Friday, May 27, 2016

Friday's Fulminations

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David said...

To further your education, The Australian is a paper full of opinionated blowhards, rather like a blog, but if you want investigative journalism you need Fairfax and the ABC.

A few takeaays

Murray Goulburn's chairman pleaded ignorance. Philip Tracy told the market as he announced the price crash in April, "the board was surprised at the quantum of the misses".

But Fairfax Media can now reveal that key internal Murray Goulburn sales reports had been unequivocal for months: the company's forecasts of how much product it could sell, and at what price, were hopelessly optimistic, unrelated to commercial reality, and were routinely being missed.
The reports showed big losses virtually every week from the start of the milk year last July. The reports were emailed to the company's senior managers. Anyone watching could see a crash was coming.

But in Murray Goulburn, they say, spending ran rampant. In four years, the Mercedes-Benz-driving Helou pocketed $10.4 million in salary and bonuses, and the company sold off and leased back much of its production capacity. Staff numbers and head office expenses exploded as the company rented more than two floors of prime real estate at Freshwater Place.
Even that was controversial.
Before Helou was hired, Murray Goulburn management had decided to move out of the derelict headquarters in Brunswick to a purpose-built office at Essendon Fields, at Essendon airport.
Andrew Fox, Essendon Fields manager and chief executive of Linfox, says the former Murray Goulburn management drove a hard bargain and, at $19.7 million, got a good price for a 10-year lease. Then the board hired Helou.
"He elected not to move into that building," Fox told Fairfax Media. "He liked staying in the premises of [Freshwater Place], Southbank."

Adolf Fiinkensein said...


" ...but if you want investigative journalism you need Fairfax and the ABC."

Ah yes. You must be referring to their reports on the 'detainees in the hell hole concentration camp' at Manus Island. All thoroughly investigated although they'd never been there and the people were free to leave at any time.

Or was it the Australian sailors torturing illegal immigrants story that headed your list?

Adolf Fiinkensein said...


More wonderful stuff from your ABC.

'The ABC is capable of terrific journalism, but sometimes, it just does your head in.

Take last night’s episode of Four Corners, titled “The Baby Business’’ about IVF, which the reporters managed to put together without talking to a single IVF parent.

I’m not kidding. They really didn’t include a single success story, not in the whole show. Not one baby."