web analytics
The Standard

Libor and the rotten heart of capitalism

Written By: - Date published: 11:09 am, August 8th, 2012 - 30 comments
Categories: capitalism, class war - Tags: , ,

Back in June I wrote a quick sarcastic piece about what I thought (at the time) was an unfolding banking scandal in England. Since then Libor has grown like a cancer, into a full fledged international crisis. Here’s a sample of coverage.

The Dark Heart of the Libor Scandal

Though, for most, the London Inter-Bank Offer Rate (Libor) interest rate fixing scandal appears to be distant and far too complex to understand, its potential consequences may be as economically devastating as a world war.

The Libor is used to set payments on $800 trillion worth of financial instruments. It sets the prices that people and corporations pay for loans and receive for savings. Given that the fraud impacted $10 trillion in consumer loans, the Libor scandal will likely leave a long list of previous financial scandals that contributed to the Great Recession look like child’s play.

It also pulls back the curtain on the mechanisms behind the world economy, its anti-social priorities, its willingness to gamble away the future of billions of people, and the government’s collusion in these operations. The Libor scandal reveals that the “invisible hand” Adam Smith spoke of in explaining how a capitalist economy regulates itself has been transformed into the trained hand of a swindler.

The Fed, Ben Bernanke and the rotten Libor

The case of the rigged Libor turns out to be the scandal that just keeps on giving. It reveals a great deal about the behaviour of the Federal Reserve Board and central banks more generally.

Last month, Federal Reserve Board Chairman Ben Bernanke gave testimony before Congress in which he said that he had become aware of evidence that banks in the UK were rigging the Libor – the inter-bank lending rate and one of the primary benchmarks for short-term interest rates – in the autumn of 2008. According to Bernanke, he called this to the attention of Mervyn King, the head of the Bank of England. Apparently Mervyn King did nothing, since the rigging continued, but Bernanke told Congress there was nothing more that he could do.

The implications of Bernanke’s claim are incredible. There are trillions of dollars of car loans, mortgages and other debts, in the United States, tied to the Libor. There are also huge derivative contracts whose value depends on the Libor at a moment in time. People were winning or losing on these deals not based on the market, but rather on the rigged Libor rate being set by the big banks.

Libor, Naked and Exposed

AMERICANS who save for the future, use credit cards or borrow money for tuition, cars and homes deserve assurance that the interest rates on their savings and loans are set in a reliable and honest way.

That’s why the revelation that the British bank Barclays attempted to manipulate the London interbank offered rate, or Libor — one of the benchmark rates used to determine the cost of borrowing around the world — is so disturbing. But the Barclays case isn’t only about misconduct by large financial institutions. It also raises questions about the reliability and accuracy of these key interest rates, which are largely determined by the private sector, without significant government oversight.

As Libor Fault-Finding Grows, It Is Now Every Bank for Itself

Major banks, which often band together when facing government scrutiny, are now turning on one another as an international investigation into the manipulation of interest rates gains momentum.

With billions of dollars and their reputations on the line, financial institutions have been spreading the blame in recent meetings with authorities, according to government and bank officials with knowledge of the matter. While acknowledging their own wrongdoing, institutions are pointing out actions at other banks that they believe are worse — and in some cases, extend to top executives.

For all the details see the excellent coverage at The Guardian. This is just another example of the rot at the heart of capitalism. Here’s pointers to a few more resources.

There have been plenty of high profile exposés:
Enron: The Smartest Guys in the Room
Inside Job
The Corporation

Some of the most powerful evidence comes from insider accounts:
Departing IMF Economist Blasts Fund
Why I Am Leaving Goldman Sachs
Confessions of an Economic Hit Man

Other general reading:
Too big to jail: The Size of the Big Banks Is – Literally – Destroying the Rule of Law
Drug money saved banks in global crisis, claims UN advisor
Global banks are the financial services wing of the drug cartels
Are Big Banks Criminal Enterprises?
After Five Years: Report Card on Crisis Capitalism
£13tn hoard hidden from taxman by global elite

What it means for you and me:
Of the 1%, by the 1%, for the 1%
Income inequality and poverty rising in most OECD countries
The Spirit Level: Why More Equal Societies Almost Always Do Better

And here’s how they get away with it:
Outfoxed: Rupert Murdoch’s War on Journalism
The Supreme Court Just Handed Anyone, Including bin Laden or the Chinese Government, Control of Our Democracy
Koch brothers aren’t just buying elections — they’re investing big in anti-science think tanks (video)

Happy reading! Please add links to your own resources in comments.

30 comments on “Libor and the rotten heart of capitalism”

  1. Thanks for all links. Great resource.

  2. Carol 2

    The whole bankster situation is outrageous, but unfortunately, given the way capitalism works, it is not surprising.

