The publicly owned Australian Clean Energy Finance Corporation, has been massively successful in financing clean energy, and making a profit. It is therefore being suggested it should be sold to the private sector because it “must evolve” and it should avoid “crowding out the banks,” avoid competing with the private sector and probably because the current Australian government does not like supporting renewables, or having public sector involvement in anything that is helpful to the public.
And of course we know that financiers, bankers and developers always work towards the best result in the public interest.
If privatisation happens we can predict:
1) Directors and high level executives will award themselves massive increases in salary.
2) Costs to the public will go up.
3) Employees who know what they are doing will be sacked in an efficiency drive.
4) Staff doing due diligence will be cut back likewise, because they inhibit profitable risk taking.
5) People will make profitable employment transfers from the new owner’s original corporations.
6) Public money will be transferred back to the new owners.
7) Public money will be spent on private entertainments, or invested in arcane financial products that are beyond anyone’s understanding.
8) Money will not be spent on what is best for the country but on what brings the best temporary income, or tax concessions, to the owners
9) Money will be distributed through old boys’ networks, rather than by quality.
10) Public money will be lost and the institution run down.
11) Corruption will likely become the norm.
12) All the people who moved in on it, will be very happy.
Extending private ownership, where it is not required has the potential to extend and create disorder and unintended consequences.
Tags: Disinformation, disorder, free markets, technology
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