpress.com/2018/08/11/the-saturday-essay-forget-parties-the-uk-government-classes-represent-an-obese-pig-on-the-back-of-every-citizen/

TAX GRABS
[44b]. https://straightlinelogic.com/2018/08/13/this-is-fucked-up/

BIZARRE LICENSING FOR EVERYTHING

[45]. https://www.sovereignman.com/trends/finally-a-major-victory-for-common-sense-24014/

[45b]. https://straightlinelogic.com/2018/08/01/finally-a-major-victory-for-common-sense-by-simon-black/

[46]. https://prepper365.com/2018/08/07/losing-faith-in-local-government/

[47]. https://lisaandrews1968.wordpress.com/2018/08/07/losing-faith-in-local-government/

[48]. https://us-issues.com/2018/08/13/bankruptcy-soars-as-the-country-grapples-with-an-unprecedented-debt-problem/

[49]. https://straightlinelogic.com/2018/08/13/this-is-fucked-up/

[50]. https://pjmedia.com/trending/5-reasons-government-will-never-work-the-way-socialists-believe-it-will/

[51]. https://www.theburningplatform.com/2018/05/11/one-familys-two-year-nightmare-of-having-their-child-taken-by-the-state/#more-176062

HEALTH CARE WITH NO MARKET FORCE

[52]. https://danieljmitchell.wordpress.com/2018/08/18/the-pernicious-impact-of-government-intervention-in-healthcare-captured-in-a-chart/

[53]. https://danieljmitchell.wordpress.com/2017/03/13/the-worlds-most-inefficient-healthcare-system-part-i-created-by-government-financed-by-government/

[53b]. https://us-issues.com/2018/09/23/is-canadas-health-care-system-better-than-ours-in-the-us/

[53c]. https://michelinewalker.com/2018/10/19/a-white-elephant/
ENFORCING HIGH PRICE ON DRUGS:

[54]. https://johnib.wordpress.com/2018/09/09/cheap-custom-made-versions-of-high-cost-drugs-spur-backlash/

Frauds against public housing program

[55]. https://vikinglifeblog.wordpress.com/2018/10/05/housing-benefit-assessors-invented-fake-claimants-to-steal-1m-from-taxpayers-in-decade-long-scam/

[56]. https://www.dailymail.co.uk/news/article-6230615/Housing-benefit-assessors-invented-fake-claimants-steal-1m-taxpayers.html

Added after 2019 July 28:

[6b]. https://bcnn1wp.wordpress.com/2019/07/22/berkeley-city-council-removes-man-from-terms-such-as-manpower-and-manhole-in-favor-of-non-gendered-words/

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The Parasites of Western Economy, Part 6: Robbers of pension money in Australia. posted on 02 May 2018 ,

The Parasites of Western Economy, Part 5: Company Asset Strippers and Conspirators posted on 13 August 2017 ,

The Parasites of Western Economy, Part 4: Scammers who entrap acquaintants into being guarantors for his loans. posted on 22 July 2017 ,

, posted on 10 Jun 2017 ,

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The Parasites of Western Economy, Part 6: Robbers of pension money in Australia.

The Parasites of Western Economy, Part 6: Robbers of pension money in Australia

by tonytran2015 (Melbourne, Australia).

Click here for a full, up to date ORIGINAL ARTICLE and to help fighting the stealing of readers’ traffic.

(Blog No.129).

#parasite, #Royal Commission, #misconduct, #Banks, #Financial Service Industry, #pension, #superannuation.

The Parasites of Western Economy, Part 6: Robbers of pension money in Australia.

There is currently a national scandal in Australia about the robbery of pension funds of retirees by Banking and Financial Service Sector.

1. Preparation ground work for the Grand Robbery.

1. Non profit Superannuation (Pension) Associations such as NML (National Mutual Life Association), MLC (Mutual Life Corporation), AMP (Australian Mutual Providence Society) have been justly or unjustly dissolved, bought off around 1998 giving capital accumulated or generations to existing members and management.

This is just like dissolving all Catholic Churches to give their huge cash value to existing members and their leaders. Would you think of that as an immoral robbery by existing members and management of the heritage intended not only for them but also for other future members?

