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Nat asset sales lies

Written By: - Date published: 7:07 am, November 23rd, 2011 - 53 comments
Categories: assets, economy, election 2011, national, privatisation - Tags: , , ,

You can’t trust anything the Nats say. John Key has a long history of lying.  Other Nats add their own lies to the mix.  Three lies in particular have been both recent, and significant for the election.

The first was Key making up (on the most dubious of “sources”) the nonsense that rating agency S&P had said that a credit downgrade was more likely under Labour.  S&P flatly denied it. Ouch.

The second lie was Key’s often cited excuse for not raising the minimum wage – it will “cost 6000 jobs”.  It turns out that in fact Treasury gave him the opposite advice: “The balance of probabilities is that a higher minimum wage does not cost jobs”.

Last night TV1 revealed the third lie, on the explosive topic of asset sales:

Ombudsman called in over asset sales

Two major aspects of National’s asset sales plan are in question.

ONE News has discovered that the party has very limited official advice to back up its claims about restricting foreign investors and big businesses buying up the assets. ONE News has been fighting since August to have this made public under the Official Information Act.

Finally this morning, ONE News found out that despite claims that up to 90% of these assets will remain in New Zealand hands, the Treasury has not provided the Government with any detailed analysis on that aspect of the asset sales policy. …

In August, National said it expected New Zealanders would end up owning 85% to 90% of those companies, and just 10% to 15% would end up in foreign hands.

“These companies will remain firmly and overwhelmingly in New Zealand control,” Tony Ryall, State Owned Enterprises Minister, said in August.

Information blocked

ONE News used the Official Information Act to seek the expert advice given to back up those claims.

The Government refused to release the information about the asset sales so ONE News called in the Ombudsmen to investigate.

The response to the ONE News complaint reveals the Government has received very little official advice to back up some of its major claims about the asset sales programme.

In fact Treasury admits it has not provided the Minister of Finance with any advice about a possible 10% cap on shares held by any single company or individual. … The Ombudsmen’s ruling also says that the basis for the 85% to 90% domestic take-up rate and the 10% cap for any one shareholder was oral advice provided by Ministerial advisers and informal discussions with market contacts. …

In other words the Nats have been advising themselves about whatever fairy story they want the public to believe. And they’ve been caught out just days before the election. Read on for plenty more disturbing revelations in this report:

A significant amount of information is being held back from the public about this asset sales programme. In fact five official reports on asset sales policy are being kept secret.

The Ombudsman has made an official ruling that the Government was right to refuse the release of these papers. The ruling says it is too early in the sales process, and if the information got out now it could affect the amount of money gained from these assets. The ruling also says the negative economic impact of that could be significant given the total asset sales price is expected to be between $5 billion and $7 billion.

ONE News has argued that people need this information to judge whether the asset sales policy stacks up, given they are about to go to the polls in a few days’ time. The Ombudsman will hear ONE News’ final case tomorrow and make a final ruling probably by Thursday. That would leave one day for this to be debated before people go to the polls to vote on Saturday.

We’re being asked to vote to sell our best performing assets on the basis of lies and incomplete information. In the best case, if the Ombudsman decides that the public has a right to know what’s going on, we get one day to assimilate it before the election. It’s nonsense, it’s a travesty, it should never have come to this.

53 comments on “Nat asset sales lies”

  1. Colonial Viper 1

    And these lies the only be the very tip of a massive iceberg of deception that the Right Wing is pulling on every NZer. I’ll be out again today making it clear to voters that a vote for National is a vote to sell our great country out to foreign ownership.

  2. bill 2

    Both Phil Goff and Andrew Little supported selling Air New Zealand to Quantas isnt it being a bit hypocritical to be saying what they are saying now?

    [ you need to actually look at what happened when Labour bought AirNZ, rather than just repeat Kiwiblog’s latest lie. Also, learn to spell Qantas. Eddie]

  3. kriswgtn 3

    Key was on Breakfast comparing the partial sale of Trade me to his plans for selling our Kids future to his mates

    TRADEME is owned by Fairfax u dick WE own these assets not you or ur tory mates..

    I have been going hard out on Facebook and have managed to persuade a few younglings to vote
    Not many had heard of the youth rates plan

    seems the story isnt and hasnt been getting across or maybe they dont care i dunno

  4. Lazy Susan 4

    None of National’s so called reasoning behind asset sales stacks up. Most business commentators and economists think it’s a dumb idea and an overwhelming majority of New Zealander’s oppose it. Seeing as National focus group the life out of every other policy why are they so comitted to this one when it’s so widely opposed?

