"It doesn't matter how beautiful your theory is, it doesn't matter how smart you are. If it doesn't agree with experiment, it's wrong." Richard P. Feynman

Tuesday, June 19, 2012

Business advice from the financially incompetent!

With the undignified picture of the worst Australian prime minister in living memory lecturing the financial minds in Europe on how to run their economies fresh in our minds ,we now have Communications Minister Conroy advising Gina Rinehart, arguably one of the most successful businesswomen in the world , how to run the Fairfax empire.  Conroy's advice is  for Rinehart to keep editorial independence and continue on with the policies which have almost destroyed Fairfax. He wants Gina to buy the business with no power to change the basic product which is not selling very well. It was Conroy's financial genius which has committed Australia to a 50 billion dollar broadband network without even a business plan . He has been  also been a part of a government which in four years has turned a 20 billion surplus into a 250 billion dollar debt for all future Australians. This debt, amazingly, has been achieved in the midst of an unprecedented mining boom bringing large amounts of money to the national coffers which is probably why Gillard was told where she could put her unsolicited European advice and Conroy should do the same with his.
THE Gillard government has demanded mining magnate Gina Rinehart sign up to Fairfax's charter of editorial independence, declaring she was not entitled to "trash" the nation's oldest newspaper company.
As Ms Rinehart pushes for greater influence over Fairfax after its dramatic restructuring announcement yesterday, Communications Minister Stephen Conroy warned the mining magnate she risked destroying the company.
Ms Rinehart yesterday demanded three board seats and a say over editorial direction after Fairfax announced 1900 jobs would be slashed, the erection of paywalls on its websites and the transformation of its newspapers to tabloids.
Senator Conroy said Ms Rinehart wanted to turn the company into the "mining gazette".
"She is entitled to representation but what she is not entitled to do is trash the brand for all the other shareholders," he told ABC radio.

Speaking of incompetents .... Wayne Swan has also just joined the fray in criticizing Rinehart.

Acting Prime Minster Wayne Swan has escalated the government's attack on Ms Rinehart today amid a push by the Greens for legislation to force media owners to guarantee editorial independence.
Mr Swan said he would not speculate on any action the government might take, but warned journalists must not be subjected to editorial direction to report in their employers' commercial interests.
Watch this space for Julia!


  1. Steven ConMan can suppress all adverse comments when his Great Australian Internet Filter kicks in.

  2. This comment has been removed by a blog administrator.