Yesterday John Key gave $30 Million of tax payer’s money to Rio Tinto in order to prop up its electricity deal with Meridian – and thus to prop up his privatisation ideology. (I note in passing that Rio Tinto just posted a 6 monthly profit of $4.2bn, but I guess that every little bit helps).
Looks like the “wisdom” of the market was unimpressed – there was a spike in trading of Mighty River Power shares, and a 7c drop in share price. Smart investors getting out?
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