$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

  • Government’s data-for-funding backdown embarrassing
    The Government’s U-turn on their shambolic attempt to collect private client data from social services is an embarrassment for a senior Minister, says Labour’s Social Development spokesperson Carmel Sepuloni. “After months of criticism and mismanagement, the Government has finally cut ...
    25 mins ago
  • Overloaded hospitals reach crisis point
      The country’s hospitals have reached breaking point with some hospitals discharging patients to free up bed space and patients with serious injuries having to wait hours to be seen by a doctor, says Labour’s Health spokesperson David Clark.   ...
    49 mins ago
  • National fails on critical school building needs
    Students are paying the price of the Government’s failure to invest fast enough in school buildings to keep pace with Auckland’s increasing population, says Labour Leader Andrew Little. “Parents should lay the blame for their children having to put up ...
    7 hours ago
  • Tipping culture is not welcome in NZ
    Deputy Prime Minister Paula Bennett’s comments about tipping have been in the news and have sparked off a series of furious discussions about tipping in Aotearoa. From our point of view, tipping every time you’re provided a service is a ...
    GreensBy Denise Roche
    1 day ago
  • Mental Health a huge cost for Police
      The cost of dealing with mental health incidents for our police was a staggering $36.7 million which shows just why we need Labour’s fresh approach on Mental Health, says the Leader of the Opposition Andrew Little.   “Police now ...
    1 day ago
  • Grant Robertson: Speech to Otago-Southland Employers Association
    Thanks to the Otago Southland Employers Association and Virginia for hosting me this evening.  It is always a pleasure to come back to the city and region that shaped who I am as a person. I believe that growing up ...
    2 days ago
  • Renting a home in the Wild West
    It can be tough renting a place to live, and it could be about to get tougher. Radio NZ is reporting that the American Rentberry app wants to start operating in New Zealand. Rentberry allows landlords to play perspective tenants ...
    GreensBy Metiria Turei
    2 days ago
  • Free West Papua leader in Aotearoa
    Last week I hosted Free West Papua leader Benny Wenda at Parliament and travelled with him to a number of important events. Benny is spokesperson for the United Liberation Movement for West Papua and lives in exile in England. 14 ...
    GreensBy Catherine Delahunty
    4 days ago
  • Nats unprepared for record immigration
    National’s under-investment in housing, public services, and infrastructure means New Zealand is literally running out of beds for the record number of new migrants, says Labour’s Immigration spokesperson Iain Lees-Galloway. ...
    5 days ago
  • Labour opposes Ports of Auckland sale
    Labour would strongly oppose the sell-off of the Ports of Auckland to fix a short term cash crisis caused by the Government blocking the city’s requests for new ways to fund infrastructure, says Labour’s Auckland Issues spokesperson Phil Twyford. “National ...
    7 days ago
  • Workers pay the price of Silver Fern’s Fairton closure
    The threatened closure of Silver Fern Farms’ Fairton Plant in Ashburton raises serious questions about the Government’s support of the sale of half of the company to a foreign company, when it appears this outcome may have been inevitable, says ...
    1 week ago
  • National’s answer to the housing crisis: One new affordable house per 100 new Aucklanders
    National’s fudge of a housing plan will make Auckland even more of a speculators’ paradise, says Leader of the Opposition Andrew Little. ...
    1 week ago
  • Government can’t be trusted with private data
    The independent review of the Ministry of Social Development’s data breach in April has shown, once again, that the Ministry cannot be trusted with private client information, says Labour’s Social Development spokesperson Carmel Sepuloni. “The investigation by former Deloitte chairman ...
    1 week ago
  • Another crisis, another half-baked National plan
    The National Party may have finally woken up to the teacher supply crisis facing our schools but their latest half-baked, rushed announcement falls well short of the mark in terms of what’s required, says Labour’s Education spokesperson Chris Hipkins. ...
    1 week ago
  • Nats: Don’t bite the hand that feeds you
    Alfred Ngaro’s recent comments have exposed the Government’s ‘don’t bite the hand that feeds you’ approach, says Labour’s Social Development spokesperson Carmel Sepuloni. ...
    1 week ago
  • Breaking news – National admits there’s a housing crisis
    National finally admits there’s a housing crisis, but today’s belated announcement is simply not a credible response to the problem it’s been in denial about for so long, says Leader of the Opposition Andrew Little. “National can’t now credibly claim ...
