Forest for the trees

Further to TAFKAS’ earlier post regarding ASIC Chairman James Shipton standing down this is a link to his official statement on the matter.

Here are a couple of quotes from his statment:

Considering the concerns expressed by the ANAO, I (Shipton) will voluntarily reimburse ASIC for taxation related expenses ASIC paid following my 2018 relocation from the United States.

Whilst I believe that I have acted properly and appropriately in this matter, I hold myself to the highest possible standard.

Shipton’s resignation relates to the payment of:

118,000 for his tax advice to relocate from the United States to Australia to take up the job;

and

Almost $70,000 in rental payments, equal to $750 a week in 2018 and 2019, was made by ASIC on behalf of Mr Crennan after he relocated from Melbourne to ASIC’s Sydney office.

Subject to the outcome of this independent review, TAFKAS would like the following question asked of Shipton and Crennan:

WHY NOT PROSECUTE and/or LITIGATE?

But punters should not lose the forest for the trees.  This “scandal” and the Holgate one yesterday relate to under $250,000 of expenditure.  Whilst not an insignificant amount, it should be considered in the context of hundreds of millions of dollars of economic to damage done to Australia by the failures of both of these organisations.

If they were actually effective at their jobs, they could keep the $250K.  Instead, it is but the cherry on top of the economic carnage caused.

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7 Responses to Forest for the trees

  1. Albatross

    Spart have you been drinking?

  2. wal1957

    Whilst I understand your sentiment that it is but a drop in the ocean, just how many $$$$ of waste should we worry about? What is the tipping point?

    To quote one of those union run superannuation fumds…”from little things, big things grow”.

  3. Jock

    I would have thought these expenses would have been noted in the employment contract or letter of offer?

  4. Tim Neilson

    I would have thought these expenses would have been noted in the employment contract or letter of offer?

    You’d expect so. It may well be that Shipton isn’t to blame – maybe he just asked during negotiations if those costs could be paid. There’d be nothing remarkable about that type of thing being paid if a big private sector corporation were recruiting a new CEO. If that’s what happened it really should have been ASIC’s job to work out whether they could or couldn’t pay them.
    The same probably applies to Crennan.

  5. Professor Fred Lenin

    How come these overpaid prats get bonuses for doing the job they are employed to do , while thousands of Australians have lost jobs because of the Chinese Virus
    Is it the stuff you Jack Im all right system ?

  6. Perfidious Albino

    Broken windows theory applies here, the watches etc – the more you let the ‘little’ things slide, the bigger the piss taking gets. That said, I wouldn’t have seen relocation expenses from overseas or some rental support for a time being a big deal if negotiated as part of the recruitment. $118k in tax advice and 2 years rent support does seem like taking the piss though and a failure to actively monitor/manage.

  7. John A

    But punters should not lose the forest for the trees. This “scandal” and the Holgate one yesterday relate to under $250,000 of expenditure. Whilst not an insignificant amount, it should be considered in the context of hundreds of millions of dollars of economic damage done to Australia by the failures of both of these organisations.

    If they were actually effective at their jobs, they could keep the $250K. Instead, it is but the cherry on top of the economic carnage caused.

    As ever, Biblical wisdom to the fore:

    Luke 16:12 (NIVUK)
    And if you have not been trustworthy with someone else’s property, who will give you property of your own?

    It’s the same principle: if you are careless about spending money, it will show in both your employment and your personal matters.

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