    I am also personally disgusted at my UK bank – I’ve had an account there for decades. In the time when they were laundering money for criminal syndicates, they put me through a tedious and laborious process to verify my account in order to do some transactions from NZ. This involved a pretty meagre amount of money, especially compared with the million$ transaction being carried out by wealthy criminals. Among other time-consuming things, I had to pay for several international phone calls in the early hours of the morning to sort things out.

    One rule for the rich, another for us honest savers with modest amounts of money earned from honest labour.

  3. Johnm 3

    The banks are still robbing us

    http://www.socialistworker.co.uk/art.php?id=29294

    Libor: rig the rate and cash in on the margin you have rigged! Fraud!

  4. prism 4

    Cripes – no excuse for not getting a broad knowledge of what’s going on in the banking system.
    Thanks for the links – makes it possible to haul oneself up to the pavement level of a basic knowledge – reducing the don’t knows that I don’t know I don’t know.

  5. bad12 5

    On one level all of this is one giant laugh in that right now we all are having front row seats in real time watching the movie, ‘The Death of Capitalism’,

    On the other tho it’s a complex horror story and no small wonder the average head doesn’t want to understand the complexity of the ongoing criminality of the organizations of banking and finance,

    What is obvious from ‘too big to fail’ and ‘too big to jail’ is that it is not simply a matter of a few at the head of the banking system world-wide engaging in criminal behavior,

    It is instead a culture of systematic criminality in the structure of international banking organizations and sacking or jailing ‘scapegoats’ from within that criminally organized institutional structure will only serve to have the criminally organized structure become ‘better’ and harder to detect in it’s criminal endeavors,

    The short version of the above is that they are simply a criminal organization with a straight front of providing personal banking, no different really then yer average P dealing gang,

    As a criminal organization reliant upon the proceeds of crime Governments will have to seize all those organizations shown to have participated in the various frauds,

    To do otherwise is simply to invite criminality on a far grander scale…

  6. AAMC 6

    I thought this interview by Max Keiser of Michael Hudson summed it all up pretty brilliantly..

  7. DH 7

    What I’d like to see from the media & Govts is calls for these bankers to pay back their bonuses from previous years. They received massive bonuses based on the profits they made for their bank, profits which are now revealed as not only fraudulent but a fraud they were active participants in.

    Seems to me that shareholders & the taxpayer will pick up the tab for the fines & losses that go on the present-day books and the crooks will get to keep their ill-gotten gains. Who said crime doesn’t pay.

    • Draco T Bastard 7.1

      Who said crime doesn’t pay.

      Probably someone engaging in similar crimes to what’s been discovered at the average bank while watching someone sentenced for stealing a few quid because they were starving.

  8. Bored 8

    The sick bit is that we the people are now expected to guarantee and secure these digits as real trad-able cash as belonging to the banksters who created it out of thin air.

    My next move is to stroll down to Parliament, corner Key and announce myself as the Bank of Bored. I will tell him (and as a bankster he will understand) that I have created $1 billion and that he has to guarantee it and recognise its newly tangible reality. Nothing I will do should astound him, it is after all the newly established orthodoxy. And you guys in Standardista land can suffer the bill.

    • Draco T Bastard 8.1

      The sick bit is that we the people are now expected to guarantee and secure these digits as real trad-able cash as belonging to the banksters who created it out of thin air.

      And yet what the governments should be doing is declaring all bank loans fraudulent and thus null and void.

  9. Tom Gould 9

    Anthony, the Libor issue is not proof of rot at the heart of capitalism, it is capitalism working as intended. It’s the meddlers with their pesky regulations that are the rot in the system, according to them.

    • jack 9.1

      It is because of lack of regulations that allowed banks to use their customers money to invest in rediculous investments on top of that the derivative trade (Key’s speciality) caused the melt down in the first place. And of course, the bank ceo’s gave themselves bonuses. Ronald Reagan would be rolling over in his grave if he saw the results of his anti-regulation legislation. Banks have always been the culprits. They’ve been trying to take control for 100’s of years. Then deregulation gave them the green light to screw everyone. Best way to oppose this is get completely out of debt and don’t use those credit cards!

      • Draco T Bastard 9.1.1

        Best way to oppose this is get completely out of debt and don’t use those credit cards!

        That’s not the best way as, unfortunately, people actually need to use the credit system. The best way is to take the monetary system off the banks and nationalise it. This will remove the banks power.

        • Colonial Viper 9.1.1.1

          Banks become pure savings and loans institutions. ATM and EFTPOS networks get nationalised, as core economic infrastructure. Every citizen 18 and over gets a government issued KiwiCred low interest, capped maximum credit card, which helps the government inject money into the local economy at any time it desires.

          • Draco T Bastard 9.1.1.1.1

            Don’t need nor want credit cards as Darkhorse’s link points out:

            There is a cautionary tale to be extracted from all this, and it is the obvious one: that usury results in collapse. Usury—lending at interest—is only viable in an expanding economy; once economic growth stops, the burden of usurious debt causes it to implode.

            We cannot grow the economy any more and so any interest, even if it is charged by the government, will result in collapse.

