The other day, John Key said “ACC’s investment portfolio had not been working well”.
Now, if there’s one golden rule regarding people with power it’s never take what they say for granted. And that’s never been more true than with this Prime Minister.
So, I took a look at ACC’s annual report (Colin Espiner et al, I hope you’re taking notes) and this is what I found:
So ACC has outperformed the investment fund benchmark hugely. I wish I could have put $1000 in ACC back in 1992, I’d have $5000 by now. The Fund has held up remarkably well in the face of the credit crisis and it will have grown strongly in the recent months not covered by the annual report.
Key, of course, was lying when he said the investment portfolio had performed badly. That is a scandal but no surprise to anyone who has followed this guy’s behaviour. What is a surprise, and just as scandalous, is that no-one whose job it is to uncover these facts and hold the government to account has discovered or publicised the fact.
Instead it’s left to some guy called Marty G. It’s enough to make you weep.