Author: Michael West

William Hill having a bob each way

If you were running a book for the Golden Hypocrites Bookies Stakes you would have to price William Hill at onerously short odds. Punter Richard Irvine got a letter from Australia’s largest online bookmaker asking him to complete a statutory declaration with 18 questions. Among other penetrating requests, these included a demand for “certified copies of your last three tax returns and mark those certified copies with the letter ‘C’.” And, “include certified copies of documents evidencing your income (eg your last three employee pay slips) and mark those certified copies with the letter ‘E’.” Irvine is one of those punters the bookies don’t care for … one who tends to win too much. William Hill has overpaid for its Australian acquisitions and is naturally keen to win back its losses.  “William Hill feels that no punter should actually be able to win off them,” says Irvine. “When Racing NSW forced them to give punters a chance to win, they placed this impost on all punters they had marked as winners – knowing that no punter would be able to source all this info let alone be willing to provide it.” These stringent “legal” requirements came replete with a threat of “imprisonment” should Irvine make any false statement. The bookie is not quite so pernickety however when it comes to its own statutory declarations. Take its financial statements for the year...

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Wise investment or fossil fools? Queensland backs coal as G20 moves the game on

The very day after the G20 concluded, with its recommendations about ending government subsidies to fossil fuels, it appears the Queensland government is poised to ramp up its subsidies for the humungous Galilee Basin coal project. The final communique of the G20 says: “We reaffirm our commitment to rationalise and phase out inefficient fossil fuel subsidies that encourage wasteful consumption, recognising the need to support the poor.” Today however we have Queensland Premier Campbell Newman saying: “We’ll be saying, if necessary, we’ll be prepared to invest in infrastructure, core infrastructure, common-use infrastructure. We’ll be making the case that we...

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What they are about to receive – from the judge

pet·ti·fog verb (used without object) 1: to bicker or quibble over trifles or unimportant matters. 2: to carry on a petty, shifty, or unethical law business. Finally, a judge has thrown the book at some insolvency types for pettifogging. Justice Jean Dalton may not have deployed the P-word itself but she surely captured the quintessence of pettifogging in her decision on Thursday in the Supreme Court of Queensland. “Solicitors acting for [the administrators] filed an affidavit of over 800 pages … that was of such marginal relevance that it was not referred to in either written or oral submissions...

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What is Serco hiding?

The influx of asylum seekers may be a matter of national acrimony but there are those who welcome the boats with open arms and broad smiles. The British multinational which operates Australia’s detention centres is one of them. Serco is rolling in it. According to its opaque financial statements which have just been filed, Serco Australia Pty Ltd enjoyed a rise in net profit from $49 million to $128 million last year. The bulk of this bottom line bonanza was not due to the surge in boats – although Serco’s immigration detention centre contracts with the federal government have...

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When ‘big law’ turns to bullying

It took a government to bring down Big Tobacco but there’s no bringing down Big Law. On the same day the High Court delivered its astounding judgment, tossing out the challenge to plain packaging laws this week, there was another intellectual property stoush afoot. This one was far smaller; a “David and Goliath” tale and a salutary warning for aspiring business people. Sara Park, a single mother from Sydney’s northern beaches, had set up her company Centurion Deals Pty Ltd last year, and registered the domain name centuriondeals.com.au. Her business was styled along “Groupon” lines. She offered health and beauty products, special deals and getaways to as large a client list as she could muster. Her hopes and dreams were high, her revenue as yet minuscule. Out of the blue, American Express bobbed along last week with a menacing legal letter. It claimed she had infringed its intellectual property rights. She was guilty of “passing off” an Amex product. Amex has a credit card called Centurion, you see. This is its most exclusive credit card: invitation only, $5000 upfront and $2500 in annual fees. No matter that Sara Park’s brand was not Centurion but Centurion Deals. No matter that her font, logo and colours bore no resemblance to the Amex marque. No matter that she was offering another product altogether, the letter wailed on with high indignation about her...

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New Michael West Podcast

Created by PodcastOne, this 3 part series looks into how Australia has gone from one of the cheapest countries in the world for energy to one of the most expensive, and reveals just what has happened with our gas and electricity supply and why we are on the verge of an energy crisis.

Listen to THE ENERGY TRUTH on the PodcastOne website

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