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Friday, 09 January 2009

Turnbull admits pulling his money out of property fund... before the freeze

29/10/2008 12:38:00 PM.  | AAP

Opposition Leader Malcolm Turnbull's admitted he moved money from a property fund just before withdrawals from other funds were frozen.

But Mr Turnbull says he kept money in one fund which was frozen, placing him in just the same position as other investors.

All his investments are disclosed in the parliamentary registers of members' interests, which include an investment in a managed property fund.

Mr Turnbull's told Network Ten he followed the advice of financial planners when he moved the funds. 

Mr Turnbull later deflected questions about his movement of holdings from the property fund APN Property only days before its funds were frozen.

"Obviously (my wife) Lucy and I act on advice... we are invested in a fund which does have redemptions frozen," Mr Turnbull told reporters in Melbourne.

"I'm really not concerned about my position at all.

"The real issue is the hundreds of thousands of people whose life savings have been frozen."

COMMENTS

Wednesday, 29 October 2008

The hypocrisy is just breathtaking ! He should resign immediately .... and take that plagiarising Bishop with him!

Posted by: Traci Fawcett, Melbourne

Wednesday, 29 October 2008

I suspect the Rudd family fortune is frozen; Kevin wasn't sharp enough to foresee the consequences of his bank guarantee.

Posted by: Rob Banks, Canberra

 

Wednesday, 29 October 2008

Here we go! Here we go!! Turnbull took his money out before Guarantee!!! On Financial advice !! Well many others also had Financial advice and wanted to take money out,THATS WHY THE FUNDS FROZE ACCOUNTS. 10 of them froze accounts BEFORE guarantee!!It was always going to happen.WHY did Turnbull take his money out??? Because he wanted it in a safer place.AND THERE IS NOTHING wrong with that because it's just plain common sense to do it!

Posted by: Paul Keating, Dapto

Wednesday, 29 October 2008

If Turnbull did this after seeing the advice then it is no different to insider trading. However Dudd wont release the advice; he just wants everyone to believe in him. Before Iraq Dudd was privy to all government advice and stated categorically that Saddam had WMD - remember that keating? The MSM seems to have forgotten. The point is Howard shared the Advice and Kevin agreed. Now kevin wants Malcolm and everybody else to take him on his word even though he appears to be lying.

Posted by: Pete 2, Brisbane

Wednesday, 29 October 2008

Pete: Turnbull knew exactly what the Guarantee meant before he voted for it.Now you are right he has bordered on Insider Trading.But thats another issue for later.I don't blame him for taking out his money,Sensible i would say.But for him to get on his high horse about Frozen funds affecting people after he took his own money out,doesn't sit well with me.Maybe he should put it all back so ORDINARY Australians can get their money out.Now that would be a nice gesture from Turnbull.

Posted by: Paul Keating, Dapto

 

Wednesday, 29 October 2008

Why did Rudd and Swan not follow such professional advice?

Posted by: james stack,

 

Wednesday, 29 October 2008

Good on him-he probably anticipated the problems that the economic greenhorn Rudd was going to inflict on the funds. Anyway like he says it’s not about him but it’s about Rudd .It is the PM that calls the shots and the one that should be accountable. By the way have the media asked Rudd about details of his considerable family investments? If not? Why not?

Posted by: Desmond Harris, Beacon Hill

Wednesday, 29 October 2008

Desmond: The point is that Turnbull took his money out before Guarantee? As i Said nothing wrong with that! As i said before TOO MANY People wanted to take their money out before any Guarantee was evoked.THATS WHY the FUNDS FROZE accounts.10 of them before any Guarantee!!So to continue Blaming Rudd is HYPOCRITICAL of Turnbull.He was one of the reasons why they froze accounts as his account would have been a fairly Large one.He was one of the first to make a run on the Funds and get his Money.

Posted by: Paul Keating, Dapto

 

Wednesday, 29 October 2008

Why should he resign? What hypocracy? Rudd's the one in the hot seat - he should be the one resigning!

Posted by: RS ****, Sydney

 

Wednesday, 29 October 2008

And did you expect him to leave money in the fund and possibly loose it? It would be good if Rudd took some advise as well.

Posted by: Happy Stein, Earlwood

 

Wednesday, 29 October 2008

Turnbull and Bishop will totally ignore our comments but wait for our PM to have a go at these too. It gets better every day with those liberals. Where is the Julie Bishop very quiet i notice because she finds it hard to speak her own words. What a dummy lot on the other side of the house, Howard must be quivering in his slippers.

Posted by: g maybury, sydney

 

Wednesday, 29 October 2008

Took him a while to fess up didn't it ! Doesn't look good at all!

