web analytics
The Standard

$135 million to John Key’s mates

Written By: - Date published: 7:00 pm, April 17th, 2014 - 24 comments
Categories: Privatisation - Tags:

That’s how much National gave away today, by setting the price too low on Genesis.

They were scared that they couldn’t attract enough buyers and it would be clear how unpopular their policy is, but they made it enough of a lolly-scramble that the few percent at the top who can afford it, couldn’t resist.

That’s $135 million ripped off you and me as New Zealanders, by giving away our asset to foreign investors and the rich.

They’ve been cynical enough to do it at Easter, when everyone will be going away – by Tuesday when people start tuning in, it’ll be old news.

We have to make sure that people are told what they’ve lost.


If you want to see real fiscal ability: look at the Cullen fund – up 19% for the year, to average 18.2% over the last 5 years (even without National contributing)

24 comments on “$135 million to John Key’s mates”

  1. Blue 1

    Xenophobia and envy. Left wing politics eh?

    • felix 1.1

      My house was burgled recently. I thought about calling the police but then I realised I was just being envious of the burglars for having all my stuff.

      Thank you Jesus for teaching me meekness.

  2. fisiani 2

    Crocodile tears from people who have actually bought Genesis shares.

    Ps Why is there a sidebar telling us how much sunshine has reached our planet since 1979. It is utterly meaningless .

  3. Paul 3

    Let’s stick to debating policies on this thread.
    Let’s ignore the bait thrown down by paid puppeteers of the right. We have better things to do.

    The UK has also suffered from this white collar crime in this second phase of the neoliberal coup.

    http://www.theguardian.com/uk-news/2013/sep/15/royal-mail-privatisation-white-collar-theft
    http://norightturn.blogspot.co.uk/2014/04/privatization-is-theft.html

    The solution must be to take back industry into public ownership. This includes a lot of good ideas.

    ‘Owen Jones’s ‘Agenda for Hope': We want a fairer society – and here’s how we can achieve it.’

    1) A statutory living wage
    2) Resolve the housing crisis by regulating private rents and lifting the cap on councils to let them build hundreds of thousands of houses
    3) A 50 per cent tax on all earnings of the top 2 per cent of earners
    4) An all-out campaign to recoup the tax avoided by the wealthiest each year,
    5) Publicly run, accountable local banks.
    6) An industrial strategy to create the “green jobs” and renewable energy industries of the future.
    7) Publicly owned rail and energy, democratically run by consumers and workers.
    8) A new charter of workers’ rights fit for the 21st century.
    9) A universal childcare system

    In more detail, look at this…
    http://www.independent.co.uk/voices/comment/owen-joness-agenda-for-hope-we-want-a-fairer-society–and-heres-how-we-can-achieve-it-9086440.html

  4. Philj 4

    xox
    One hundred and thirty five million. I suppose that it’s a kind of trickle down. haha

  5. Whatever next? 5

    Completely agree, and I am still struggling with how the “masses” will wake upto the fact it is possible. Ken Loach’s “The spirit of 45″ makes reference to the war being a catalyst for change, “”Mind the gap” has been shown a few times, yet still people fall for National’s propaganda.
    How to counter the spin doctors, who are merciless.

    • Paul 5.1

      Neo-liberals control both major parties, the media, are trying to gain control of the legal system, and they have the money of big multinatonial corporates for their support.
      The masses are drugged on alcohol and distracted by sport and celebrity…just look at how a celebrity royal visit was used this year and the RWC was used in 2011.
      NZ is not desperate enough to revolt ayet ; there are too many people whose own selfish needs mean they don’t care or too many people with a lack of knowledge of history who don’t know how NZ society used to be.
      Watch The Trap and the Century of Self by Adam Curtis. It explains this better than I could ever do.
      http://topdocumentaryfilms.com/the-trap/

  6. Naki Man 6

    If the share price had dropped it would have been National government rips off mum and dad investors. This is just more very predictable spin and bullshit from the left.

