AN OPEN LETTER TO ALAN BOND
James Tuckerman, Editor-In-Chief, Anthill Magazine
Alan Bond’s name has haunted the Australian media in 2008.
And it has me conflicted.
As a child, I remember Australia winning the America’s Cup and Alan Bond’s prominent involvement. But I also remember the circumstances that led to his imprisonment in 1997, when he deceptively siphoned $1.2 billion from Bell Resources to rescue the Bond Corporation (then, the biggest corporate fraud in Australia’s history).
In particular, as a young law student with an interest in journalism, I remember Paul Barrie’s masterfully coordinated ‘run-in’ with Bond on ‘the court house steps’ after airing a series of reports as an investigative reporter for ABC’s Four Corners leading up to the trial. (If anyone can find the footage, I’d love to link it.)
This year, Alan Bond re-entered the BRW 200 Rich List.
I don’t know about anyone else, but while I can’t get over his wrong-doings, Alan Bond’s phoenix-like return has ignited a strange, quiet admiration in me, which has prompted me to write the following letter and make the following proposition:
You will never go hungry. Why not give it back?
Here goes..
Dear Mr Bond,
As an Australian, albeit London born, you will know that the Australian media can be unforgiving. However, you will also understand that the Australian people love a comeback.
Your return this year to the BRW Rich List prompted admiration from many of your fellow Australians. But it also unearthed a great deal of latent resentment.
You understand why that might be so, so I won’t labour the point, except to say that your actions, leading up to your conviction in 1997, cost shareholders in Bell Resources and the Bond Corporation $1.2 billion (at least).
This might sound like an over-simplification, but it is what history will show.
This year, you were reported as having an estimated wealth of $265 million. As such, I would like to present you with the following proposition:
Give 90% of it back.
I promise that you won’t starve. In fact, you will continue to make bundles of cash and live extremely comfortably with the
$2.65$26.5 million [thanks for correcting my arithmetic] still in your pocket. You will continue to amass your fortune and may even, in time, return the remaining shareholder losses, if that should become your intention.Best of all, you will gain the admiration of your fellow citizens.
And when that certain day comes, as it does for us all, when you lay your head down for good, you will rest comfortably in the knowledge that your family, your peers and Australia as a whole respects you deeply as one of Australia’s greatest entrepreneurs, ever.
You will be remembered for your successful involvement in the America’s Cup. You will be remembered for your mistakes. But eclipsing all that will be the collective understanding that you lost it all, fought hard and gave it back.
I hope that you will give deep consideration to this letter, as it was put together with the involvement of Anthill magazine’s readership - Australia’s current and next generation of entrepreneurial men and women, business builders who take their lead from the successes and failures of those iconic figures that came before them.
Thank you for your attention and I wish you well.
Yours sincerely,
James Tuckerman
Founder / Editor-In-Chief
Anthill Magazine
A brief history of Bond’s activities can be found on wikipedia.
Should Alan Bond be given a chance to redeem himself? Does my letter make sense? Am I barking to the wind? Will he always be a devil in the eyes of Australians?
Whatever the case, I plan to get a version of this letter on his desk, preferably in his hands, including whatever input and thoughts you, Anthill readers, care to submit. Any tips on how to reach the man himself would also be helpful.
So… want to help me write an open letter to Alan Bond?
October 16th, 2008 at 9:27 am
Interesting idea. But isn’t 10% of $265M, $26.5M… not $2.65M? Might be more compelling
October 16th, 2008 at 9:29 am
Alan needs to carefully consider what he has taken and where he goes in the future. It’s completely unlikely he would even consider giving a cent of it back, having told the ABC’s ‘7.30 Report’ earlier this year has has few regrets. However, something drastically lacking in Australia is a willingness to ’share the wealth’.
Given the current financial issues plaguing the globe, it makes alot of sense for wealthy Australians to be assisting others in business, be that through skill, finance or other capital.
I see it as only fair to share that success with others, in the hope of creating further wealth and capital within Australia.
October 16th, 2008 at 9:30 am
Hi JT,
Great concept - love the letter. BTW 10% of $265M is $26.5M not $2.65M, so he will indeed be comfortable!
cheers
JC
October 16th, 2008 at 9:31 am
Excellent.
Love it.
Do it.
