Friday, November 10, 2006

Baillieu's share holdings

The most foolish campaign of the week is that of the Victorian Labor Party, actively fostered by its numerous leftwing supporters at The Age, to force Opposition Leader Ted Baillieu to sell off, into a blind trust, his $3.8 million worth of equity in companies such as as BHP-Billiton, News Corp and Telstra.

Ted's total holding is quite small and the impact that Victorian Government decisions could have on the value of his holdings in a firm such as BHP-Billiton - perhaps the world's biggest mining company - is negligible. The potential for conflict of interest is low if Ted observes current disclosure policy.

If he declares his holding, as he has, and does not trade his holding during his term in office that is more than enough. There is nothing wrong at all with a politician being economically successful and with holding equity in Australian or overseas firms. This is grubby populist politics that feeds on envy generated by even grubbier Laborite politicians.


Anonymous said...

No one could ever accuse you of being fair and unbiased!

hc said...

What's being fair and unbiased about attacking someone with shareholdings in large Ayustralian public companies? Our economic system would not exist without such shareholdings and Australia has one of the highest levels of share ownership among its population.

The criticism by Labor is hypocritical, populist and anything but unbiased and fair.

Anonymous said...

Ted's views on climate change

hc said...

It is amusing and fair comment as he has equivocated. I think he understands now there is no option but to act on climate change - but windfarms etc are not a sensible way to go.