    • McFlock 6.1

      Or they could have valued it accurately.

      Or they could have not sold it in the first place.

      Basically, the asset sales are aprime example of a fuck-stupid job done fuck-stupidly. That’s not “spin”, it’s just a description of the situation.

      • srylands 6.1.1

        Are you suggesting that the Crown should never sell assets? The current portfolio will remain appropriate in size and composition forever? The idea that the Government should own an electricity company is a relic. Get over it.

        Getting the float price of an IPO optimal is always a challenge. Some are set too high some slightly too low. Depends on your objective. In this case it was to make it fly.

        But for gods sake quit with the “it should not have been sold in the first place” bullshit. It most certainly should have been sold. Pity it wasn’t all of it. The reason it wasn’t all of it is because we have a left wing government that is constrained by the ignorance of a left wing electorate.

        I keep looking for this nasty “hard right” government some commentators here talk about. Fuck knows where it is. It is a progressive government.

        Oh an BTW there are NO “rich mates”. Unless you believe in the spaghetti monster.

        • blue leopard (Get Lost GCSB Bill) 6.1.1.1

          Ooo temper temper srylands ….looks like you struck a sore point there McFlock, keep up the good work

        • McFlock 6.1.1.2

          lol

          So the objective of the sale was not to get the most public money from the sale, the objective was simply to “make it fly” into private hands? Probably a bit of overlap between share purchasers and dicks who could drop $5k to have a private chat with the pm over dinner. Spaghetti bolognese monster.

          But in reality, you’re a delusional fuck. The only thing in your comment that was vaguely honest and matched reality was your contempt for the opinions of the majority of people. Fuck off to Somalia if you want small government, we don’t need randian superheroes like you here. Stop hiding behind the skirts of the civilised society you’re trying to destroy.

        • thatguynz 6.1.1.3

          Srylands, very simple question for you. Do you fully believe in “free market” economics. Yes or no?

        • felix 6.1.1.4

          “It most certainly should have been sold. Pity it wasn’t all of it. The reason it wasn’t all of it is because we have a left wing government that is constrained by the ignorance of a left wing electorate.”

          Who is this we you speak for, srylands?

          As you acknowledge it’s not the people of NZ. So who?

        • Draco T Bastard 6.1.1.5

          The idea that the Government should own an electricity company is a relic. Get over it.

          Nope. It’s a rational move that decreases costs for everyone. Selling them is the relic. Going back to feudalism isn’t going to make anything better for anyone but the rich but that’s what you’re proposing.

          It most certainly should have been sold.

          No, it shouldn’t have as all that does is put NZers under the control of the owners.

          Oh an BTW there are NO “rich mates”.

          Of course there are – there the rich scum bags who just bought our assets against our will.

          • One Anonymous Bloke 6.1.1.5.1

            Rubbish.The IMF, World Bank et al are absolutely clear on this matter: inequality stunts economic growth. The rich will be worse off, especially when the guillotines come out.

            • Naki Man 6.1.1.5.1.1

              “Nope. It’s a rational move that decreases costs for everyone. Selling them is the relic. Going back to feudalism isn’t going to make anything better for anyone but the rich but that’s what you’re proposing.”

              Don’t you realise that the SOE,s have to make a profit for the government. Selling down some of the shares does not effect the power price. You would have to be Mana or Green voter, economic illiterates.

              • felix

                They were never supposed to be SOEs or any other sort of company. No wonder you can’t see the wood for the trees, you poor wee thing you’ve never left the forest.

                They are our energy infrastructure, not a bunch of monopoly cards to be traded.

              • Draco T Bastard

                Don’t you realise that the SOE,s have to make a profit for the government.

                No they don’t. In fact, the correct position is that they run at a slight loss. See, they should be seen as a government service that’s provided at close to cost. A profit means that it’s costing more than it should.

        • johnm 6.1.1.6

          You’re the bullshit srylands you’re stuck in a rut. The referendum clearly showed the people in majority did not want this privatisation.You and your ilk are fascists in the lite way.The whole world is rejecting privatisation you little narrow minded f@ck.