From then on, there are only for profits superannuation fund managers.

2. Next. the Australian government made laws forcing all working people to have compulsory superannuation contributions.

3. Banks and entities with unknown reputation are licensed to manage superannuation funds for everyone.

4. Government makes auditing requirements such that it is uneconomical for individual to manage his own superannuation fund.

2. Count Dracula operating the captive blood bank.

With such system already set up, ordinary people have to rely on banks and entities with unknown reputation. These organizations then play the rough game in gouging the savings placed in superannuation funds.

The charges for managing superannuation from these organizations are [1]:

1.Entry and exit fees of 5% chargeable when you join them and when you leave them (it is a captive market). If you decide to let someone else manage your fund, you will lose another 5% again. If you change the manager every year then you will lose 5% every year on top of all other fees.

How can they justify taking 5% of your hard-earned money just for opening the book?

2. Yearly management fees: This may be at around 3% of your money while your money may earn only 2% from investment on the Share Market. So you may end up with a loss of 1% every year!

How can they justify that level of fees given that owner’s instruction to them is only invest according to the Share Market Index, or alternatively only invest in Government bonds?

3. An Australian feature is that the fund managers advise their clients (when and on what?). There have been advice fees of $1000 per annum even to clients whose deaths the managers have known for more than 10 years [11].

Why don’t those thieves charging fees for no service go to jail like any smaller time pick-pockets? [12,13]

3. A national scandal of robbery of retirees.

There is no wonder why bankers (meaning the CEO of the banks, not the ordinary bank tellers) are given outrageous incomes [14] while retirees keep getting poorer and poorer [15-19].

References:

[1]. https://www.superguide.com.au/boost-your-superannuation/comparing-super-funds-10-fees-charges-need-know

[2]. https://www.theguardian.com/australia-news/live/2018/apr/23/banking-royal-commission-anz-amp-nab-evidence-live

[3]. https://www.smh.com.au/politics/federal/how-scott-morrison-changed-his-tune-on-the-banking-royal-commission-20180420-p4zaoa.html

[4]. http://mobile.abc.net.au/news/2018-04-16/banking-royal-commission-financial-planners/9662166

[5]. https://www.smh.com.au/business/banking-and-finance/cba-charged-client-fees-for-10-years-after-death-20180419-p4zag1.html

[6]. https://www.theguardian.com/australia-news/2018/apr/23/banking-royal-commission-amp-advice-led-to-loss-of-quarter-of-mans-superannuation

[7]. http://www.abc.net.au/news/2018-04-30/amp-chairperson-catherine-brenner-steps-down/9709874

[8]. https://financialservices.royalcommission.gov.au/public-hearings/Pages/round-2-hearings.aspx

[9]. https://www.minterellison.com/articles/fee-for-no-service-case-studies-at-the-royal-commission

[10]. http://www.afr.com/business/banking-and-finance/financial-services/amp-orders-white-wash-report-for-asic-20180417-h0yvlj

[11]. http://www.abc.net.au/news/2018-04-19/cba-charged-fees-to-customers-who-had-died-commission-hears/9675922

[12]. http://www.abc.net.au/news/2018-04-20/corporate-crooks-set-to-face-tougher-penalties/9677792

[13]. http://www.abc.net.au/news/2018-04-20/banking-royal-commission-financial-advisers-coalition-labor/9679008

[14]. https://survivaltricks.wordpress.com/2016/12/22/bankers-given-outrageous-incomes-by-their-boards/

[15]. http://theconversation.com/the-financial-services-royal-commission-highlights-the-vulnerability-of-many-older-australians-93359

[16]. https://www.investopedia.com/articles/retirement/111216/where-retirees-are-falling-short-living-standard.asp

[17]. http://articles.latimes.com/2013/may/17/business/la-fi-mo-retirees-standard-living-20130517

[18]. http://www.abc.net.au/news/2017-05-23/super-incentives-to-downsize-home-could-leave-retirees-worse-off/8550874

[19]. https://www.corelogic.com.au/news/retirees-downsizing-good-theory-doesnt-appear-make-fiscal-sense-practice#.WukVHZq-mUk

Added after 06 June 2018:

[20]. http://www.thisismoney.co.uk/money/pensions/article-4967930/Pensions-rip-fees.html

[21]. https://www.9news.com.au/royal-commission

[22]. https://www.theguardian.com/australia-news/live/2018/apr/23/banking-royal-commission-anz-amp-nab-evidence-live

[23]. https://www.ageuk.org.uk/information-advice/money-legal/pensions/pension-scams/

[24]. https://theorangefiles.hu/nationalization-of-private-pension-funds/https://www.reuters.com/article/hungary-pensions-idUSL6N0TG2MP20141127

[25]. https://www.telegraph.co.uk/finance/personalfinance/investing/11726158/Exposed-the-rip-off-investment-advisers-who-cost-British-expats-billions.html

[26]. https://daehee.com/steinhoff-scandal/

[27]. http://www.abc.net.au/news/2018-04-16/banking-royal-commission-financial-planners/9662166

[28]. https://asic.gov.au/regulatory-resources/find-a-document/reports/rep-499-financial-advice-fees-for-no-service/

[29]. https://startsat60.com/money/fat-cat-super-funds-are-gouging-super-returns-is-yours-one

[30]. http://mobile.abc.net.au/news/2016-10-20/banks-accused-of-gouging-super-customers/7948950

[31]. http://morningmail.org/gouging-banks-mamma-mia-go/

[32]. https://www.superguide.com.au/boost-your-superannuation/comparing-super-funds-check-out-the-cheapest-funds

RISING BANKRUPCY OF PENSIONERS

[33]. http://theeconomiccollapseblog.com/archives/bankrupt-america-bankruptcy-soars-as-the-country-grapples-with-an-unprecedented-debt-problem

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The Parasites of Western Economy, Part 5: Company Asset Strippers and Conspirators.

The Parasites of Western Economy, Part 5: Company Asset Strippers and Conspirators

by tonytran2015 (Melbourne, Australia).

Click here for a full, up to date ORIGINAL ARTICLE and to help fighting the stealing of readers’ traffic.

(Blog No.74).

#parasite, #asset stripping, #private equity,

The Parasites of Western Economy, Part 5: Company Asset Strippers and Conspirators.

A company operates to generate profits to be distributed to its shareholders. Unfortunately, the sheeplike shareholders have allowed their own dividend incomes to be reduced over long periods. This injustice is spotted by PE that moved in and took away the unjustly accumulated assets.

Generations of shareholders lost the assets owned but hidden from them. They blamed the PE but the it was really their management who set up the scene.

1. Steps leading to an Asset Stripping.

1. Company directors pay themselves and their associates extravagant fees and bonuses at the expense of shareholder dividends.
2. Company accountants receiving directions from their bosses and hides real situations from shareholders.
3. Dividend payouts are kept small under the guise of “retaining for future expansion”, so that directors payments can be made huge but admittedly some capital is actually accumulated “for future expansion”.
4. Earning/Price is now much smaller than Governments Bond rates (adjusted for inflation effect).
5. Company assets become unknown after years of obfuscation by accountants Earning capacity becomes uncertain but shareprices depend on it
6. Shareholders have been betrayed of trusts, got tired with begging for their rightly entitled dividends so they sold away shares at low prices.

7. PE (Private Equities) move in, buy enough shares to control the company.

8. Controling shares direct this asset rich company to enter into one sided loan agreements with the PE to siphon away the assets.

9. The company is then deregistered or declared bankrupt after its huge assets have been siphoned, making huge profits to the PE owning the controling shareholders.
10. The controling last shareholders are called the Asset Strippers. They siphon away the huge asset contributed by previous generations of shareholders leaving other creditors to the company with losses and company employees with unemployment and distress.
2. Are only Asset Strippers to be blamed.

Private Equities only do the economically logical thing of taking away the asset that did not produce adequate dividends.

The real villains are the directors who betrayed their shareholders trust and caused shareholders to sell out. Shareholders have already given up on (or have been robbed of ?) their capitals when they accepted minuscule dividents for their capital contributed at IPO (Initial Public Offer).

3. Avoiding losses caused by Asset Stripping.

1. Dont own any shares if you can.

2. Investors should not buy shares in any company unless they fully know its operation and director payments (see [2], A satirical guide to signs of an impending crash for small investors ).