October 16th, 2008 at 9:32 am
We are only asking for 90% not 99% of the money back. Alan is still left with $26.5 not $2.65
Alan I was one of the small victims of your financial sleight of hand having had shares in an oil and gold explorer that you took control of and left me and the original shareholders with very little.
My suggestion is that you give the money to a trust - perhaps organised through anthill - who invest the money in startup ventures that are voted on by anthill readers. You get non voting shares at the same rate as other investors and you remain at an arms length from the running of the companies.
October 16th, 2008 at 9:36 am
James,
what is the point to your grand standing? either way it’s not interesting
If you want to discuss ethics then this letter is a roundabout way to engage.
Bond is irrelevant he transferred much of his ill gotten gains to friends and family there’s no way to get it back. He paid his dues to society in jail.
Send the letter to Phil Green or David Coe.
October 16th, 2008 at 9:37 am
I think - in the interests of the Australian fair go - you have forgotten to mention that he did
- go to jail
- pay back $12m
The danger with your letter as far as I’m concerned is that it still smacks of tall-poppy syndrome, another Australian cultural ill.
Much better to suggest that he give a generous donation to a future-innovation OR open-society fund, tasked with e.g. making grants + investments in Australia’s built environment (which is atrocious) or sustainable high-technology (green, web 2.0, etc.) or preserving endangered species (e.g. the $5 brit) etcetera.
October 16th, 2008 at 9:38 am
James, love it. Love the mag. Hate Bond-ie and all he stands for. We have a corporate culture that is now becoming sold on “deal at any cost”. Hell, we won’t be here long enough in the role so do what ever it takes. Gee, who bails out an industry that has been makeing 7 diget profits for ten years?
As for Mr Bond, Alan Bond. He is small fry now. We have a bigger fish to worry about - the Banks!
PS - I wouldn’t mind having a conversation with the Gee-Wiz Kid that was looking after my Super contribution. Oh, that’s right “… its not our fault, its the economy!”
October 16th, 2008 at 9:40 am
Very interesting idea, but I question the practicality. Placing a paper value on someone of $265M is nothing like saying that he can go to an ATM, request an account balance, and see $265M sitting there waiting for him to spend. Theoretical asset value and liquidity are only vaguely related. For example, I’m the founder and largest shareholder of a successful software company that is theoretically worth many millions, but I can still have trouble paying the car rego.
I agree entirely with the “conflicted admiration” aspect though, because I feel the same. And I also agree with the general principle of what you’re suggesting, but I can’t see how it would be practical.
October 16th, 2008 at 9:41 am
Hello James,
Good luck, I was a great fan of Robert Holmes a Court and invested a large sum in Bell Resources in September 1987 from the sale of my business at the time.
Needless to say the actions of Alan Bond saw to it that in October 1987 I would again have the challenge of starting a business from scratch with no capital.
Lets face it Alan’s current wealth comes from some fortuitous investments with our money back in the 80’s, morally he should give some back, therefore he will not.
I am sure he will use it to enjoy his “Blissful” life.
October 16th, 2008 at 9:50 am
I suspect that Mr. Bond would simply shrug off this letter as inconsequential. It is not through charitable initiatives or even a conscience that he has clawed his way back into the top 200.
Perhaps deep down, there is a spark of humanity and care for his fellow Australians that can be appealed to, this letter does not reach deep enough nor implore him to change. Alan Bond is a stellar example of WIFM (What’s in it for me). With this in mind I suggest we appeal to his National Pride and to the legacy he leaves behind.
Cheers,
DG
I suggest the addition of:
What will the future generations of Australian’s know about Alan Bond? Certainly in history books your contribution to Australia’s victory in the America’s cup will be noted, perhaps as a footnote. This is likely to be overshadowed, perhaps unfairly, by your conviction and Epic business failure.
Australians are fiercely proud; we like to leave this earth knowing we’ve left behind a legacy. For some this is a successful child, for others more tangible things, such as the Architect who designed a famous building or the builder who built a house. They are content in knowing that they have left behind something for future generations and have contributed to this great nation.
So Mr. Bond, at present, it would appear that your legacy is not going to be a badge of pride, should your personal wealth continue to amass to what normal Australian’s consider dizzying heights, whilst many of those same Australians are still to date feeling the impacts of your previous disaster, then your legacy will be one of being resented. An Australian we are not proud of. If this how you wish to be remembered?
