In 279 BC at Asculum in Italy, the Roman army and the army of King Pyrrhus fought each other to a standstill until victory barely was conceded to King Pyrrhus — whereupon the King remarked that one more such “victory” would undo him (Plutarch’s ‘Lives’). Such an event is known as a “Pyhrric Victory” and may apply in all fields of activity.
For instance, the Lehman Bros investment scandal in which Australian local councils lost some $30 million buying debts offered by Standard and Poor’s, brought councils to their knees despite the ruling by the Federal Court of Australia that the ratings (AAA and downwards) given by S&P for the debts were evidence of ‘misleading and deceptive conduct’ (“The Australian”, 6 November, pages 1 and 2).
Not to worry! Mayor Ivan Petch of Ryde Council (which invested and promptly lost nearly a million dollars of ratepayers’ funds through investment in Lehman Bros) was featured grinning in “The Australian” 6 November, page 2, saying that Ryde Council was ‘delighted with the outcome’ but doubted that the Council ‘would ever realise the money’. Good one, Mr Mayor: a Pyrrhic victory, empty as a hollow log. Such comfort, too, for Ryde ratepayers. And for ratepayers of other councils throughout New South Wales.
Dr Paul Fidlon
Armidale
