What was the SCAM is being investigated through the court
Elon Musk has testified that he was sure he had backing from Saudi financiers in 2018 to take Tesla Inc private, as he defended against claims he defrauded investors by tweeting later that year about his electric car company.
At a trial in San Francisco federal court on Monday, Musk told the investors’ lawyer Nicholas Porritt that he had met with representatives of Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, at Tesla’s Fremont, California, factory on July 31, 2018, and that “PIF unequivocally wanted to take Tesla private.”
The trial tests Musk’s penchant for taking to Twitter to air his sometimes irreverent views, and when the world’s second-richest person can be held liable for crossing a line.
At stake are millions of dollars for shareholders who claim they suffered losses after Musk tweeted in August 2018 that he had “funding secured” to take Tesla private at $US420 ($A600) per share, and that “investor support is confirmed.”
Source: Saudis backed taking Tesla private: Musk – Michael West
When the senior executives of California’s private for-profit power utility PG&E made the very intentional decision to move cash into their own pockets through bonuses and dividends instead of making their power lines resilient enough to withstand severe winds, they also made the decision to let people die.
Source: How To Kill and Get Away With It | The Smirking Chimp
Any fines handed out to corporations were a slap on the wrist and not really regarded as fines but investments toward greater profit. As are Lawyers, Accountants Professional Lobbyists, Media and PR companies.
A strengthening of consumer protections to be introduced to Parliament on Wednesday will raise the maximum fines levied on companies engaging in anti-competitive behaviour from just $10 million, or 10 per cent of their revenue, to $50 million or 30 per cent.
The government will raise the base maximum penalty, unchanged for decades, to stop companies from simply absorbing fines as part of the cost of doing business.
Source: Big business facing steep fine increases amid crackdown
But the biggest scam came last week when Qantas handed down its profit results and declared a $400m share buy-back. The board apparently deems it okay for Alan Joyce and co to spend the airline’s excess cash – publicly subsidised cash – not on disaffected workers, not on tax, not paying back subsidies, not on services for customers but on … drumroll, buying its own shares in order to prop up the stock price and lift executive bonuses.
Source: Lufthansa paid back its debt, Qantas bought its own shares – Michael West
Petty individual crimes are headlined in our News. Meanwhile,the systemic nature of crime is ignored. The reasons individuals are driven to crime aren’t explored. attention to property and physical crimes ignores the biggest of af all crimes and the widest damage done. What drives individuals and corporations is significantly different. How and the extent they are policed and punished is too.
Corporate media is running constant, sensationalized stories about shoplifting — while ignoring the food insecurity and generalized desperation that is driving many people to shoplift.
Source: The Media’s Breathless Shoplifting Coverage Ignores the Misery That Drives Theft
What % of white collar middle class and above do we find in our prisons? When the consequences of the crimes committed by the upper and middle classes are far far costlier and have a wider and often greater impact on thousands of people in our society as a whole? The sentenace certainly doesn’t fit the crime when the theft of a Mars bar by an indigenous kid of 15 results in 3-6 months detention and escalates. Corporate crime is organised intended, pays and common.
Sharemarket pirates have cashed in on Australia’s unemployed. They are targeting the disabled and the elderly next. Callum Foote and Michael West investigate the monumental fee gouge by freshly floated APM and other job agencies.
Source: Gouging Government: how a billion-dollar job agency dudded taxpayers, then the super funds – Michael West Media
By design the Accountancy Industry is tasked no paid to protect and not distribute money. A no pay no service industry.
After public outrage that the NSW government had ruled out trying to pursue the $30m, the state crime commissioner, Michael Barnes, on Friday committed the agency to revisiting its previous investigation into whether it could confiscate any of the Obeid family’s assets as the proceeds of crime.
Source: NSW investigators face labyrinth of family trusts to claw back Eddie Obeid’s proceeds of crime | Eddie Obeid | The Guardian
Dr Evan Jones continues his examination of white-collar crime from the corporate banking sector. Part 1 can be read here.