    Two reasons – pig-headed ideology and a nice big hand out to their wealthy mates who can then price gouge and asset strip.

    John Key is tired and the brand is damaged – his star has passed the pinnacle of it’s trajectory. If, and it’s a big if, National do form the next government, once the asset sales programme kicks in Key’s brand would take bigger and bigger hits. Key knows this and I reckon if National gain another term he will resign within 12 months “to spend more time with his family” before any asset sales begin. That’s when Kiwibank, ACC and numerous other assets will go up for sale – the firesale will be unstoppable and we will become defenceless clients in our own country.

    Remember Key has only ever offered an assurance that Kiwibank etc. will not be up fo sale “while I’m Prime Minister”. He will want to have a legacy as ” NZ’s most popular Prime Minister” – not as the guy who sold us out.

    • queenstfarmer 4.1

      Remember Key has only ever offered an assurance that Kiwibank etc. will not be up fo sale “while I’m Prime Minister”.

      And what would you have him do? He can no more limit what his eventual successsors may do than Phil Goff can control what his successor will do. Why it was just the other day that Labour Party stalwart mickysavage said on this very site:

      And by the way I would actually support the sell down of Air New Zealand shares…

      So, if mickysavage one day becomes (or re-becomes!) leader of Labour, AirNZ would presumably be on the block. And other assets that meet his criteria for sale.

    • Draco T Bastard 4.2

      Seeing as National focus group the life out of every other policy why are they so comitted to this one when it’s so widely opposed?

      They are solely in power to pass our assets off to themselves and their rich mates making all the rest of us serfs – if we’re lucky.

    • Pigheaded ideology is what pigs think when their noses are in the trough.

  5. So let me get this straight…….

    – NZdrs have paid for and own a series of assets.

    – The governments wants some more money.

    – They say we have money.

    – They want our money.

    – So they are going to sell us shares in what we already own.

    – So we hand over our savings, assume a risk that we will lose our money, in hope that we will get a return bigger than the rate of inflation.

    – The government will then take our money and use it to plug gaps in their budget created by giving tax cuts to the rich.

    To convince us that it is a good idea and hide from us the downside….

    – They announce, (3+ years after they first announced the sale and just before the election), a new idea that the money will go into a fund with laudable aims – except all of those aims should be a part of their normal budget.

    – They hide the fact that they have no Treasury advice on who will be able buy the shares.

    – They ignore the fact that because of increased inequality, increased unemployment, a low wage economy, an internationally recognised low rate of savings – only the rich and institutions will be able to buy the shares.

    – To hide this and to make us feel good they use terms like “mum and dad investors”

    – They ignore that fact that they cannot prevent the shares being on sold to foreign interests.

    – In the week before an election based in asset sales it is revealed that they have a number of reports from government departments that they refuse to release using the excuse that they “commercial sensitive”.

    • Uturn 5.1

      +1

      Now if you could only sum it all up in four words or less, a nice slogan, so it would hold all the power of the truth but none of the pesky thought, reflection and realisation required to comprehend it, you’d get through to NZ voters.

      It’s utterly frustrating knowing that people will not accept any information that isn’t in the form of a soundbite. And if information does get through, the next hurdle is whether the person feels they like the idea or not – not if it’s true or right.

    • insider 5.2

      The Govt buys and sells assets all the time and no-one seems to care. It buys property and sells it off when it has no more use for it. It’s been doing that pretty much since our founding. Look at how many schools have been closed and the land sold off in the last 20-30 years, or old railway lines or road alignments. Why have these passed under the radar? Surely there is no philosophical difference.

      • Uturn 5.2.1

        They haven’t passed under the radar. What do you want – to jump in a time machine and revisit the arguments that happened in the past?

        If I come round to your house and steal your stuff and I’m not caught, though you later find out some stuff is gone, it’s ok with you for me to do it again? And if you don’t report the theft immediately, the police can disregard you complaint – since you aren’t really all that bothered.

        That must be it.

        Your words imply that silence and the inaction of the disempowered and ignored is approval; that memory is reality (once momentarily forgotten, the original deed did not happen); that no one may learn from experience; and that levels of importance do not exist.

        What other amazing ingenuine gymnastics will you try next?

        That a person, held in custody or oppressed for any reason, has no human value, no rights, or choice of their own.

        That all the people in the history of the world that you personally didn’t meet or can remember, didn’t exist. And everything you don’t know right now, but that others do and don’t say, also doesn’t exist.

        Once someone commits to a behaviour, or consents to an action, they may not ever change their consent, or consider changing their minds. That changing one’s mind in the face of considered evidence is hypocrisy.