            A Universal Income, on the other hand, will work fine and even with that I expect, if we get the basics of the economy right, we won’t be using money at all in a few decades.

            • Colonial Viper 9.1.1.1.1.1

              Mild interest rates debt can always be repaid by ensuring a static stock of money is moved through the economy at a sufficient velocity. Further, the use of interest allows the government to combat situations of excess money supply by sucking some of it back up using temporarily higher interest rates.

              • Draco T Bastard

                Mild interest rates debt can always be repaid by ensuring a static stock of money is moved through the economy at a sufficient velocity.

                How?
                I see no way that interest rates can induce demand. Then there’s the further point: Demand should never be induced as it results in over use of resources. (see 13)

                Further, the use of interest allows the government to combat situations of excess money supply by sucking some of it back up using temporarily higher interest rates.

                Easier just to use taxes.

                • Colonial Viper

                  How?

                  Because it is not the stock of money or the absolute debt which is the only factor, but also the velocity of that money. Steve Keen’s reality based models have shown this.

                  Easier just to use taxes.

                  Sure, but I like having every single tool and combination thereof at my disposal.

  10. Vivienne 10

    More valueable reading:

    The Big Short by Michael Lewis

    End This Depression Now by Paul Krugman

    Treasue Islands-Tax Havens and the Men who Stole the World by Nicholas Shaxson.

  11. http://cluborlov.blogspot.co.uk/2012/07/the-joy-of-national-default.html

    Orlov provides the answer

    Iceland did it and got on with life – the rest of us remain slaves

    In the long run there is no other way out other than Iceland’s way

    the sooner it happens the less the damage

    • Colonial Viper 11.1

      Not brain science is it. Odious debt ie. debt which should never have been created, for purposes leading to no real benefit, and which primarily benefitted other parties, should not be recognised and should be written off.

      • jack 11.1.1

        Debt = Slavery. After watching Inside Job, I heard Iceland “gave the finger” to its creditors and now the economy is picking up. Since most of the debt has been created out of thin air, your idea is the best solution.

  12. “Enron:Smartest Guys In The Room” is a must watch.

  13. Draco T Bastard 13

    Eight Fallacies about Growth

    One thing the Democrats and Republicans will agree on in the current U.S. presidential campaign is that economic growth is our number one goal and is the basic solution to all problems. The idea that growth could conceivably cost more than it is worth at the margin, and therefore become uneconomic in the literal sense, will not be considered. But, aside from political denial, why do people (frequently economists) not understand that continuous growth of the economy (measured by either real GDP or resource throughput) could in theory, and probably has in fact, become uneconomic?

  14. muzza 14

    So with one of the bankers who has played a role at the highest levels, which has been accomplice to it all, leading our country, what chance of there being any serious questions asked of him. Where is the so called opposition on this, they should be looking to give Key a thrashing over his involvement.

    So far its as it there has been a black out in the media from asking anything which might expose the banker that he is!

  15. First of all the LIBOR can not be manipulated by one, two or even four banks let alone some rogue traders. 16 banks are involved everyday. The four top and bottom estimates are instantly dismissed leaving only the 8 in the middle. The sum divided by eight is that day’s LIBOR. This means that every single of those banks must have been in the know and involved in the manipulation.

    Rumours and traders coming out as saying that as early as the early 90s the LIBOR was manipulated.

    Here is an interview I gave to Professor Jim Fetzer on his radio show the Real Deal. It is two hours long and all about LIBOR and the involvement in of the Federal Reserve of New York and of course the insider trading leading up to 9/11.

    Here is a link to a video from Trillion in which he uses a sample of John Key making a joke about never having earned and honest crust as an investment banker.

    Well, he’s not being all hot and bothered about the LIBOR scam and what it does to sovereign wealth funds such as the Cullen fund now is he?

    • Draco T Bastard 15.1

      You left out the links.

      • travellerev 15.1.1

        I didn’t but something did. Here is my

        Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

        with Jim Fetzer and here is Trillions video: Never earned an honest living by John Key!

  16. UpandComer 16

    Great post, and good reading.

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… ...
    10 hours 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… ...
    1 day 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
    1 day 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… ...
    2 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… ...
    2 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… ...
    2 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… ...
    2 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,… ...
    2 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… ...
    2 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… ...
    2 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… ...
    3 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
    3 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… ...
    3 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
    3 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… ...
    3 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… ...
    3 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
    3 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,… ...
    3 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… ...
    3 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… ...
    3 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… ...
    3 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… ...
    4 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… ...
    4 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… ...
    4 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… ...
    4 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 –… ...
    5 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… ...
    6 days 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… ...
    6 days 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… ...
    1 week 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
    1 week 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… ...
    1 week 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… ...
    1 week 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… ...
    1 week 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… ...
    1 week 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
    1 week 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’… ...
    1 week 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
    1 week 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… ...
    1 week 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… ...
    1 week 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… ...
    1 week 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… ...
    1 week 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.  ...
    1 week 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