Source: Banking sector’s pursuit of profit equates to white-collar corporate crime
The general manager of Gina Rinehart’s mining operations in Ecuador has been caught with a cache of illegal weapons. The arrest has stunned the expat community in the capital Quito where the likes of BHP, Newcrest, Hancock Prospecting and a slew of junior miners are enjoying a millennial “gold rush” as bullion prices hit records and drill results bode for enormously rich deposits of copper, gold, cobalt and other minerals. Michael West reports.
via Gina Rinehart’s mining boss in Ecuador arrested for weapons amid Aussie gold rush – Michael West
The ATO’s corporate tax transparency data again shows that hundreds of companies have been able to reduce their tax bills to zero
ATO deputy commissioner Rebecca Saint said the agency was still seeing some companies avoid tax by shifting profits offshore
Company financial accounts do not always give the full picture of tax positions and the ATO wants companies to be more transparent
via ATO data reveals one third of large companies pay no tax – Politics – ABC News (Australian Broadcasting Corporation)
Like Dupont Corporations have the power to make the thought of Common Good go away (ODT)
“They are trying to totally destroy me.”
Donziger is not exaggerating. As he was arguing the case against Chevron in Ecuador back in 2009, the company expressly said its long-term strategy was to demonize him. And since then, Chevron has continued its all-out assault on Donziger in what’s become one of the most bitter and drawn-out cases in the history of environmental law. Chevron has hired private investigators to track Donziger, created a publication to smear him, and put together a legal team of hundreds of lawyers from 60 firms, who have successfully pursued an extraordinary campaign against him. As a result, Donziger has been disbarred and his bank accounts have been frozen. He now has a lien on his apartment, faces exorbitant fines, and has been prohibited from earning money. As of August, a court has seized his passport and put him on house arrest. Chevron, which has a market capitalization of $228 billion, has the funds to continue targeting Donziger for as long as it chooses.
via How the Lawyer Who Beat Chevron Lost Everything
Employers claim the system is too complex, but others say the problem is that the rewards of ripping off staff outweigh the risks
via ‘They’re madly checking their payrolls’: the ugly truth of Australia’s underpayment epidemic | Australia news | The Guardian
Despite being a serial law breaker, the Oracle Corporation is the beneficiary of government contracts from the likes of the Department of Finance, the Australian Securities and Investments Commission (ASIC) and the Australian Taxation Office (ATO). Oracle is currently a key player in Australian Visa Processing Pty Ltd, one of two consortia bidding for the privatisation of Australia’s visa system.
Oracle cheats on Australian income tax but boasts the ATO on its client list. Oracle treats Australian laws with contempt but has various government departments fawning all over it. Imagine a shoplifter stealing from Woolworths and then being rewarded with employment shifts at the store on double time. This is the story of Oracle in Australia.
via Oracle and EY: 42 breaches of the Corporations Act and counting – Michael West
has anyone been charged or will this process be put aside like the GFC, the Panama Papers and allow everyone to keep the spoils? (ODT)
While the scale of illegality and unethical behaviour in the Australian financial sector might be news to many Australians, the scale of fee-gouging, profiteering and the terrible treatment of customers should be no surprise to our regulators or politicians.
What s likely to remain, as a primary cause of the decade-old malpractice governing the industry and surrounding collaborators – as eloquently shown by K. Lee is ‘The incestuous relationship between government, the financial sector, the regulators, and the legal firms the use’, theaimn.com, 3 October 2018).
via Five pillars of financial crime (part 3) – » The Australian Independent Media Network
Australia’s big four banks are among the most profitable in the world. In fact, the profits of the big four banks account for 2.4% of gross domestic product. Think about that: of every $100 produced in Australia, $2.40 goes to the shareholders of the big four banks.”
via Five pillars of financial crime (part 2) – » The Australian Independent Media Network
Were Banks included in these figures along with other corporate bodies?
However even forget that, the greatest scammers that targeted Australia were actually Captain Cook from the very first moment of discovery and it continued from then until invasion day and thereafter till now. Conservatives want all of this history written out of the Australian narrative? Far too inclusive for them it seems and it might lead to TREATY and RECOGNITION. We can’t have that!! Why is NZ so different to us when it comes to an honest and shared history of their nation? Why is it that it threatens Conservatives in the IPA, LNP and News Corp so much? Their paid for News Corp voice simply calls shared historical fact as “fake” but not so the ABC that opens these stories to be shared to us all? (ODT)
via Australians lost nearly half a billion dollars to scammers in 2018, says ACCC – Business – ABC News (Australian Broadcasting Corporation)
Remediation costs for Australia’s scandal plagued wealth mangers could more than double to $6b from current provisions
The modelling from Macquarie analysts is based on a figure of $750,000 remediation cost per advisor, dervived from Westpac’s experience
The biggest upgrades in provisions are expected to be made by AMP, ANZ and IOOF
via Wealth managers’ costs for fixing scandals are set to soar – Business – ABC News (Australian Broadcasting Corporation)
Do we need proof of the unfair bias in our laws when an indigenous Australian can be jailed for the theft of a Mars Bar and his employer can’t be charged fo underpaying him? (ODT)
“The Fair Work Act contains very hefty civil penalties for wage underpayments. The penalties were increased by up to 20 times last year,” he said. “Therefore, any view that the previous penalties were not tough enough has already been very comprehensively addressed.