  7. Jepenseque 7

    Hi all

    This is a great analysis. Lets extend it to se how much “John Key’s Mates” made from that other notorious flogging of family silver – Mighty River Power.

    NACT sold about 670,000,000 shares. The issue price was $2.50, the price now is $2.21 so thats ummm… $194 million – That John Keys Mates got..- spanked by.

  8. At least we know that our assets have been sold to the wealthy who can afford to buy ;perhaps steal is a better word,
    But with the so called contracting out we have privatization through the back door. Health Boards and local body services all passed over to private ownership .Service gone and time and care abandoned in the rush to make money and also destroy workers rights and conditions. One can forget unions under the contracted work force.

Recent Comments

Recent Posts

  • Bullying contributes to Auckland being stripped of ICU training
    Complaints of bullying and harassment by supervisors which have contributed to Auckland’s critical care department losing its training accreditation are further evidence of the appalling culture at executive level, Labour’s Health spokesperson Annette King says. “The department had its accreditation… ...
    2 days ago
  • Broadband failure sucks up more cash
    The Commerce Committee has blocked an inquiry into the $300 million rural broadband initiative (RBI) despite mounting evidence it’s a massive policy failure and waste of money, says Labour’s ICT spokesperson Clare Curran. “The Government is about to spend an… ...
    3 days ago
  • TISA – Another secret trade deal you may never have heard of
      This post first appeared on The Daily Blog You’ve probably heard of the Trans-Pacific Partnership Agreement (TPPA) by now and the widespread concerns around it but what about the Trade in Services Agreement (TISA) also being currently negotiated by… ...
    GreensBy Gareth Hughes MP
    3 days ago
  • Health chickens coming home to roost as Dunedin loses right to train doctor...
    News today that Dunedin Hospital has lost orthopaedic training accreditation is a major blow and proves the Government’s prevarication is having devastating consequences, Labour’s Health spokesperson Annette King says. “Losing orthopaedic advanced training is serious. There is a knock on… ...
    4 days ago
  • $74,000 quarterly rise shows crisis out of control
    New figures out today showing Auckland house prices have spiked by a massive $74,000 in the past quarter is further evidence the city’s housing crisis has spiralled out of control, Labour’s “In spite of constant announcements and photo opportunities from… ...
    4 days ago
  • Democracy for Nauru now
    Murray McCully must send the strongest possible message to the Nauruan Government that New Zealand does not condone its actions given the disturbing developments there, Labour’s Foreign Affairs spokesperson David Shearer says. “Right now we are seeing Nauru stripped of… ...
    4 days ago
  • Recovery needs more than a rebrand
    Today’s announcement of new governance arrangements for Canterbury seems to be nothing more than a fresh coat of paint on the same old approach, says Labour’s Canterbury Earthquake Recovery spokesperson Ruth Dyson. “The Canterbury Recovery has been too slow, with… ...
    4 days ago
  • Copper decision a victory for status quo, not Kiwi households
    New Zealanders hoping for cheaper copper broadband will be disappointed by the Commerce Commission’s latest decision in the long running saga to determine the price of copper, Labour’s ICT spokesperson Clare Curran says. “In an apparent attempt to appease everyone,… ...
    4 days ago
  • It’s time for hard decisions in the Bay
     The Ruataniwha dam project is turning into a huge white elephant as the economics fail to stack up, says Labour’s Water spokesperson Meka Whaitiri.  “Ruataniwha simply doesn’t make economic sense when you look at other major irrigation schemes around the… ...
    4 days ago
  • More testing won’t lift student achievement
    Hekia Parata’s latest plan to subject school students to even more testing and assessment won’t do anything to lift the educational achievement of the kids who are struggling, Labour’s Education spokesperson Chris Hipkins says. “New Zealand school students are already… ...
    4 days ago
  • Bad week for NZ economy gets worse
    The bad news for the New Zealand economy got worse this morning with the 8th successive drop in dairy prices at this morning’s global dairy auction, again exposing the absence of any Plan B from the National Government, Labour’s Finance… ...
