For two years, the people of of Westborough, Massachusetts, tried to find out who owned their town cinema. They searched high and low. Alas, not even the tenant, Interstate Theater Inc, knew the owner
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It was hardly the venue for violence, the Joint Parliamentary Inquiry into Regulation of Audit in Australia. The Committee transcripts have now dropped and we can report on an extraordinary day in the history of audit, the day when, finally, there were calls for violence.
Westpac has been running an invisible banking system, invisible to regulators, where multinational company clients even had their on log-ons and could act like banks themselves
The banks have virtually stopped lending to farmers, writes cattleman and veteran columnist for The Land newspaper John Carter. As the provision of credit is an essential service, there needs to be a rethink in the role of the Reserve Bank in society and the cherished...
Bankrolling pedophiles, facilitating massive money-laundering schemes and terrorist-financing have branded Westpac, deservingly, an instant pariah of the banking world. As regulatory intelligence expert Nathan Lynch reveals here however, Westpac is unlikely to be alone. The story behind the story is industrial scale tax avoidance, the concealing of enormous cross-border payments
Why the secrecy? Most of the Big Four’s audit inspections are blacked out; huge chunks redacted by the corporate regulators. In what other field of society would multiple breaches of the law be tolerated? asks Michael West.
This submission by Jeffrey Knapp to the current Parliamentary Inquiry into the Regulation of Auditing in Australia documents how the Big 4 audit firms – KPMG, PwC, Deloitte and EY – have undermined Australian auditing and financial reporting practice for multinational clients.
“A dark pit of non-disclosure and secrecy”. A “serial lawbreaker” rewarded with lavish Australian government contracts. Forensic accountant Jeffrey Knapp takes the long-handle tech giant Oracle
Babcock & Brown sank in a sea of debt during the Global Financial Crisis, its $70 billion of assets around the world were soon up for grabs. Its rail business in WA went to the then little known Canadian financier, Brookfield. And Brookfield has made a killing
Three interest rate cuts have failed to lift the economy. As have the Government’s $1080 tax breaks. Printing money is now a serious option. Quantitative Easing they call it, or “QE”.
Mathias Cormann has been exposed for gilding the lily by a report from his own government department, or maybe he just got the facts wildly wrong. The report proved Australia’s Finance Minister wrong on Australia’s gross debt, net worth, taxation levels, infrastructure, government spending and the surplus
The expected arrival of thousands of Chinese pilot training students over the next decade is driving the current Australian pilot training school frenzy – and the punters are out for blood, Michael Sainsbury reports.
The Government and Opposition are about to push through laws to hobble the cash economy, laws based on advice from KPMG. Michael West looks at the real reasons behind the jihad on cash.
The Morrison Government has put the entire economy at risk to get his “balanced budget”. Instead of spending to revive a floundering economy, the Treasurer has sat on his hands for months to pull off a surplus and grab the political bragging rights
The NSW Government interfered in the media to shut down a story involving a secret pilot training facillity backed by powerful Chinese companies. It had earlier denied knowledge of the aviation project despite promising to commit taxpayer funds to it.
Control of Australia’s largest aged care and retirement village company is poised to fall to the tax haven of Bermuda – to be owned by the same group of financial engineers who recently took the country’s largest private hospital business to the Cayman Islands.
This is the story the Murdoch press buried. Investigative reporter, Anthony Klan, defected from The Australian newspaper after News Corp bosses muzzled his investigations, including this expose into secret Chinese plans to establish an aviation facility on an Australian airforce base.
The Government campaigned on a platform of surplus. “Superior economic management,” they claimed. Now, with the economy tanking, they are asking people to spend.
Facebook’s launch of its new cryptocurrency, Libra, might have given US lawmakers and financial regulators a fit of the collywobbles, but what’s in it for the consumer? Kim Wingerei checks out Libra’s potential.
Measuring the track record of Australia’s treasurers by worst growth figures detonates the Coalition myth of superior economic management. Michael West reports on 50 years of treasurers and Scott Morrison’s hospital pass to Josh Frydenberg.
The Cayman Islands is the destination du jour for Australian hospitals and water profits but far more is bound for Bermuda. Michael West on tax haven risk for AMP Life policyholders and their $100 billion in assets.
British billionaire Sir Michael Hintze’s penchant for poaching former Liberal Party Australian High Commissioners has seen Richard Alston and Alexander Downer flit in and out of his orbit but his most enduring connections are Angus and Richard Taylor.
Should Gen Y and Gen X be punished for an ill-considered tax loophole invented by Howard to snag retirees' votes? Gen X Investment consultant, Harry Chemay, calls "fair go" — scrap the franking credits Kool-Aid! IT WAS the morning after the night before...
“Labor, Labor, Labor, Labor, Labor”. This is a direct quote from the epic interview of Barnaby Joyce by Patricia Karvelas on ABC Radio last week. As is, “Labor, Labor, Labor, Labor”. Michael West reports on the unfolding #Watergate saga.
Tony Abbott has come under pressure from Warringah independent, Zali Steggall, over the Government's decision to approve the sale of the new Northern Beaches Hospital, and 42 other Australian hospitals, to an obscure company in the Cayman Islands. Steggall, an Olympic...
It is extraordinary that the profit from Barnaby Joyce’s record payment for Australian water rights, an $80 million payment of taxpayers’ money, found its way to a company in the Cayman Islands which had been set up by Angus Taylor, a company at which Taylor had been a director for six years