“Any civil case relating to back-pay would be put on hold by the Courts until the criminal case is heard and determined. Therefore, workers would be waiting years for back-pay.”
Victorian Attorney-General Jill Hennessy said the existing legal regime has failed to prevent underpayment of workers in low paid industries such as hospitality.
“The new laws will be drafted carefully to address any potential constitutional inconsistency issues,” he said.
via Criminalisation of wage theft likely to backfire, say experts
For the financial planning industry, 2018 will go down as the year where there was nowhere to hide.
“Just a few bad apples”, the industry had constantly told us as scandal after scandal was revealed, and people’s financial futures were ruined.
The banking royal commission showed that up for what it was — a bald-faced lie.
via Financial planning rot more than just a few bad apples – Analysis & Opinion – ABC News (Australian Broadcasting Corporation)
Thousands of small businesses around Australia have been caught in the alleged scam which involves paying $430 a month to a finance company, under a three-year contract which will cost up to $15,500.
Small business owners like Harvey Levy, who owns lawn mower repair business Help Gardener, were told Viewble and its associated business The Shoppers Network would pay them $430 a month in advertising revenue for displaying the television which showed ads for local businesses.
Mr Trent said he became alarmed when he realised Viewble’s clients thought they were receiving the television for free because they would receive a rebate through advertising.
via ‘Robin Hood in reverse’: Finance companies taking $31 million in alleged Viewble small business TV scam
Australia Institute finds employers get six hours’ free work a week from each employee, while thousands are underemployed
via ‘Epidemic of time theft’: Australians work two months’ unpaid overtime a year | Australia news | The Guardian
“Companies are often so concerned with appearance and damage control that they are unwilling to engage in the degree of examination required to root out the entrenched causes of trust violations,” the study says. For instance, BP allowed its Texas refinery explosion in 2005 to be followed by the oil spill in the Gulf of Mexico in 2010. News Corp had an employee jailed for phone hacking in 2007, but endured another phone-hacking scandal in 2011.
Source: Not one rotten apple, it’s the whole barrel: Crunchtime for banks
A landmark study has found a silent underclass of vulnerable Australian workers is owed an estimated billion dollars with almost a third paid $12 per hour or less – almost half of their legal entitlements.
The University of NSW (UNSW) and Univerity of Technology Sydney (UTS) research found that fewer than one in ten migrant workers has taken action to recover unpaid wages, even though they know they are being underpaid. The remaining nine in ten suffered wage theft in silence.
via Unclaimed wages likely to top one billion dollars
One in five samples of local honey sourced along the eastern seaboard of Australia, including boutique brands, has been found to be fake, deepening the global scandal over the impurity of honey.
The study, which tested five raw samples of honey and 95 local and global-branded honey, found 27 per cent were adulterated. But the big shock was Australian honey. Of the 38 honey samples sourced from supermarkets and markets, 18 per cent, or almost one in five, detected adulteration. The states implicated in the scandal include Victoria, Queensland, NSW and Tasmania.
via Fake honey found in Australian-sourced brand Capilano and more
When Pay for No Service occurs when government outsources companies and pays them for not educating not findinf employment just simply signing people up. Collecting signitures for payment doing nothing has been common practice that has remained hidden for years but known by the participants involved except those that they were meant to benefit,why? It wasn’t in anyones interest to get busted.(ODT)
The 58-year-old Wodonga woman had just discovered she owed the federal government $36,000 for a tertiary qualification she’d never received. She was also told she had to immediately repay $2000.