One great act! This is all it will take to redeem you and become a full page in the History books of the future extolling the greatness of your character. That act should be that you have made every conceivable effort at repaying the great financial, ethical and moral debt you owe to countless Australians.
October 16th, 2008 at 9:51 am
Phoenix like rise of the example you would expect from unregulated corrupt countries and is a poignant case in point during the current melting markets.
I think that we are all under the impression that the Australian Tax Office, ASIC or legal recourse has powers to recover monies - but if I remember correctly this avenue was neutralised by an offer of 1c in the $1 share offer way back.
We want to like Bondy but he may be a living breathing proof positive of a banana republic mentality
http://en.wikipedia.org/wiki/Banana_republic
October 16th, 2008 at 10:00 am
I agree with Kevin Cox:
My suggestion is that you give the money to a trust - perhaps organised through anthill - who invest the money in startup ventures that are voted on by anthill readers. You get non voting shares at the same rate as other investors and you remain at an arms length from the running of the companies.
October 16th, 2008 at 10:05 am
James,
While the sentiment of your letter is ethical, you are not dealing with a man who is governed by ethics. You are among the worst of characters seeking a ‘deathbed’ confession. Bond did the crime, he did the time. Let him be….
October 16th, 2008 at 10:06 am
“Who is happier? The uniters or the dividers? The builders or the breakers? The givers or the takers? I think you know the answer.”
Bill Clinton (2007) from his book “Giving: How Each of Us Can Change the World”
Cheers,
Alec Lynch
DesignBay
October 16th, 2008 at 10:08 am
An intriguing idea, and clearly one to polarise opinion. I agree with the sentiment, but also understand those who say that Mr Bond did do his time, he at least stayed to face his executioners, unlike Christopher Skase and many other from the same period of greed.
It is also worth noting that the many investors that lost from particpating in Bond’s ventures also took a risk, and lost, that’s life. At least we now have a much higher degree of transparency and much better corporate governance than in those days.
As for sending the letter, you have nothing to loose, but suggest that he puts the money into the Future Fund where in theory it will benefit us all.
October 16th, 2008 at 10:12 am
Conceptually it gets people thinking. A good start.
What I would like to do is, interview Mr Bond and ask his methods of building his wealth after Jail.
Also see if he could spare some of his time to put together a vehicle that will build wealth with the aim to 1, Pay back some more of the debts and 2, Provide capital and education for entrepreners.
Lots of good Ideas here though.
October 16th, 2008 at 10:12 am
Seriously James, why would you even entertain such an idea?
Why must we continue to crap on about this particular corporate failure and legal case in which, as already pointed out, resulted in a jail sentence for the offender.
Any experienced and successful entrepreneur who has lost the lot will climb back up again, because they can. Alan has done exactly that, and proven beyond doubt that he is a successful entrepreneur – the very “spirit’ that your publication promotes. History shows that this entrepreneur made some bad and illegal decisions in mostly likely difficult times, and this should not be condoned.
Frankly however I admire his resilience, entrepreneurial spirit and success on many fronts, it’s a pity this admiration is tarnished by a few bad decisions.
October 16th, 2008 at 10:14 am
Sorry, I have to disagree with this concept. He has done his time, unlike many other 80’s eutreprenuers who scattered to all corners of the world.
I say leave him alone, and thank god for the entreprenuerial spirit of this man! We all deserve a second go, and dont forget “caveat emptor” to the buyers on Bond corp, Bell group and bond media.
October 16th, 2008 at 10:28 am
I must admit I harbour feelings of admiration, guilded with some distrust and distaste for poor decisions. I don’t think it serves any purpose to propose this. But I do support sending a letter asking him to be set up a philanthropic foundation that will assist small businesses survive the impending global recession “we never thought we needed”. You suggest give back 90% of his current wealth. A really good empassioned story and one with credibility would be him using his wealth to establish a foundation that assists any business that is “caught out” by bank oppression as a result of future corporate collapses or restrictions in bank lending.
Many small businesses will go to the wall over the next 6-12 months as a result of ineffective bank practises. Why not develop a foundation that helps out selected small business cases with not just funding, but ongoing mentoring/coaching/management assistance to get the business back to a reasonable footing. It would apply to those situations where the business has seen a dramatic downturn in sales in the most recent 12 month period and as a result, the banks are about to foreclose on the business.
I think that would be a dose of ironic medicine, and also allow Bond to position himself as the battler and potentially gain credibility. And it would be a great way of showing support for 80% of Australia’s businesses - small business.