    4 days ago
  • System failing to protect women and children from family violence
    Last week we called for mandatory child safety investigations in domestic violence cases. This came after the coronial inquiry into the deaths of Bradley and Ellen Livingstone and the verdict in the trial of the west Auckland boys charged with… ...
    GreensBy Jan Logie MP
    5 days ago
  • Backers banking on social bonds cash?
    The Government is refusing to say what the $29 million it has set aside for its controversial social bonds programme is for, raising suspicions it is an upfront payment to the project backers, Labour’s Health spokesperson Annette King says. A… ...
    5 days ago
  • Plastic Free July
    Today is the start of Plastic Free July. Since its inception in Perth, Western Australia four years ago, more and more people and organisations from around the world have joined the call to refuse single use plastic products. Nearly all… ...
    GreensBy Denise Roche MP
    5 days ago
  • State house sell off Bill gives extraordinary powers
    The Government is about to give Ministers extraordinary powers to take direct personal control of selling state houses, exempting Ministers from normal legal requirements and leaving the sale process wide open for corruption, Labour's Housing spokesperson Phil Twyford says. The… ...
    5 days ago
  • Cash for charter schools, mould for state schools
    At a time when state schools are struggling in old, cold, mouldy buildings and can barely make ends meet, the National Government is shovelling cash at charter schools which aren’t even spending the funding on kids’ education, Labour’s Education spokesperson… ...
    5 days ago
  • New Zealand needs a wise response to climate change
    Today in Parliament I got to hear from a group of New Zealanders who are concerned for the future of our country. Called Wise Response, the group is a broad coalition of academics, engineers, lawyers, artists, sportspeople and others who… ...
    GreensBy Russel Norman MP
    5 days ago
  • No alternative as waste scheme trashed
    Nick Smith must explain how he is going to prevent contamination of New Zealand’s ground and water with liquid and hazardous waste after scrapping the only monitoring scheme and offering no replacement, says Labour’s Environment Spokesperson Megan Woods. “From today,… ...
    5 days ago
  • Flawed system rates death traps as safe
    ACC Minister Nikki Kaye needs to come clean about what really lies behind the reclassification of 18 vehicles in her new motor vehicle registration system introduced today, Labour’s ACC spokesperson Sue Moroney says. "New Zealanders deserve the truth about the… ...
    5 days ago
  • Tiwai Smelter and 800 workers left in limbo
     Workers at Tiwai smelter and the people of Southland have once again been left in limbo over their future in the ongoing debacle over whether the plant stays open, says Labour’s Leader Andrew Little.  “It’s not good enough that after two years of… ...
    5 days ago
  • New twist in state house sell-off saga
    The Government has opened the door to buyers of state houses simply being landlords and not required to provide social services, Labour’s Housing spokesperson Phil Twyford says. The Prime Minister said at his post-Cabinet press conference buyers would not “have… ...
    5 days ago
  • Government fees will hit charities hard
    National’s decision to ignore the concerns of charities will see the voluntary sector face hundreds of thousands of dollars in new costs if the Policing (Cost Recovery) Amendment Bill passes, says Labour's Community and Voluntary Sector spokesperson Poto Williams. “National’s… ...
    6 days ago
  • Four out of ten for Simon’s Bridges
    The Transport Authority’s decision to fund only four of the 10 bridges promised in National’s shameless Northland by-election bribe is a huge embarrassment for Transport Minister Simon Bridges, Labour’s Transport spokesperson Phil Twyford says. “After one by-election poll showed they… ...
    6 days ago
  • Falling consents adding to Auckland housing woes
    Falling numbers of building consents being issued in Auckland will add to the city’s housing shortfall and fuel skyrocketing house prices, Labour’s Housing spokesperson Phil Twyford “The Productivity Commission found there was a shortfall of around 32,000 houses by the… ...