Posted by: Traci Fawcett, Melbourne

Wednesday, 29 October 2008

Traci - Rudd made the decision to guarantee bank only deposits - what Turnbull does with his money is his business - the reason he fessed up was that it showed he was much smarter than Rudd and knew what the consequenses were to put the guarantee in place - Rudd is too stupid to know better

Posted by: Tony M, Bangor

 

Wednesday, 29 October 2008

Mr Turnbull knows how to manage his money. This man should be PM!

Posted by: Brad Hamil, Sydney

 

Wednesday, 29 October 2008

Paul Keating-How come we never heard boo from these funds before guarantees-because what they were experiencing was normal for the economic circumstances. Rudd has come along and made the situation a lot worse. Any way I would like to know where the Rudd money is invested. If Malcolm can be open about his finances why can't Rudd do the same?

Posted by: Desmond Harris, Beacon Hill

Wednesday, 29 October 2008

Desmond: 10 funds froze accounts before Guarantee and 10 Froze accounts after.Now it would be fair to say that the 10 that froze after guarantee would have followed suit even if no guarantee was set.So to say Rudd has made the Situation a lot worse is a little bit of an overstatement.Malcom didn't want to open about this,If you believe he was being open then how come he didn't say anything?? It was only when someone looked in the parliamentary registers that it has come to light of day.

Posted by: Paul Keating, Dapto

Wednesday, 29 October 2008

Paul Keating-You are making assumptions about the fact that 10 funds would have frozen withdrawals regardless of the guarantees. If Rudd thinks that he has done nothing wrong why is he desperately trying to fix the 'unintended consequences' ,as he calls it, of the investment fund freeze-to no avail. By the way it must have been a pro Labor someone that looked in the Parliamentary register to publish the information about Malcolm Turnbulls finances now a Liberal should publish the details on Rudd and Swan.

Posted by: Desmond Harris, Beacon Hill

Wednesday, 29 October 2008

Desmond: 10 funds froze before Guarantee!If it was a betting market then it would have been "Odds On" that the other 10 would have followed suit regardless of Guarantee.In regards to who looked in registrar don't you worry the Libs will be scouring it right now and we might hear more.I think Rudd wants the investment funds to consider becoming Deposit takers like banks and fall under the Guarantee so they come under more Regulator Scrutiny.Nothing wrong with that.

Posted by: Paul Keating, Dapto

Thursday, 30 October 2008

Paul Keating,-I hope the Liberals will soon release details of Rudd and Swans investments. Rudd has definitely made matters worse for the investment funds-if not he would not have put a limit on the guarantee-albeit it is too high and he would not be offering them the guarantee for regulation. The switch to more regulation would take too long any way. Every which way he has stuffed things up.

Posted by: Desmond Harris, Beacon Hill

 

Wednesday, 29 October 2008

We did the same thing 12 months when the sub prime surfaced in the US, and also took all our funds out of Australia prior to the last election. Any funds left will be put in the various banks under the $1M cap thanks to Rudd and Swans stupidity, All credit to Turnbulls advisors, maybe Rudd and Swan should hire them as consultants to treasury? And where is Rudd' money, under his bed at the Lodge?

Posted by: Andy Mac, HK

 

Wednesday, 29 October 2008

What a bunch of Labor/Rudd morons - i can not believe that you are having a go at Turnbull for managing his money properly?? He obviously is much better at it than Rudd who made a decision that has stuffed up many many lives - turnbull was smart enough to move his money - Rudd was stupid enough to make the deposit guarantee decision - wake up to yourselves - how can you blame someone who didnt make the decision - just goes to show how stupid you one eyed Rudd twits are

Posted by: Tony M, Bangor

Wednesday, 29 October 2008

Tony these are the same people who voted the NSW Govt back in, and did so again in the recent by elections (token protest with green vote). They will also vote them back in at the next state election, no matter what mess NSW is in. Turnbull took financila advice, what a pity Rudd didnt do the same with the RBA.Where is Rudds millions now ?...whats the bet he has done the same thing, or wifey has. Turnbull isn't the PM, so why the obsession with him. Reminiscent of the obsession with Nelson.

Posted by: susan lawe, Middle Park

 

Wednesday, 29 October 2008

BOLTS: Where are you?? Looking forward to your defense strategy! Come out and Play!!!!

Posted by: Paul Keating, Dapto

Wednesday, 29 October 2008

Dapto. You miss me! I've been busy. All I have to say is... Prior to Oct 12, neither Banks or investment funds had government guarantees. After Oct 12, the government decided to give "unlimited" guarantees to bank deposits. Funds then moved from unguaranteed institutions to guaranteed institutions. Rudd should either have guaranteed both or neither, otherwise instability would (and did) eventuate. This is more important than what Turnbull does with his money.