3. Investors have to be very wary of companies with (Earning/Price + Growth rate) much lower than Government Bond rates. They may be the target of some PE take-over.

4. Company creditors should register their secure loans to the company. Reliance on the reputation of some 100 years old company names is not good enough for the present time. The current time is no time for inexperienced trade suppliers.

5. Company management should pay out all earning as dividends, declare its director payments and its assets to shareholders.

6. A company should not keep its assets hidden, should return surplus capital to shareholders to keep its Earning/Price higher than the (inflation adjusted) rate of Government Bonds. This will keep PE Asset Strippers well away.

4. Conclusions.
Private Equities are often blamed but the real villains are the directors who denied shareholders of their dividends and capital returns therefore drove shareprices to fractions of their true value.

References:

[1]. brick and mortar retail meltdown fueled by asset stripping details emerge in bankruptcy courts by wolf-richter,

https://straightlinelogic.com/2017/07/31/brick-and-mortar-retail-meltdown-fueled-by-asset-stripping-details-emerge-in-bankruptcy-courts-by-wolf-richter/, http://wolfstreet.com/2017/07/31/asset-stripping-pe-firms-fuels-brick-mortar-retail-meltdown/

[2]. tonytran2015, A satirical guide to signs of an impending crash for small investors, survivaltricks.wordpress.com, https://survivaltricks.wordpress.com/2017/01/25/a-satirical-guide-to-signs-of-an-impending-crash-for-small-investors/ , Jan 25, 2017?

Added after 2017 December:

[3]. https://vikinglifeblog.wordpress.com/2017/12/03/one-or-the-other/

Vulture fund killed Sears

[4]. https://riggedgame.blog/2018/10/17/sears-didnt-die-vulture-capitalists-killed-it/

[5]. https://m.huffpost.com/us/entry/us_5bc4b346e4b0bd9ed55c8a58?utm_source=nextdraft&utm_medium=email

[6]. Where the Vulture Funds Nest in Brexit Britain by True Publica, https://www.globalresearch.ca/vulture-funds-nest-brexit-britain/5695074

Over to Ireland and focusing on a nest of just 15 Irish subsidiaries of global vulture funds where it was found that they pay just €250 a year in tax. This is despite the companies having in their control €10.3 billion worth of loans and debt located in Ireland, where in total, the 15 companies have paid just €8,000 in tax between them in a year. It is estimated that the loss to the Irish Exchequer is up to €500 million in just two years.

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The Parasites of Western Economy, Part 4: Scammers who entrap acquaintances into being guarantors for their loans.

 

The Parasites of Western Economy, Part 4: Scammers who entrap acquaintances into being guarantors for their loans

by tonytran2015 (Melbourne, Australia).

Click here for a full, up to date ORIGINAL ARTICLE and to help fighting the stealing of readers’ traffic.

(Blog No.69).

#parasite, #loan, #guarantors,

The Parasites of Western Economy, Part 4: Scammers who entrap acquaintances into being guarantors for their loans.

In the Western societies, asset rich people are often preyed upon by scammers. After a family break up, an asset rich person may feel lonely and scammers will target him to befriend then to rob him of his assets.

1. A guarantor of loans is usually set up to carry the loan burden of the actual borrower.

The scammer/borrower pretended to be friendly to a lonely asset rich person. He then pretended to be hard working, responsible, wealthy and virtuous in front of that rich person.

One day the scammer S would ask the asset rich person R to be the GUARANTOR to his loan from a (crooked) banker B. The scammer S would tell the rich person R that he needs a loan from B for his business plan. He would claim that banker B is too rigid and too demanding and is not satisfied with the motgage of his huge asset. He would claim that banker B unnecessarily asked him to have many guarantors for a simple loan just because he has not been a long time client to that banker B.

The rich person R may then be willing to help a virtuous person starting his business career by becoming the guarantor of his loan. Asset rich person R would think that banker B will only bother him only in the unlikely event that the huge asset mortgaged by borrower S cannot settle the moderate loan from B to S.

2. The guarantors has been set up by the scammer/borrower and his crooked banker.

Once the asset rich person R signed the paper to act as guarantor to the scammer/borrower he is done.

