By Janine Perrett

Another day, another private equity float sinks disastrously.

This time it was Spotless that made a mess; the share price plunging 40 percent after a profit downgrade.

Sound familiar?

It was Dick Smith only the day before. Slater and Gordon last week; though to be fair the Slater mess was of their own making and can't be blamed on private equity.

Still they have enough else for which to answer.

I won't go over it yet again except to say that they could possibly be the two most pernicious words in the finance language. So if they come at you with another over-hyped IPO wanting to take your money to some offshore tax haven, (read Myer), think again.

Another story I keep warning you about was also confirmed yesterday. Chinese hackers allegedly broke into the government's computer system via the meteorology department.

Speculation has it they were trying to get to defence secrets.

So much for those who seem to think they are our friends. They are not even an ally. That would be the Americans who protect us against enemies and share their intelligence with us legally.

China is a trading partner. We do business with them.

Yes we want their investment but maybe think twice about sensitive infrastructure like ports, electricity and communications systems. And definitely right to be wary about selling land near weapons testing ranges.

Then again if we don't sell it to them they will probably find other means to get in.