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$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.

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