Last Sunday morning during the ABC Insiders program Chris Uhlmann referred to 'Truffles' Turnbull as having "strapped himself to the tracks in front of the gravy train", because of his somewhat silly threat to block the Rudd Government second stimulus package in Parliament when it was obvious to everyone that he couldn't possiblely mount the numbers on this one (indeed it passed through the House Of Reps and is on its way to a Senate vote in the next few days).
But Mal has other PR worries as well this week:
"Federal Opposition Leader Malcolm Turnbull says he is not the only politician to receive campaign funds from a controversial American billionaire.
Mr Turnbull received $76,000 from Fortress Investment Group director Peter Briger, to help fund the campaign for the Sydney seat of Wentworth, The Sun-Herald has reported.
Mr Turnbull previously held shares in the company associated with predatory lending practices in the United States, but offloaded them in 2007.
When asked if he would re-pay the money, Mr Turnbull told Network Ten: "You could well ask that same question of President (Barack) Obama and Secretary of State Hillary Clinton because Peter Briger was a prominent supporter and donor to both their campaigns."
According to The Sun-Herald, Fortress is referred to as a "vulture company" because it preys on vulnerable businesses and debtors and picks over financial carcasses....."
This is not the first time Peter Briger has donated to the Libs - in 2007 he gave $51, 000 to the Liberal Party in NSW, but nothing to the other major parties.
And, guess what, Mal me old china?
Yep, you appear to be the only Aussie pollie to directly get money from this Yankee billionnaire and former Goldman Sachs shareholder (along with yourself).
In February 2007 The Street.com said of Briger and other Fortress directors/shareholders (and presumably Malcolm Turnbull):
"When it comes to hedge fund company Fortress Investments(FIG Quote - Cramer on FIG - Stock Picks), one thing's for sure: Chief executive Wesley Edens and the other principals didn't get where they are today by leaving money on the table.
Fortress went public two weeks ago and doubled in price on the first day. But what investors may not realize is that the five principals pretty much stripped the company clean just before the IPO.
I don't mean they cleaned up the balance sheet. I mean they cleaned out the vault. Page five of the prospectus shows they withdrew $446.9 million from the company in "cash distributions" last year.
Plus another $409 million in January.
They collected a further $888 million on Jan. 17 by selling a small stake to Japanese bank Nomura(NMR Quote - Cramer on NMR - Stock Picks).
Oh yes, and they pocketed a further $22.8 million in the final weeks before this month's IPO.
A table buried on page 94 of the prospectus shows the remarkable facts. Between January 2005 and this month's IPO, the five principals of Fortress -- Edens, Peter Briger, Robert Kauffman, Randal Nardone and Michael Novogratz -- cashed out $1.04 billion. "That does not include the Nomura transaction," adds company spokeswoman Lilly Donohue.
Total withdrawn in the two years before they took it public: $1.9 billion. Most of that was in the final few months.
This isn't just every penny that the company earned over that period -- it's a lot more. By the time the owners opened the doors to the investing public this month, the company wasn't just out of cash -- it had negative book value. Liabilities actually exceeded assets by $507 million........"
Fortress Investment Group key executives as of 6 February 2009.
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