Wry & Dry

Clive Palmer: no sequel

W&D is sure that the one thing that can be said about the movie Titanic is that there couldn't be a sequel.

Which brings W&D, in a route as circuitous as Clive Palmer's well upholstered waist-line, to the small amount of media given to someone running the microscope over Mr Palmer's financial affairs.

Why?  Because Mr Palmer arranged for his now bust nickel company to pay some $6m to commence a project to build a replica of the ill-fated Titanic.  W&D has trouble joining the dots on this transaction.  Or indeed on many other transactions undertaken by Mr Palmer.


Artist's impression of Clive Palmer's financial position

Readers are knowledgeable enough to know that the company, and its then cash pile, belonged to Mr Palmer.  And he can spend his money anyway he likes.  Providing he is not taking so much cash out so as to deprive the company of the ability to meet all of its contractual and regulatory obligations.  Which now appears to be the case, if the administrator's recommendations are to be believed.

Mr Palmer could be spending a bit of cash on lawyers' fees over the next few years, because he will find that ASIC, the ATO and other important organisations hitherto unknown to Mr Palmer will not be fooled, as were the media, by his bluster.

But W&D's beef is not about these alleged sins.  It's how the blend of his chutzpah and mysteriously sourced funds caused the election to the Federal Parliament of two single-digit-IQ sycophants (Lambie and Lazarus) and a Palmer employee (Wang).  

Which turned the Senate into a bigger farce than usual.   Which sort of matched the decision of voters in the Queensland electorate of Fairfax to choose him as their representative (by seven votes) in the last federal election.

W&D doubts whether the good folk of Fairfax will make the same mistake again.  But, after all, we are talking of Queensland.