        Or that since people stub their toe and don’t see a doctor, those with internal bleeding should not see a doctor either.

        And of course, anyone who doesn’t agree or reflect your values is stupid and unworthy of being heard.

        Are you a troll, or do you just not understand the English language?

      • mik e 5.2.2

        yeah its not selling your best preforming assets at bargain basement prices as for rail assets the vultures made in excess of $ billion dollars out of the land they got for nothing!
        Insider trading they call it they were punished by the courts but the ill gotten gain is in a swiss bank account. Third world banana republic style

  6. Karl Sinclair 6

    Supposedly the NATs really care and selling the Assets for much needed cash to pay for Schools, Health etc…. yeah right….. Its another TAX, just delayed…..

    Unfortunately if you begin to dig into similar experiments in raising cash you see the picture is not so pritty, see below

    Taken from: Public Services International Research Unit

    http://www.psiru.org/node/16067

    UK citizens pay £24billion extra for PPPs, profits go to tax havens

    “Since PFI was first devised in 1992, more than £70bn ($114bn) of capital has been raised to provide new hospitals, schools and prisons, new roads and defence projects. These services are being provided now. But payment for them – including their running and maintenance – will cost taxpayers, including children yet unborn, £240bn to 2050. This is equivalent to about one-seventh of current national income.”

    A recent report by the European Services Strategy Unit also showed that PFI projects had been sold on repeatedly, generating profits of over £10 billion. At least 90 of the 700 existing PFI projects are now owned by companies based in tax havens, so that UK citizens did not even receive tax revenues on these profits made out of government spending. http://www.european-services-strategy.org.uk/news/the-ps10bn-sale-of-shares-in-ppp-companies-new

  7. marsman 7

    No mention in Stuff about the Asset Sales Scam.

  8. Karl Sinclair 8

    Need to Know – A PBS video on Privatizing infrastructure:

    This sums up the game of Privatisation – basically it highlights how risk is transfered to the public while profit goes to the Companies….

    http://video.pbs.org/video/2132368113/

    • LynW 8.1

      Thanks Karl for both links on privatisation. Very well explained. I just can’t understand why the polls continue to show NZr’s are supporing Key despite his proposed asset sales!

  9. Tom Gould 9

    Unbelievably inept that Espiner and the producer at One News didn’t seem to get that the “ministerial advisors” providing the advice are actually paid Tory political flunkies working for Tory ministers.

    • Keny Joh 9.1

      Rather bemused by the interview with 2 key economists on Asset Sales this morning on National Radio. I thought the economists and Radio NZs analysis was a little lite. Admittedly they only have a few sounds bites to get across their points, but I think the issues are little deeper. Questions such as the following were not asked: who assumes the risk (public); who gets the profit (private); and are public service employees competent enough to mix it up with big business? Interesting that the video: Need to Know – A PBS video on Privatizing infrastructure described by previous blogger seems to cover off these points….

      • Afewknowthetruth 9.1.1

        KJ

        Step outside the slave camp and you start to see a lot of hidden truths. Stay inside the slave camp and you will see and hear what the slave masters want you to see and hear.

        NR is an important channel for promotion of misinformation and DAU (disaster as usual).

    • tc 9.2

      Not inept but willfully omitted, Gluon knows exactly what’s going on…they all do.

      It’s called ‘controlling the mesaage’

  10. Herodotus 10

    What is national suppose to do when the logic, facts and public support is so totally opposed to this policy? Bend the truth to justify the policy outcomes. But unlike keeping the age of entitlement for retorted at65 key has not said he will resign should this policy be changed. He maybe just kicking the tires, pity he cannot see how distasteful this is to many

  11. Simon 11

    Key confirmed on RNZ this morning that he is not negotiable on assets sales. They will go ahead regardless of public opinion, regardless of coalition arrangements.

    http://www.radionz.co.nz/national/programmes/ninetonoon/audio/2503239/john-key.asx

    • tc 11.1

      That’s because it’s in his job description when recruited from business to front these clowns getting back into power…..looky here a state housing raised, solo mother success story, style and image first and foremost.

      blag another term so we can say ‘mandate to sell’ then off you go job done, by the way how many shares do you and your mates want ?

      • Afewknowthetruth 11.1.1

        tc

        Spot on, though I prefer to use the term ‘criminals’ when obvious malfeasance is involved and ‘clowns’ when acts of utter stupidity are involved.

  12. Blue 12

    No one really expected the Nats to have any real advice, did they? They haven’t sought any over any of their other idiotic policies, so why would they start now?