    1 week ago
  • Nats lay the ground for housing bust
    Goldman Sachs’ warning that New Zealand has the developed world’s most over-priced housing market, with a 40 per cent chance of a bust within two years, shows the consequences of National’s nine years of housing neglect, says Labour Housing spokesperson ...
    1 week ago
  • Well they would say that, wouldn’t they?
    Property investors’ lobby groups have been up in arms this week about Labour and Green parties’ plans to close tax loopholes and fix the housing market. That’s probably a good thing. Like an investor in any other sector, they expect ...
    GreensBy James Shaw
    1 week ago
  • Alfred Ngaro reflects National’s culture of silencing debate
    Image from Getty Images Community groups must be free to advocate for the people they serve. It’s these people who see first-hand if ideas dreamt up in Wellington actually work on the ground. It’s essential that they can speak freely ...
    GreensBy Jan Logie
    1 week ago
  • Bill English must reassure community organisations
    The Prime Minister must do more to reassure community organisations after Cabinet Minister Alfred Ngaro's apparent threats to their funding if they criticise government policy which has left a born-to-rule perception amongst many, says Labour Leader Andrew Little. “Alfred Ngaro ...
    1 week ago
  • Extremism and its discontents
    Another scar on global democracy appeared recently, this time in Germany.It seems that the number of soldiers on duty with extremist political leanings has become a concern to the military leadership in that country. Soldiers were found openly possessing ...
    GreensBy Kennedy Graham
    1 week ago
  • Government’s suicide approach disappoints
    Mike King’s sudden departure from the Government’s suicide prevention panel, amid claims the Government’s approach is ‘deeply flawed’, is further evidence National is failing on mental health, says Labour’s Deputy Leader Jacinda Ardern. “Mental health is reaching crisis point in ...
    1 week ago
  • National backs speculators, fails first home buyers
    National is showing its true colours and backing speculators who are driving first home buyers out of the market, says Labour Leader Andrew Little. “By defending a $150m a year hand-out to property speculators, Bill English is turning his back ...
    1 week ago
  • More oversight by Children’s Commissioner needed
    More funding and more independence is required for the Children’s Commissioner to function more effectively in the best interests of Kiwi kids in State care, says Labour’s spokesperson for children Jacinda Ardern. ...
    1 week ago
  • Labour to end tax breaks for speculators; invest in warm, healthy homes
    Labour will shut down tax breaks for speculators and use the savings to help make 600,000 homes warmer and healthier over the next ten years, says Leader of the Opposition Andrew Little. “It’s time for fresh thinking to tackle the ...
    1 week ago
  • Health of young people a priority for Labour
    Labour will ensure all young people have access to a range of health care services on-site at their local secondary school, says Labour’s deputy leader Jacinda Ardern. “Our policy will see School Based Health Services extended to all public secondary ...
    2 weeks ago
  • Ratifying the TPPA makes no sense
    The recent high-fiving between the government and agricultural exporters over ratification of the TPPA (Trans-Pacific Partnership Agreement) is empty gesture politics in an election year. Ratification by New Zealand means nothing. New Zealand law changes are not implemented unless the ...
    GreensBy Barry Coates
    2 weeks ago
  • NIWA report proves National’s trickery re swimmable rivers
    National have a slacker standard for swimmable rivers than was the case prior to their recent so-called Clean Water amendment to the National Policy Statement (NPS), says Labour’s Water spokesperson David Parker. “The table 11 on page 25 of the ...
    2 weeks ago
  • MPS shows new approach needed on housing
    The Reserve Bank’s latest Monetary Policy Statement provides further evidence that only a change in government will start to fix the housing crisis, says Labour Finance spokesperson Grant Robertson. “It is more evident than ever that only a Labour-led government ...
    2 weeks ago
  • Fresh approach on mental health
    Labour will introduce a pilot scheme of specialist mental health teams across the country in government to ensure swifter and more effective treatment for those who need urgent help, says Labour’s Leader Andrew Little. “Mental health is in crisis. It ...
