“A ‘prefered client’ is a client who can borrow money without security. Someone gave Turnbull, Nick Whitlam and Neville Wran a bank. This is the classic way Wall St. becomes ‘bonded’ to the political class.”
Norm Vanderfeen writes in the The Battler (Tasmania) about “The Sad and Sorry Tale of Turnbull and the NBN.”
“Telstra commenced privatisation in late 1999. You can see at a glance it’s deliberately complicated. “Telstra was privatised in three different stages, informally known as “T1” ($3.30), “T2” ($7.40) and “T3” ($3.60) in 1997, 1999 and 2006 respectively… leaving the Australian government with 51% ownership. In 2006 Turnbull became parliamentary secretary and guess what, in September Goldman Sachs, ABN-Amro Rothschild and UBS were appointed as joint global T3 co-ordinators.
“Telstra began laying fibre in the 1990s, they were continually upgrading so the FTTP would have been in place by now. Telstra was returning $5 Billion profit a year so it would have been paid for and still returning a profit. The cables aren’t even in the ground and Turnbull is already trying to strip the NBN and give it back to the Bankers.”
Full article here.