This created a perverse incentive for some colleges to enrol as many people as they could, sometimes luring them with laptops and other incentives to sign up to often substandard online courses.
via ‘Scared and furious’: Woman shocked to discover she has $36,000 education debt
Corporate Fraud and Tax Cuts money for nothing and no ICAC support from the LNP (ODT)
The retail group that owns Rebel Sports, Supercheap Auto and Macpac has admitted to underpaying workers by almost $8 million after incorrectly calculating overtime pay and allowances.
via Rebel, Supercheap Auto owner says it underpaid workers by $8m
If only concern was given to threats faced by the Individual citizen from both business and the business of cyber crime.We speak of market “freedoms” with little emphasis of “safety” other than “Buyer Beware” were not about to “teach” you the traps witch are increasing daily with data farming. Crime, Punishment are after all a class apart. (ODT)
Unfortunately, with around 3.5 billion internet users globally and well over 10 billion devices in use, cyber security will remain a major headache confronting business and government globally for years to come. For example, over the past year, the size of the global cybercrime economy has grown to more than $2 trillion annually, making it the world’s 13th largest economy by revenue, according to the Into the Web of Profit (Understanding the Growth of the Cybercrime Economy) study recently released by the University of Surrey in the United Kingdom.
via Cybercrime a $2 trillion threat for business
Why wasn’t this News Corp headline news(ODT)
In April, following a 10-week trial, Linc Energy Limited was found guilty by a jury of five counts of wilfully and unlawfully causing serious environmental harm at its underground coal gasification plant at Chinchilla in the western Darling Downs.
Linc’s mine at Hopeland was described by Environment Minister Stephen Miles as potentially the biggest environmental disaster in Queensland history. Appropriately, Judge Michael Shanahan handed down a $4.5 million fine — the largest environmental penalty in Qld history, but still well short of the enormous clean-up costs needed.
The mining technique, which Linc practiced at Hopeland, was an extreme form of fracking known as underground coal gasification.
via The Linc stink: Queensland’s biggest environmental disaster
When is Corporate theft deemed a crime. Steal off a Corporation it’s a jailable offense? A Corporation steals off it’s enmployees it’s “hard nosed business” someting is seriously wrong and its systemic because our system allows it to happen. (ODT)
It is what Quadrant is doing with Rockpool Dining Group, which is expanding rapidly, has become heavily indebted and according to former senior management has a ruthless focus on costs and wages.
The downside is the mountains of evidence of systemic issues at Rockpool Dining Group around the underpayment of workers through the heavy use of unpaid overtime.
via The hard-nosed investors behind the Rockpool empire
Over a decade my CBA Super Fund has yeild a total of 25%. There is absolutely nothing about a fund thats annual average has been a loss. The self managed portion of my fund has had a yeild of well over 100% and I’m certainly not a professional. Dear Agony Aunt have I been “ripped off”? (ODT)
Of the 74 funds with MySuper products, the commission found that 20 were underperforming – worth about 4.6m member accounts. Of those 20, nine were retail funds, six industry, three corporate (ie funds set up to cover employees of a company) and two public sector funds.
But that breakdown wrongly suggests the retail and industry sectors are almost equally as bad.
What those numbers hide is that the nine retail funds are among the biggest of their kind and the six poor-performing industry funds are among the smallest.
In reality, most people in dud MySuper funds are in retail funds, and most of the people in retail MySuper funds are in dud funds.
The biggest losers: Productivity Commission finds super funds wanting
via Super funds treat customers with contempt? That’s putting it lightly | Greg Jericho | Business | The Guardian
Mattel is one of the largest toy-making companies on earth. Turns out it’s one of the biggest manufacturers of income inequality, too.
Last year, the Barbie doll manufacturer paid its CEO nearly 5,000 times as much as its median worker.
via When CEO’s Earn 5,000 Times as Much as a Company’s Workers
The Financial Services Royal Commission has seen evidence that bank directors and executives deliberately put in place policies to ignore the law.
But research suggests the very organisational structure of banks makes it difficult to hold directors and senior executives criminally responsible for systemic misconduct.
via The way banks are organised makes it hard to hold directors and executives criminally responsible
A tailor pushing $122 million in home loans, gym owners assessing peoples’ finances, paper envelopes filled with cash bribes, and a bank chief executive revealing his own customers are getting a raw deal.
via Banking royal commission hears of cash bribes, conflicts of interest and hidden fees – Analysis & Opinion – ABC News (Australian Broadcasting Corporation)
These trillions are kept out of sight, locked away by the capitalist rulers, and workers are told that cut backs to health care, education and pensions are needed to balance the government budget. The “Paradise Papers” confirm that the capitalist economic system we live under is bankrupt as far as the working class is concerned. It is the workers who create value – surplus value – and the capitalist class skims it off, demonstrating the fact that capitalists are parasites, who are not necessary for human development and production.
No ‘Paradise Lost’ for multinationals’ tax evasions