Wednesday, January 25, 2012

Bitter late if ever

The following story is truly gobsmacking in its dilettantism.

Seven years ago Guambat had a go at the so-called PPP financing scheme for major infrastructure. (Look here.) As many foresaw, it ended in disaster for investors, planners, citizens and government.

Now, at last, the finance overseers, who overlooked this at the time, are talking about getting around to bolting the door.

Ai adai.

Big projects get tough new scrutiny
THE corporate watchdog has cracked down on fund-raising in the infrastructure sector to prevent a repeat of debacles such as BrisConnections and Sydney's Cross City Tunnel.

Investors in infrastructure lost billions in a series of collapses and near-collapses after the global financial crisis.

Under the new rules, which have met with stiff opposition in the industry, infrastructure companies will have to either give investors far more information about their management, finances, modelling and forecasts, or explain why not.

Read more: http://www.smh.com.au/business/big-projects-get-tough-new-scrutiny-20120124-1qfob.html#ixzz1kOw5ommr

Talk. Nothing more. The horse has bolted. And is still running free. We need a right proper stockman to handle the brumbies, but ASIC ain't no Man From Snowy River.

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