The scammer/borrower will not meet the loan repayment schedule. The crooked banker has granted him the loan knowing that his mortgaged asset has very little value but his guarantor has hige assets. The crooked banker C started issuing warrants of possession to liquidate the assets of the asset rich person R.

Yes, by laws, there is no difference between the borrower and his guarantor. The lender can recover his loan by any way easiest to him, that is starting with the asset rich person R!

3. The word loan guarantor used by lenders is misleading.

In a effect, the loan guarantor R mortgaged his assets to borrow from the lender B then he makes an unsecured loan of that amount of money to the borrower/scammer S on the same terms and conditions. Usually the borrower/scammer has little asset and want a free ride on the assets of his guarantor!
In a effect, the loan guarantor risks his assets (that is equivalent to him paying insurance fees on loan default) for the borrower/scammer.

4. Loan guaranteeing is only to be used by parents to give early inheritance to their own children.

In a effect, the loan guarantor risks his assets (that is equivalent to him paying insurance fees on loan default) for his children to avoid giving outright inheritance to the children and being liable to taxes.

5. Avoiding being trapped.

You don’t want to lose your assets to scammers. So you have to:
5a. Keep secret your possession of assets to avoid being targeted.
5b. Avoid every false friendship from persons with unknown history, origin.
Don’t let anyone buy you coffee all the time without returning the favour. This prevents him from asking any favour from you !
5c. MAKE IT CLEAR to your acquaintants that you may help any of them looking for work but UNDER NO CIRCUMSTANCE YOU MAY TAKE RESPONSIBILITY FOR ANY OF THEIR FINANCE.
Otherwise once you have taken only a single responsibility for their finance you will see their irresponsibilities grow like mushrooms overnight and there will also many more copies of such “friend” knocking on your door or ringing your phone !
5d. Practice saying NO firmly to any request to take over responsibility for someone else’s finance. Practice telling requesters that those who don’t want to swim deserve to sink !
Similarly, do not enter into any contract to exchange your money for “friendship” or “love”.
5e. Avoid any contact with scammers or debt ridden or financially irresponsible people.

6. Main areas infested by this scam.

This scam is practiced where there are loan guaranteeing rules while scammers can intermingle with asset rich people.
The scams are commonly found:
6a. In refugee population where people who had been rich and poor in their countries of origin intermingle.
6b. At tourist bars where tourists from rich countries intermingle with English speaking locals who are not rich.
6c. At single/divorced bars where scammers can target lonely, sad people.

7. Conclusion

This scam relies on a VAGUENESS of the meaning of the word guarantor. As it is almost like giving away the asset of the guarantor, THERE SHOULD HAVE BEEN (but sadly, there has not any) LEGISLATION requiring the guarantor to obtain legal advice from a competent lawyer before the guarantee contract can be signed.

References:

Added after 2017Dec20th:

Avoid surety. Proverbs 6 warns against accepting an obligation to pay for someone’s loan if you lack a guaranteed way to make the payments“,

[1]. https://www.christianpost.com/voice/ask-chuck-subprime-loans.html

the principle of solidarity among euro zone member states should not turn the single currency bloc into a debt-sharing union, by A. Merkel,

[2]. https://www.reuters.com/article/us-italy-politics-eurozone-merkel/solidarity-in-euro-zone-should-not-lead-to-debt-union-merkel-idUSKCN1IY0N1

[3]. “A court has ruled National Australia Bank did not properly inform a customer who went guarantor for $8 million in loans, meaning he would not have to pay back money still owed.“, http://mobile.abc.net.au/news/2016-07-22/nab-landmark-court-case-could-have-far-reaching-consequences/7653414

[4]. https://en.wikipedia.org/wiki/Surety

[5]. https://en.wikipedia.org/wiki/Statute_of_Frauds

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, , , Cashless bartering for survival, Federal Reserve Bank charges undeserved fees to Americans., A satirical guide to signs of an impending crash for small investors, Your fiat money (Part 2), Your fiat money, Bankers given outrageous incomes by their boards, Signs pointing to an impending crash for small investors,Bankers earn more than interest margin on secured loans, Can most pension funds last?, … all

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