3 posts tagged with australia by kithrater.
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The Meltdown

Peter Hartcher, political editor of the Sydney Morning Herald, tells the story of the self-immolation of the Australian Labor party and the political destruction of two prime ministers, in a five part series: Meltdown. [more inside]
posted by kithrater on Nov 20, 2013 - 11 comments

 

"Fundamentally flawed, unreasonable and irrational."

"Fundamentally flawed, unreasonable and irrational." In 2006, ABN Amro created a new type of financial instrument, the constant proportion debt obligation (CPDO), and sold a number of them to 15 local councils in Australia. Standard & Poor's rated these CPDOs as AAA. The Federal Court of Australia has now determined that both ABN Amro and S&P are liable for the losses the councils suffered when the value of the CPDOs collapsed during the financial crisis; the councils lost 90 per cent on the deal. S&P's rating of the CPDOs was found to have been "misleading and deceptive". Felix Salmon provides some analysis. [more inside]
posted by kithrater on Nov 6, 2012 - 28 comments

Mabo: 20 Years Later

At least the South Africans acknowledged the ownership of 400,000 square miles of South Africa by the original native inhabitants. We would regard [Ian Smith, the then Prime Minister of Rhodesia] as going entirely berserk in Rhodesia if he acknowledged no native land rights at all. But the position in Australia is that we acknowledge no native land rights whatever. We took the lot with our proclamations of sovereignty.
That complaint, made by Mr Beazley MP in 1967, was corrected twenty years ago on 3 June 1992, when the High Court of Australia found that "the common law of this country recognizes a form of native title", overturning the doctrine of terra nullius that had held since the 1830s. [more inside]
posted by kithrater on Jun 2, 2012 - 37 comments

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