    6 days ago
  • So Mr English, do you have a plan?
    DIpping confidence about jobs, wages and shrinking exports are highlighting the lack of a plan from the government to diversify the economy and build sustainable growth, Grant Robertson  Labour’s Finance Spokesperson said. " Data released over the last week… ...
    6 days ago
  • Serious risks to tenants and assets in sell-off
    Overseas evidence shows there are serious risks around the Government's plan to sell off state houses to social housing providers, Opposition Leader Andrew Little says. “In the Netherlands – where community housing providers supply the majority of social housing –… ...
    6 days ago
  • Land of milk and money
    Kiwi families are paying over the top prices for their milk and someone is creaming off big profits, says Labour’s Consumer Affairs spokesperson David Shearer. “In 2011 the Government told us high New Zealand milk prices were a natural result… ...
    1 week ago
  • MoBIE largesse doesn’t stop with TVs and hair-straighteners
    The number of MoBIE staff earning more than $150,000 has risen 23 per cent in just a year, Labour’s Economic Development Spokesperson David Clark says. Documents obtained from the Ministry of Business, Innovation and Employment show there are now nearly… ...
    1 week ago
  • English wants to flog state houses to Aussies
    Bill English’s admission that he would sell hundreds of New Zealand’s state houses to the Australians is the latest lurch in the Government’s stumbling, half-baked housing policy, Labour’s housing spokesperson Phil Twyford says. “Bill English should face reality and admit his… ...
    1 week ago
  • Exports continue to fall as Government fails to diversify
    The Government quickly needs a plan to diversify our economy after new figures show that exports are continuing to fall due to the collapse in dairy exports, Labour's Finance Spokesperson Grant Robertson says. “Dairy exports fell 28 per cent compared… ...
    1 week ago
  • Government inaction leads to blurring of roles
    The Treasury wouldn’t have had to warn the Reserve Bank to stick to its core functions if the Government had taken prompt and substantial measures to rein in skyrocketing Auckland house prices, Labour’s Finance spokesperson Grant Robertson says. “The problems… ...
    1 week ago
  • Courthouse closures hitting regions
    The Government’s decision to shut down up to eight regional courthouses, some supposedly only temporarily for seismic reasons, looks unlikely to be reversed, Labour’s Justice spokesperson Jacinda Ardern says.“The move has hit these regions hard, but appears to be a… ...
    1 week ago
  • A Victory for Te Tiriti o Waitangi
    This week my partner, who has a number of professions, was doing an archaeological assessment for a District Council. He showed me the new rules around archaeologists which require them to demonstrate “sufficient skill and competency in relation to Māori… ...
    GreensBy Catherine Delahunty MP
    1 week ago
  • Tough bar set for Ruataniwha dam
     Today’s final decision by the Tukituki Catchment Board of Inquiry is good news for the river and the environment, says Labour’s Water spokesperson Meka Whaitiri. “Setting a strict level of dissolved nitrogen in the catchment’s waters will ensure that the… ...
    2 weeks ago
  • Minister for Women and National missing the mark – part two
    The Minister for Women was in front of the select committee yesterday answering questions about her plans for women. Some useful context is that we used to have a Pay and Employment Equity Unit within the then Department of Labour… ...
    GreensBy Jan Logie MP
    2 weeks ago
  • Lavish penthouse spend confirms culture of extravagance
    At the same time thousands of New Zealanders are being locked out of the property market, the Government is spending up on a lavish New York penthouse for its diplomats, Labour’s Foreign Affairs spokesperson David Shearer says. News that taxpayers… ...
    2 weeks ago
  • Māori Television exodus cause for concern
    The shock departure of yet another leading journalist from the Native Affairs team raises further concern the Board and Chief Executive are dissatisfied with the team’s editorial content, says Labour’s Māori Development spokesperson Nanaia Mahuta. “Annabelle Lee is an experienced… ...
    2 weeks ago
  • Million-plus car owners to pay too much ACC