October 16th, 2008 at 10:30 am
James, you hit upon a favourite theme. The very nature of leadership and success in Australia is increasingly being attached to the size of someone’s pay packet but is this really what we want from our leaders and captains of industry? The current climate suggests that true leadership will be shown to be what makes it possible for someone to motivate, inspire and cultivate brilliance from their people/staff/supporters even at a time when the chips are down. I’d say extend this letter and make it an open one to all the highly paid executives in the market at the moment, encourage them to consider taking a reduction in their salaries and show their staff that they too are prepared to tighten their belts BEFORE they cut hundreds of jobs on the front line and potentially reduce the level of service provided to their customers as a result.
I particularly like the idea that has been mooted that you change the proposal to Mr. Bond to be one that sees the money invested into start ups etc. That is about building a legacy and combines with creating potential wealth, which might be more appealing to him, although I don’t know he really cares about legacies as he was never really a builder of dreams in that entreprenurial sense.
Let me elucidate. I don’t agree that Bond is inherently entreprenurial. He was a raider, he acquired, creamed and left. What he is admired for is doing the time where Skase, who actually built companies from the ground up in true entreprenurial style - ran. I don’t agree however that ‘doing the time’ paid Bond’s debt to society - society actually footed the bill for his court appearances and his subsequent incarceration, which likely cost tax payers hundreds of thousands.
James, what I really like is your desire to appeal to the better nature of people, which probably says a lot about you as a person - which ever way you opt to go, best wishes with it and good on you for giving enough of a damn to take a crack.
October 16th, 2008 at 10:32 am
James,
Bond is old hat, has done his time and paid his dues
Why not go after the current day Bonds in the shape of Phil Green, Coe and the others like Allco, MFS, Opes, Tricom, and the like hat have made millions while the investors are left with the crap
Talk today not 25 years ago
Peter M
October 16th, 2008 at 10:46 am
I like the idea, but the wording is a little condescending… as a former law student with an interest in journalism, we can forgive your lack of mathematical prowess, but would expect more from you as a word-smith :-)… humble suggestion:
Dear Mr Bond
Congratulations on your return to the BRW Rich List.
Clearly there is a lot of the old “Bondy” fighting spirit left in you.
As you may know, the Australian Anthill community is made up of the present and future of entrepreneurship in this country, so there is a lot of admiration among us for your bounce back to success. This country and our media can be very unforgiving of “entrepreneurial misadventures” and you have always been a larger-than-life character.
Now that you are back, we have a humble suggestion. BRW estimates your net worth at $265m - why not give 90% of that back to Bell Resources shareholders?
You may argue that you have “done your time”. Yet those people are still out of pocket.
This bold step would go a long way to rebuild the “Bondy mystique” and may also positively effect the body politic’s view of entrepreneurs in Australia
Just my $0.02 worth…
October 16th, 2008 at 10:50 am
on ya bondy! have a swan for me!
October 16th, 2008 at 11:04 am
Many years ago my father ran a small business and had a client go bankrupt owing him some hundreds of dollars - this was a while back and the dollar was worth more then. A decade or so later, long after my father has retired, an envelope arrived in the mail with cash for about a third of the debt and the promise send more as the ex-client got back on his feet. Dad thanked him and told him to consider the debt fully paid and for the rest of his life, Dad spoke highly of this man and his endeavours in rebuilding his business.
I didn’t lose any money through Alan Bond but think James’ suggestion has merit.
October 16th, 2008 at 11:27 am
SUGGEST ONE CHANGE.
Change from: you will continue to make bundles of cash
Change to: you will continue to make oodles of cash.
I’m sure Bondie would appreciate the subtle difference.
