farmdoc's blog post number 386

Sometimes decisions must be made quickly. But my guess is that it’s better to mull them over. To let the dust settle. Which is why I’ve delayed writing of Richard Pratt who died 13 days ago. On the plus side he was a businessman with immense wealth which facilitated his philanthropy to many causes worldwide, and his financial bailout of the Carlton Football Club. However his philanthropy of A$10M per year was only 0.2% of his A$5.48B wealth; it’s said that unlike most wealthy people he parlayed his wealth into influence to achieve business, political and cultural goals; his November 2007 A$36M fine for operating a cartel cheating Australian consumers of A$700M wasn’t his first business transgression because in the 1990s his company paid a A$0.5M fine for illegal anti-competitive behaviour; his philanthropy over 30 years amounted to only 60% of his cartel’s profits; and he cheated on his wife (which is reportedly condoned by some). His cartel was called ‘a cancer on our economy’, yet ‘King Richard of Raheen’ had a funeral streamed live on the internet, and attended by ex prime ministers – including at least one, Bob Hawke, on his payroll. The Age called him ‘flawed and complex’. My verdict? I can’t reach one. More dust must settle. But I predict he’ll remain an enigma. Which perhaps is how he deserves to be remembered.