    More than a million car owners will pay higher ACC motor vehicle registration than necessary from July, Labour’s ACC spokesperson Sue Moroney says. “During a select committee hearing this morning it was revealed that car owners would have been charged… ...
    2 weeks ago
  • Bill will restore democracy to local councils
    A new Labour Member’s Bill will restore democracy to local authorities and stop amalgamations being forced on councils. Napier MP Stuart Nash’s Local Government Act 2002 (Greater Local Democracy) Bill will be debated by Parliament after being pulled from the… ...
    2 weeks ago
  • Minister for Women again misses the mark – part one
    Yesterday I asked the Minister for Women about the government’s poor performance on it’s own target of appointing women to 45% of state board positions. I challenged why she’d put out a media release celebrating progress this year when the… ...
    GreensBy Jan Logie MP
    2 weeks ago
  • Banks enter Dragon’s Den in pitch for Government’s mental health experi...
    Overseas banks and their preferred providers were asked to pitch their ideas for bankrolling the Government’s social bonds scheme to a Dragon’s Den-style panel, Labour’s Health spokesperson Annette King says. Dragon’s Den was a reality television series where prospective ‘entrepreneurs’… ...
    2 weeks ago
  • Global Mode bullying won’t stop people accessing content
    It’s disappointing that strong-arm tactics from powerful media companies have meant Global Mode will not get its day in court. Today a settlement was reached terminating the Global Mode service, developed in New Zealand by ByPass Network Services and used… ...
    GreensBy Gareth Hughes MP
    2 weeks ago
  • More questions – why was the Former National Party President involved wit...
    Today in Parliament Murray  McCully said the reason Michelle Boag was involved in 2011 in the Saudi farm scandal was in her capacity as a member of the New Zealand Middle East Business Council. The problem with that answer is… ...
    2 weeks ago
  • Minister must explain Maori TV interference
    Te Ururoa Flavell must explain why he told Maori TV staff all complaints about the CEO must come to him – months before he became the Minister responsible for the broadcaster, Labour’s Broadcasting Spokesperson Clare Curran says. “Sources have told… ...
    2 weeks ago
  • KiwiSaver takes a hammering after the end of kick-start
    National seems hell bent on destroying New Zealand’s saving culture given today’s news that there has been a drop in new enrolments for KiwiSaver, says Labour’s Finance spokesperson Grant Robertson.  “New enrolments for the ANZ Investments KiwiSaver scheme have plunged… ...
    2 weeks ago
  • Straight answers needed on CYF role
    The Government needs to explain the role that Child, Youth and Family plays in cases where there is evidence that family violence was flagged as a concern, Labour’s Children’s spokesperson Jacinda Arden says. “The fact that CYF is refusing to… ...
    2 weeks ago
  • Prime Minister confuses his political interests with NZ’s interest
    The Prime Minister’s statement in Parliament yesterday that a Minister who paid a facilitation payment to unlock a free trade agreement would retain his confidence is an abhorrent development in the Saudi sheep scandal, Opposition leader Andrew Little says.  ...
    2 weeks ago
  • #raisethequota
    Last Saturday was World Refugee Day. I was privileged to spend most of my day with the amazing refugee communities in Auckland. Their stories have been inspiring and reflect the ‘can-do’ Kiwi spirit, even though they come from all different… ...
    GreensBy Denise Roche MP
    2 weeks ago
  • Dairy conversions causing more pollution than ever, report shows
    The Parliamentary Commissioner for the Environment (PCE) released two reports on freshwater quality and management last Friday. The water quality report shows that dairy conversions are hurting water quality and says that despite great efforts with fencing and planting, large… ...
    GreensBy Catherine Delahunty MP
    2 weeks ago
  • Employers want urgent action on health and safety
    Moves by National to water down health and safety reforms have been slammed by employers – the very group the Government claims is pushing for change, says Labour’s spokesperson for Labour Relations Iain Lees-Galloway. “The Employers and Manufacturers’ Association has… ...
    2 weeks ago

Public service advertisements by The Standard

Current CO2 level in the atmosphere