Steve
October 16th, 2008 at 11:42 am
i wrote a huge response to this… and saved it elsewhere… i think it was a bit too much of an essay for people to read. this one is still a bit long, but hope it helps understand my view.
i will summarize it like this:
i have never in my life been impressed or admirational of anyone on the basis that they got rich. my standards are much higher than that… and there are many people i admire who are anything BUT rich.
making money, most likely means that you are tough, and i can respect that… but i dont automatically admire a person soley because of it.
so far as i know, not that i am an expert on him as a person, alan bond never did anything other than make money and win a boat race (as the guy who put the money behind it).
he didnt invent anything whatsoever
he didnt solve any great world environmental or socio-political problems
he didnt show a lot of admirable character (apart from being tough in business)
he didnt become an employer of choice with 100% happy employees
…and while i loved sitting back as a teenager watching australia win the Americas Cup for the first time in over 100 years or whatever it was… my standard for “admiration” is still higher, because all he did, was just foot the bill, and then go to a bunch of great parties…
i do however admire mr Lexcen (spelling?) who developed the keel of the boat, because that was inspirational, intelligent, and inventive.
i admire the guys who sailed the boat, it showed that they were courageous, fit & healthy, and determined… and from what i remember, very good sports when they won.
i admire the band Men At Work for the fantastic song they made which we all enjoyed… they are creative, with a good sense of humour, and masters of their music.
…if i am wrong about him as a person i will happily accept the correction… but it still doesnt invalidate my general view.
generally speaking, i dont admire many business people at all, because aside from being tough, i cant see too many other qualities to admire quite frankly… i would like to see ALL business people who are ultra wealthy & debt free, do a lot more in the world to make it a better place… then i might think about admiring them.
The truth is this (so far as i am concerned):
if anyone is impressed with someone JUST because that person made a lot of money, then they are a very sorry shallow person… and i pity them.
we should all have higher expectations of ourselves & of others… it is simply not good enough that the way we run this world is to cause the extinction of so many species before we even knew what they were or that they even existed. it is not good enough that so many people work full time & still cant afford a reasonable existance. it is not good enough that so much pollution occurs reducing not just the health of human beings, but all living things on our planet.
i am sure there are a bunch of people who will read this & think i am being too harsh… and to those i say: why are you so afraid to try a bit harder? would it really be so bad if we succeeded? stop being so gutless! so uninventive! so uncreative! so UNHELPFUL!
this is a beautiful planet, with many beautiful wonderful species & amazing people & places & things on it…
why does our business world treat it like shit?
why do they need legislation before they act?
how can they expect me to believe that they are worth what they get paid if they dont even have the guts, the decency, the intelligence, or the creativity to do business another way?
i have higher standards than that.
you should too.
October 16th, 2008 at 11:44 am
James,
Good idea. I fear it will fall on deaf ears. As others have said - he did the crime and paid the time. That’s probably all he will be paying.
Nevertheless - give it a go. Would love to see the outcome - or any form of response.
Ian
October 16th, 2008 at 11:45 am
Why stop at Alan Bond. Make the same request of the whole fortune 100
Dave
October 16th, 2008 at 12:02 pm
This is total nonsense.
It is catering to the self-defeating Australian tall poppy syndrome, pandering to the socialistic mindset of Australia that does our economy so much harm.
You take your chances in life, you play by the rules. You cheat, you go to jail. You win, you get to keep the money and become at worst the envy of but at best a role model for your neighbours.
Our attitudes towards how the economy works are wrong and are devasting this country: we wait for yet another government grant, we strive to squeeze out of yet another due payment for services rendered. Instead of getting off our keisters and making things happen we lodge yet another application with Austrade to be given money.
In the meantime, whilst business-alien bureaucrats ponderously ponder for months as to whether we should be given taxpayers’ money, yet another agile US company comes up with a similar idea, close enough to our own original concept, makes it happen with private monies, moves fast, and eats our lunch - worldwide.
The sum total of which results in our foreign debt - the dollars we owe non resident foreigners - which amounts to an unconscionable well nigh 100% of GDP - whereas given our world-class innovation prowess, if we knew how to think in agile, non-socialist ways, the world would owe us instead of the other way around.
This letter is so much bunkum. Yet another pandering to the socialist brigade, the whiners who do not take their chances in lfe and want to be handed out loot at no effort, no cost, or merit.
If this actually bewrays the mindset of the publisher of the one magazine proponent of entrepreneurship in Australia, if this is not a tongue in cheek second degree jape, then our prospects in the world economy are bleak, and I fear for the future of my beloved country.
Keep your money, Alan.
And congratulations on the comeback. You don’t owe anyone anything, and certainly not a cent to the jaundiced, lazy, risk-averse, yammering crowd.
October 16th, 2008 at 12:42 pm
James
Just idea, but full of logistics problems.
If he did pay it back to the people who had actually lost the money, it would have to be done through the receivers and administrators who had all the records.