    2 weeks ago
  • Sallies back Labour’s plan for affordable homes
    The country’s most respected social agency has endorsed Labour’s KiwiBuild plan to build homes that families can afford to buy, and delivered a withering assessment of the National Government’s housing record, says Labour’s housing spokesperson Phil Twyford. ...
    2 weeks ago
  • Education is for everyone, not just the elite
    Proposals by the National Party to ration access to higher education will once again make it a privilege only available to the elite, Labour’s Education spokesperson Chris Hipkins says. “Speaking at the Education Select Committee, Maurice Williamson let the National ...
    2 weeks ago
  • Cancer support changes far too little, certainly late
    Anne Tolley’s belated backtrack to finally allow Jobseeker clients suffering from cancer to submit only one medical certificate to prove their illness fails to adequately provide temporary support for people too sick to work, says Labour’s Social Development spokesperson Carmel ...
    2 weeks ago
  • Kids must come first in enrolment debate
    The best interests of children should be the major driver of any change to policies around initial school enrolments, not cost cutting or administrative simplicity, Labour’s Education spokesperson Chris Hipkins says.   “The introduction of school cohort entry is ...
    2 weeks ago
  • Feed the Kids
    While in Whangarei last week, I had the pleasure of meeting Buddhi Manta from the Hare Krishna movement whose cafe is making lunch for some schools in Whangarei. His group have been feeding up to 1,000 primary school kids at local ...
    GreensBy Catherine Delahunty
    2 weeks ago
  • DHBs’ big budget blowout
    New Zealand’s District Health Boards are now facing a budget deficit of nearly $90 million dollars, a significant blowout on what was forecast, says Labour’s Health spokesperson David Clark.   Labour believes health funding must grow to avoid further cuts ...
    2 weeks ago
  • Govt plays catch up on drug funding
    The Government's backdown on Pharmac is welcomed because previous rhetoric around the agency being adequately funded was just nonsense, says Labour's Health spokesperson David Clark. ...
    2 weeks ago
  • Labour to build affordable homes in Hamilton
    Labour will build 200 affordable KiwiBuild houses and state houses on unused government-owned land as the first steps in our plan to fix Hamilton’s housing crisis, says Leader of the Opposition Andrew Little. “We will build new houses to replace ...
    3 weeks ago
  • Mental Health waiting times a growing concern
    There is new evidence that the Mental Health system is under increasing strain with waiting times for young people to be seen by mental health and addiction services lengthening says Labour’s Health spokesperson David Clark.   “Following yesterday’s seat of ...
    3 weeks ago
  • More beneficiaries heading to jail, fewer to study
    The latest quarterly benefit figures show a rising number of beneficiaries have left the benefit because they have gone to prison, while fewer are going into study, says Labour’s Social Development spokesperson Carmel Sepuloni. “According to recent figures, in the ...
    3 weeks ago
  • Analyst charts failure of National’s housing policy
    Respected analyst Rodney Dickens has published a devastating critique of National’s housing policy, and says Labour’s policies give more hope, says Labour’s Housing spokesperson Phil Twyford. “Mr Dickens shows since the signing of the Auckland Housing Accord in 2013 the ...
    3 weeks ago
  • Cost of Living increases hit those with least the hardest
    Beneficiaries, superannuitants and people on the lowest incomes continue to bear the brunt of higher inflation, according to the latest data from Statistics NZ, says Labour Finance spokesperson Grant Robertson. “Since National came to office (December 2008) inflation for those ...
    3 weeks ago
  • Pike River Mine families deserve more
    The Government must be more open and honest about the Pike River Mine says Dunedin South’s  Labour MP Clare Curran.   “It’s just wrong that the Commerce Select Committee has refused a Labour Party request to re-open its investigation ...
    3 weeks ago
  • Government goalposts taken off the field
    The Government’s decision to dump the Better Public Service (BPS) Target to Reduce Reoffending by 25 per cent by 2017 shows when it comes to measuring their progress the National Government hasn’t just shifted the goalposts, but has taken the ...
    3 weeks ago
  • Last call of the kea?
    Last weekend, I attended the first ever Kea Konvention jointly organised by the Kea Conservation Trust and Federated Mountain Clubs of New Zealand. It was a power-packed weekend full of presentations by scientists, volunteers and NGOS working to raise awareness of this ...
    GreensBy Mojo Mathers
    3 weeks ago