Brief lessons in business ineptitude
PHILLIP Thompson ( TB, 3/ 10) states he was stunned by comments purportedly made by Federal Shadow Treasurer Chris Bowen concerning the Adani mine project.
By his own admission, around the time of the said remarks, Mr Thompson received a “briefing” from Adani CEO Lucas Dow. Mr Thompson quotes him saying: “There is no company in the world which is going to put billions of dollars of investment in a pile and set the thing alight just for fun.’’
Mr Thompson suggests had Mr Bowen and Member for Herbert Cathy O’Toole “bothered to get a briefing they’d have a better understanding of how business works.’’
So for Mr Thompson’s edification here’s a list of how big business can work: Storm Financial; Keystone Group; Masters Hardware ( Woolworths); Home Australia; Queensland Nickel; Linc Energy; and Trac Construction.
Each over leveraged and/ or employed poor expansion strategies resulting in detrimental business outcomes.
That’s a “briefing” way of saying they were business and financial disasters, some causing real human grief. Just because they talk with you mate, doesn’t make it true.
Perhaps Mr Thompson might’ve liked to arrange his next briefing at Townsville’s Max Brenner chocolate bar. Another multinational trading in something black.
But alas that over leveraged entity just closed. It seems over- investing in a pile of chocolate can set it alight and no it wasn’t just for fun. SIMON MITCHELL,