Any they would wind up keeping 90% of the 90% as fees…
October 16th, 2008 at 12:51 pm
James
While I admire your bravado, remember Bond has no memory. He won’t be able to recall many of the things you point out in your letter.
October 16th, 2008 at 1:03 pm
I absolutely agree with David Sag, why not go to the entire BRW Rich List. Philanthropic giving is only 1/6th that of Americans. But i don’t think the Future Fund is the way to do that… this is only for “safe secure sensible” investments not innovation!
Australia’s problems are many & varied, from too much natural resources (we focus on digging stuff out of the ground instead of creating new business to create “something out of nothing”) to ineffective government who focus on THEIR own survival not on achievement, to lack of capital available for new business & innovation.
There is a total absence of transformational leadership. The BRW Rich List are mostly property speculators & miners. There are no Googles, Yahoos, Microsofts or Ciscos… so no one believes they can ever be done here. Our one true international icon (who did not start with nothing) is now an American. Australia has Shane Warne, Ricky Ponting & Ian Thorpe to crow about but what do they do for this country REALLY?
I am still wondering why I can get into John McCain & Hilary Clinton’s office inside of 48 hours and Canberra never even return phone calls or emails?
As for Alan Bond, remembering him fondly is like saying “Hitler loved his mother & family”… Bond helped win the America’s Cup but he hurt a lot of people, and his ill-gotten gains were never recovered because he gave them to his family… So, his ill-gotten gains helped him rebuild, so it is NOT FROM NOTHING at all.
October 16th, 2008 at 1:09 pm
Guys let bygones be bygones. Ive always loved the man for his spirit and resilience despite the “kill the tall poppy” syndrome that is soooo pervalent in Australia. So what, a small slip up? Who gives a shit. The guys has put up with all that the Australian overendulgent legal system can throw at him, (compare with Skase).
Let him ‘ave a go, give him a break, good luck to him.
Keep your cash Bondy, youve paid your dues, done your time.
Love your work.
Qlder.
October 16th, 2008 at 1:40 pm
Gosh, I remember it all. We loved him and then we hated him.
He paid his dues??????? Ask all the small Aussies that lost money because of him and received nothing in return. A lot of small investors and businesses hit brick walls because of him.
I would love to see him return something and try and help other small businesses in Australia. He took so much, time to give something back, especially now that he can afford it.
If he does, he will surprise me and many other Australians that don’t think he will. Maybe he will shock us!!!
October 16th, 2008 at 3:06 pm
G’day Bondie - there a few TV stations about now I’m sure you’ll get a lot cheaper than the billion you bought off KP, (only to sell it back for a song just a few years later).
But the fact is, Bondie went to court and did his time in goal - he didn’t run away to a Spanish island. When the market was booming everyone was happy - those that bought low and sold at the top he was a hero, those that bought high and sold low suffered.
Make it easier for his cash to invest in local smart businesses and everyone will be happy….well not everyone.
October 16th, 2008 at 6:00 pm
Fantastic concept, i love it.
October 16th, 2008 at 6:02 pm
James, Alan was at the time operating in an era where corporate governance was not such an espoused concept.
As you rightfully noted he was in fact charged for “deceptively” siphoning off funds to prop up Bond Corp. It is very easy for people to sit on the side lines and say this is wrong, which it is, however it is difficult to say that had another been in the same situation they would not have acted in the same manner. In hind sight it was an errornous decision and led many investors to lose money including Mr. Bond himself and for which he was punished. I dont believe that the decision was made to rob people of their investments.
As another writer commented, “caveat emptor”, this is a basic principle enshrined in Australian law and certainly applies to investments in Bond Corp and Bell Resouces as indeed it does HIH, MFS or any other investment.
If we look at the concept that Mr. Bond should pay for the losses for the rest of his life then we should also consider that if his companies did continue to boom as they did during the 80’s then shareholders should be forced to pay Bond a commission on their profits. Both concepts would are equally ridiculous.
Bankruptcy laws exist to allow people to move on again in life and without which many entrepreneurs would not take this risks that they do today.
Life, business, laws and in turn ones own investment decisions evolve over time and people learn from their and other people’s errors. We cannot place every investment or business decison made in cotton wool and gaurantee no loss, unless of course one wishes to close their eyes and put cash under the bed. People make investment decisions based on producing a profit for one self as did Bond and his fellow, now dissapointed, investors.