Posted by: Geoff Bolton, Lane Cove

Wednesday, 29 October 2008

Bolts"You are always missed. However please read other posts regarding 10 funds froze before Guarantee.10 Funds after. How can you insinuate Guarantee caused instability? Turnbull acted the same as any other investor wanted to do except he acted much sooner.He knew what was going to happen irrespective of Guarantee.Don't forget he VOTED for it!Turnbull has given Rudd "Get out of Jail Free Card" with his actions of drawing his Money out.Having a Great Day!

Posted by: Paul Keating, Dapto

Wednesday, 29 October 2008

Paul, you have conveniently ignored that Turnbull voted for it with reservations, based on the government having been given advice it turned out it hadn't. If you are going to misquote someone, you need to have supporters, like those taking notes when Rudd phoned President Bush.

Posted by: Happy Fun Ball, Carramar/Sydney

Wednesday, 29 October 2008

Dapto, please re-read my entry and respond to its content, NOT your left wing drivel. I was VERY specific. I need you to be similarly specific. I'm waiting.

Posted by: Geoff Bolton, Lane Cove

Wednesday, 29 October 2008

Bolts:Prior to 12th funds were transferring ( TURNBULL as an example) and 10 funds had Frozen accounts.Also prior to 12th Turnbull said Rudd should up the Guarantee from 20K to 100K.Further Turnbull VOTED for GUARANTEE.IF Turnbull had reservations he should have BLOCKED BILL.After 12th the other 10 funds froze accounts.Rudd doesn't have numbers in Senate to pass any Bills.I think i have been SPECIFIC in replying to your comments and looking forward to your reply.

Posted by: Paul Keating, Dapto

Wednesday, 29 October 2008

Dapto, Turnbull voted for the bill on the basis that Rudd had responded to direct advice. He hadn't, Rudd lied. You seem to delight in avoiding the fact that the "level playing field" changed at Rudd's instigation. I'm not interested in entertaining your pedestrian debate further. I am satisfied that Rudd has screwed up.

Posted by: Geoff Bolton, Lane Cove

Wednesday, 29 October 2008

Bolts: The so called Level playing field you talk about was severely Altered by the Sub Prime Crisis before Guarantee.Turnbull recognized that and acted and If you don't recognize that's what actually happened then i fear you are too far gone and past the point of no return.Get some Sleep as tomorrow is going to be a trying day.

Posted by: Paul Keating, Dapto

 

Wednesday, 29 October 2008

I would like to hear what you'd say if Mr Turbull made some bad investments. I can hear you screaming already .You'd shout that he is unfit to be an alternative leader because he does not understand finances. So he makes a wise move and rather then admiration, he gets your criticism

Posted by: Happy Stein, Earlwood

 

Wednesday, 29 October 2008

My understanding is that Turnball is critical of the bank guarentee debacle not the freezing of investment funds. We all know why Rudd froze them...becasue everyone with half a brain (like Turnball) was pulling their money out and putting in the bank where it was guarenteed. The problem is that Rudd made the bank guarentee unlimited in the first place - thats the criticism.

Posted by: Concerned Liberal, Minto

Wednesday, 29 October 2008

CL,if you really are concerned then maybe you should read up on some facts.Rudd did not freeze anything.The individual fund mgrs did.Its their job to protect all unit holders.In nearly all instances the funds are still paying interest its just that capital funds cant be withdrawn.These funds all operate well in good times but can be subject to runs in bad.The unit holders should have read the fine print if not experienced investors.Turnbull is being simply mischievous.

Posted by: Lance Freestone,

Wednesday, 29 October 2008

CL:I respect you as a poster: Rudd didn't freeze funds the Funds froze themselves.10 before Guarantee and 10 after.Now if Rudd had Hindsight then he should have waited a week before introducing Guarantee,Because by that tine all 20 would have froze accounts.Then we wouldn't be debating this topic.Turnbull only done what everybody else wanted to do and that was put their funds in a safer place.Don't lose sight of the FACT that Turnbull voted for GUARANTEE.He knew exactly the detail!

Posted by: Paul Keating, Dapto

 

Wednesday, 29 October 2008

Here are 4 reasons (see following posts) why I don’t believe, as many continue to claim (with the only explicable reason I can think of being that they are in funds themselves), that the bank g/tee is “THE” cause of the freezing of these funds. One can debate whether it accelerated the freezing, but please stop blaming the govt and instead point your justifiable anger where it belongs…with the person who talked