The Sydney media was agog yesterday at the scale of entertaining enjoyed by HIH. The “blank cheque parties” of the past 10 years allegedly saw millions of dollars being spent on lavish entertainment for staff and company supporters.

While it is a distraction from the main issues surrounding HIH, there is plenty of material to thrill most tabloid readers. Parties costing more than $1 million were said to end with limos and mini-buses to drive everyone home after.

The revelations will do very little to bolster the company’s image with the general public, or the legislative and regulatory arm. Unfortunately, for HIH’s far more conservative and modest competitors, some of the dirt is likely to stick.

Well known industry figure Ted Hogg called for a royal commission into the HIH collapse. Although he has known HIH founder and former chief executive Ray Williams for many years, he accused Mr Williams of being on a “very big ego trip”.