As an entrepreneurial publication it would be foolhardy to promote a culture of blame. It is time for Australia to move on.
October 16th, 2008 at 7:08 pm
James,
The complete lack of ethics, any sense of communal responsiblity and unfettered greed has given us what we have got in the last month. As long as we all sit by and accept this as the model of success in private enterprise, the sector will become increasingly isolated and marginalised. As business people we need to wake up to the fact that survival is about adaptability. Alan Bond has demonstrated he can be return. But has he demonstrated he has changed. If he did what you suggest we might think so and like Bill Gates and Warren Buffet he may leave a legacy that will serve business leaders for generations from now.
October 16th, 2008 at 7:51 pm
Brilliant proposition!
October 16th, 2008 at 10:34 pm
Perhaps a closer look at the true nature of the “spirit of the entrepeneur” could be examined ?
October 17th, 2008 at 8:41 am
Johnathon Oxer has it right, the paper value plus access to it are completely different. He would need to liquidate his holdings, be back at 26 million and now be hamstrung in terms of building the billion needed.
I like the idea of it going back into a startup fund. Why not ask him to give a % of gross earnings to a fund/charity/whatever from this date forward and let him keep building, it will equate to more in the end than him giving it all away now. Might not have the big media hit you are talking about, but what is the real agenda here? Righting some wrongs in the biggest way or symbolically making him a good guy again?
Just a thought.
October 17th, 2008 at 9:27 am
I posted earlier but returned to read other responses. Let us not forget Bond was a real estate shonk from the beginning, a corporate raider. While people have to take responsibility for their actions ie due diligence etc. Bondy was and still is a crook - A taker not a giver….
October 17th, 2008 at 3:48 pm
I generally like to wait a good 48 hours before responding to any one of my polarising missives (just like waiting the full 60 minutes before having a swim after eating).
If I dive back in too soon, I’m likely to drown myself. Let’s hope my eagerness today won’t see me needing to call a lifeguard.
At the risk of ‘grand-standing’, firstly, let me just say on the topic of greed…
Greed is not good. But commercial success should be applauded, particularly where it is the result of creativity and vision and, ultimately, creates jobs.
We have a philosophy at Anthill… entrepreneurship is about the process of creation - not pure wealth creation. If you are passionate and seek success you should be rewarded, but success should never be pursued at all cost.
On the economy…
Economic downturns don’t happen as a result of fat-cat capitalism. Economic downtowns just… happen. It’s easy to blame corporate greed or politicians, but no matter how hard the Keynesian economists try to meddle, there’ll always be a black swan hiding just around the corner.
If there is anything that makes me feel warm, fuzzy and optimistic about the world, it’s the number of entrepreneurs that we get to meet through Anthill and generally put on a pedestal simply due to their desire to make the world a better place (irrespective of the broader economic climate).
Passionate people don’t make decisions based on interest rates. They desire to bring about positive change, when the hozizon looks sunny or bleak.
And lastly, on the topic of ‘tall-poppies’…
Successful people should not be ‘knocked’ simply because they are successful. Actions and people that propagate this sort of tall poppy bashing should be abhorred. However, this scenario is a little different. We’re not picking on Alan Bond because he is successful.
We’re asking him, as a successful, high profile Australian, to do something…
…remarkable.
Wouldn’t it be nice if we all behaved like the people in Geoff’s anecdote (#25).
Of course, caveat emptor, he did his time and his decisions were made in an era when corporate governance was hardly a part of the corporate vernacular (plus, my suggestion was not particularly practical, even compensating for my errant decimal point).
But wouldn’t it be nice if he surprised us? Wouldn’t it be nice if, a decade later, an ‘envelope arrived in the mail’ in the form of a fund or grants initiative?
What broader message would that send to corporate Australia?
Think about it.
I’d definitely drink a Castlemain to that.
October 17th, 2008 at 4:08 pm
PS. One of our readers has already dutifully emailed me Alan Bond’s phone number, email address and some other contact details. Unless anyone has any objections, I’d like to send him this email chain, unedited, in its entirety? JT
October 17th, 2008 at 10:08 pm
James,
This is GREAT idea!
October 18th, 2008 at 9:45 am
Obtaining a financial advantage by deception and illegally and intentionally depriving others of their hard earned money is not a bad decision. It is criminal. If he paid back the money he stole that would make him a wonderful person who has changed for the better.