The danger with investigating Babcock & Brown or more precisely...

The danger with investigating Babcock & Brown or more precisely investigating the collapse of Babcock & Brown is that it will uncover systemic corruption right across the spectrum of government, judicial and other public authorities trusted with keeping an eye on accountability of companies like Babcock and Brown on behalf of the public.

Corruption has not only been endemic in the corporate and legal and accounting communities (complicit in the offences o their clients), it is part of the legal and finance culture of Australia’s finance and investment communities.

Babcock & Brown shares like those of MFS had been an integral part of many a retirement portfolio of judges, CEO’s, investigators and politicians alike. Nothing wrong with that one might say and rightly so at that.

However holding Babcock & Brown or MFS or any others shares either directly or indirectly through trusts becomes an issue when the company is being investigated by courts, corporate watchdogs and government.

The law requires each of these organs of state and their officers to be independent and for them to make proper disclosures about their holdings and their relationships with the companies concerned (Babcock in this case) the subject of their duties.

It did not happen right throughout the history of Babcock & Brown and MFS. And apart from two other state government agencies, the Queensland government, one of its legal advisor firms and their partners are tainted by their links, their failures to disclose and their direct complicity in the affairs of these two companies. They have a good deal to answer for their failures to deal with Babcock & Brown specific issues.

As for the others and their failures to disclose, there appears to be an abject failure to understand the character and the nature of trusts at law and the uses to which they can be structured and applied and when links to trusts require disclosures.

Babcock & Brown, MFS and its operations and operatives alike will yet scandalize this nation for what went on within at the expense of an ill informed public in defiance of prevailing laws. The scalps these two companies will yield will perhaps reveal the quality of our leaders and those of the accepted social pedigrees we call blue blood, respectable and law abiding.

An investigation into MFS and Babcock will yet throw up the bodies and where they have been buried all this while.

The Truth Shall Set You Free