alan kohler at it again

http://www.smh.com.au/news/business/aglalinta-vote-about-morality-of-fees/2006/04/25/1145861346414.html

I like Alan's take quite a lot and follow his views closely, as he is normally more accurate, factual and less emotional than most, however his contstant assault on MBL is getting tiresome and I think loses him credibility for failing to endorse what is now a global trend in business management. However he always offers an interesting viewpoint.

Some key points of note:
- It will surprise no reader of this column to learn that I don't think it's OK and that most external management of infrastructure assets involves excessive fees, enriching investment banks at the expense of investors.

Well what is ok Alan. Paying CEO's ridiculous salaries and giving away 10% of script to the board!

- this has been a lone campaign

Still is Alan, still is...the world has endorsed Investment banking...when will you. Most companies today can't bid without their backing.

- Churls might say this means Johnson is a hypocrite, but I wouldn't say that. It's just good to have him on my side, although what his colleagues at Macquarie think about it is another matter.

He's not on your side. Clearly he is own his own side and will work for whoever pays him enough. Be that MBL or AGL!

- Truly, Macquarie is everywhere; thank God for Chinese walls.

Then tell us why the hell you envy so much! Really. Are you a B&B holder?

- manager (Macquarie ) provides deals and, er, other stuff, for a fee on top.

The 'er' other stuff you left out last time you wrote about MBL`s fees is the cost included in MBL's fees for non-MBL entities such as lenders, accountants and lawyers.

More proof that Alan is at war with MBL:
19 Mar - http://www.macquarie.com.au/au/about_macquarie/media_centre/20060320a.htm
03 Mar -
http://www.macquarie.com.au/au/about_macquarie/media_centre/20060303a.htm

Cleary he gets a lot of things wrong. I hope for his sake and reputation that he backs off a bit. It is getting beyond a joke.