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Thath ASIC link should have been http://asic.gov.au/asic/pdflib.nsf/LookupByFileName/ASIC_Annual_Report_08-09_full.pdf/$file/ASIC_Annual_Report_08-09_full.pdf
Oh they're more dangerous than that seamisty. Creating a perception of safety is causing the good ship Australia to steam full speed towards that iceberg.
Increasing the velocity of money makes it easier to collect taxes. (And government employees get paid from taxes.) And Aussie $ saved and jammed in superannuation (i.e. investment capital with heavy restrictions on it's application) doesn't flow as freely.
http://en.wikipedia.org/wiki/Velocity_of_money
Also, remember that public servants don't have skin in the Superannuation game like private sector workers. They're safely in defined benefit schemes that pay e.g. 7 * Final Average Salary. Think that more people on the pension (after their super investments are wiped out) means less money for pubic servants? Well, they won't be competing for the future tax $ to fund their retirement lifestyle. Not since the Future Fund was set up. Skimming $ (billions ?) every year off the tax take. Oh and the Future Fund competes with our funds for investment opportunities and the best quality staff. The usual justification is that Public Servants earn less up front. Hmmm - lets look at the ASIC numbers.
From pages 65-67 of http://asic.gov.au/asic/pdflib.nsf/LookupByFileName/ASIC_AnnualReport-2009-10.pdf/$file/ASIC_AnnualReport-2009-10.pdf
In 08-09 it looks like 716 of the 1656 staff (43%) were paid more that $82K. Or at least 26.6% of them were paid more than $94,700. How's that compare to the nation as a whole?
From table 9 of http://www.ato.gov.au/corporate/content.aspx?menuid=0&doc=/content/00268761.htm&page=8&H8
14% of all taxable incomes were above $82,690
10% of all taxable incomes were above $94,159
I'm not sure if the ATO numbers include Aussies who didn't file a tax return or if the ASIC numbers are pro rata for part timers but these numbers paint a very telling counter-argument. I doubt these published ASIC salaries include super.
Sutho81, sorry, no news, nothing from Castlereagh Capital that I am aware of. I hope every one is still making complaints to ASIC etc re our predicament. Seamisty
Watch this space for 200 "Happy parents" carrying pro G8 Banners!!!**Up until today, G8 refuses to factor in ‘Contingent Liabilities’ into all of its agreements.
Hi Charles26 and Seamisty,
It has been very quiet on the battleground, and I, of all people, don't wish to complain about our Great White Hope, meaning Castlereagh Capital. They have stepped up to the plate when others wouldn't, coped personal abuse from our so called RE, invested there own money to try to help us, and at the end of the day, we don't seem to be any closer to a final conclusion.
We all new that WC would not go peacefully, and many of us stood shoulder to shoulder with CC, but my great disappointment has been that we have not heard a word from our White Knight. We, as investors, are all on tender-hooks, and you would think they would make a couple of announcements to where we all stand. Are they still fighting in our corner?????? Are they still prepared to continue the fight???
Investor updates on the 28th July stated that they are looking into our position and getting there legal advise. They said, by the latest, they would make a release by 5th August "at the very latest". Surely we are entitled to know if they are still with us to fight this battle. Just a simple press release will do, so that I , and many others, have some hope in the future.
Please don't think I am unappreciative of everybodies efforts.
Keep the faith,
atlas1950
Atlas 1950 - We've learnt to be patient (and penniless) over these recent years. When things go quiet, it often means that there's dedicated activity behind the scenes. Let's hope that this is again the case, but the nomination of August 5th as a day for an announcement and allowing it to pass by without recognition is indeed surprising and disappointing.
Atlas 1950 - We've learnt to be patient (and penniless) over these recent years. When things go quiet, it often means that there's dedicated activity behind the scenes. Let's hope that this is again the case, but the nomination of August 5th as a day for an announcement and allowing it to pass by without recognition is indeed surprising and disappointing.
Heres your chance to have your say everyone, a bit more of our money used to prop up an ailing WC image::
Fund Briefing Meetings – Sydney, Melbourne and Gold Coast
Presumably the absence of ANY comment by Cascap means their interest is now dead.
Well I wont be wasting any money to attend any of the meetings to be fed another ambiguous, deceiving/misleading spiel that was previously video recorded in six parts and USED to be on the PIF website until it became such an embarassing reminder of a fountain of broken Wellington Capital promises it had to be removed!! Blind Freddy can see the game plan is to liquidate the PIF as quickly as possible so it is not a viable proposition for any one else to consider taking on, get rid of the assets and shut the door before a forensic accountant comes knocking on it. Perhaps WC are expecting some more bad publicity in the near future from any of several legal disputes, hence the need to muster some support? I heard our illustrious leader was in Sydney this week so anything is possible Charles36! SeamistyI wonder whether another rent-a-crowd will be hired. 1000 units free, plus $26.63 an hour. Free morning tea and loan of plackards with photo of Forrest Gump saying "I love you Jenny."
Hi all. I promised someone on this thing that I would not post anymore however I have to say that things I mentioned weeks ago are being seen in a lot of the posts. PIFAG and or CC ( if they're still on board) SEND SOMETHING OUT. SAY HELLO OR SOMETHING. With no communictaions people's minds will wonder. It's natural. I see there is some is advocation for not attending the proposed WC meetings to here whatever it is they have to say but as the saying goe's , "10% of something is better than 100% of nothing" If anyone is at all interested in their investment , for whatever it's worth, in my opionon I would say you'd be foolish not to attend or listen to what they have to say because whether you like it or not it is the only voice speaking, it has the power at this time to do whatever it wants so you might as well show up and voice an opinion. Voicing it here does nothing until we are all needed to rally but there does not appear to be a rally. I will go and listen to what is being said, what the plans are and voice my opinion if I feel a need.
I will try not to post, but it's hard.
I imagine all those professional and sophisticated investors who paid 10 cents a unit in the placement would be less than impressed that their investment is currently trading at .66cents per unit on the NSX and the PIF manager sees fit to conduct another travelling road show (possibly paid for from proceeds from the capital raising) to sing Wellington Capitals praises. I'd prefer the money involved to promote themselves again be returned to unit holders instead, especially since it appears unlikely the PIF will be in existance once the remaining assets have been divested. Seamisty
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