    They govern by ideology alone.

  13. Tangled up in blue 13

    It turns out that in fact Treasury gave him the opposite advice: “The balance of probabilities is that a higher minimum wage does not cost jobs”.

    Well that’s not quite true

    Let’s recap. Gower paints Treasury as supporting a two dollar increase in the minimum wage when in fact they fought against a twenty-five cent increase in 2010.

    http://offsettingbehaviour.blogspot.com/2011/11/treasury-on-minimum-wages.html

  14. jaundiced 14

    Am I missing something?

    I can’t find references to where the Government claimed they were relying on detailed Treasury advice on asset sales.

    All Guyon Espiner has found is that Treasury has not provided the Government with any detailed analysis of expected ownership after sales.

    Given the issues with Treasury advice in the past, I can only conclude that this is not necessarily a bad thing…

  15. Penny Bright 15

    http://www.scoop.co.nz/stories/PA1111/S00456/secret-state-owned-assets-documents-must-be-released.htm

    I agree with the Green Party 100% on this matter.

    ‘Secret State-Owned Asset’ documents MUST be released before the election.

    How can the public ‘cast an informed vote’ without the FACTS?

    Penny Bright
    Independent Candidate for Epsom
    Campaigning against ‘white collar’ CRIME, CORRUPTION and ‘CORPORATE WELFARE’

  16. Afewknowthetruth 16

    I suspect the global elites now recognise there is very little time left to loot the public purse before it all goes down. Their attempts to defy the laws of physics, chemistry, geology etc. are increasingly seen to be failing, and now they are struggling to even hold their phoney money system together.

    The US ‘super-committee’ has effectively admitted there is nothing they can do to prevent collpase (almost certainly before 2014). Maybe that is why faith in US political institutions is now measured as a single digitit percentage. And the Eurozone is already falling apart. NZ, Australia, Canada and a few other places provide the last reasonably stable places in which the looters can make a few fast bucks prior to the collapse.

    Key obviously knows we are in the early stages of systemic failure and is finding it increasingly difficult to keep up the pretence that he will provide the average NZer with anything other than destitution if re-elected. Lying continuously when things provide the facade of going well is obviously a lot easier for him than lying continuously when things are going badly.

    Just what game Goff is playing is hard to decide. He too must know the entire global Ponzi scheme is facing systemic collapse. Perhaps Goff’s lowish poll ratings make it easier for him to keep pretending the system has a future. It must be quite comforting knowing you are not going to have to deal with the triple tsunami* that is thindering up the beach.

    * post peak oil collapse, unravelling of fiat currencies and evironmental collpase.

    • Afewknowthetruth 16.1

      Sorry, I didn’t get to the editor quickly enough. Old age brings the ‘joys’ of failing eyesight and less nimble fingers.

      the triple tsunami* that is thundering up the beach.

      * post peak oil collapse, unravelling of fiat currencies and evironmental collapse.

  17. With all the talk about asset sales I just thought I’d do a bit of digging. Here is what I came up with. Again, one for your John Key voting mates: http://aotearoaawiderperspective.wordpress.com/2011/11/23/is-john-key-heading-for-a-position-with-goldman-sachs/

  18. Tom Gould 18

    And now MonKey is all over RNZ lying that he has actually “narrowed” the gap with the Aussies and we are doing better than them? Looks like his ‘ministerial advisors’ have been texting him again? Same guys who gave him the ‘S&P’ info, and the ‘asset sales’ info. When will the brain dead idiots in the MSM wake up that he is lying and scamming them? Ignorant fools.

    • Afewknowthetruth 18.1

      TG.

      ‘When will the brain dead idiots in the MSM wake up that he is lying and scamming them?’

      MSM is part of the misinformation system and cannot expose the truth.

      ‘In almost all other cases, the big well-funded media are owned by corporations or rich individuals.

      Now to own a national newspaper or television or radio station, you need to be rich; very rich indeed. I once saw the costings for the takeover of a tabloid newspaper: it required a minimum capitalisation of £400 million: almost four billion rand. You need, in other words, to be a multi-millionaire.

      Now what multi-millionaires want is what everybody wants: a better world for people like themselves. A better world for multi-millionaires is, by definition, a worse world for everybody else, for the simple reason that it relies upon vast levels of inequality. They don’t want everyone to become a multi-millionaire: in such circumstances there would be no point in being one. They want to remain richer and more powerful than everyone else.’

      http://www.monbiot.com/2004/10/06/no-longer-obeying-orders/

  19. What happens to the current management of the SOE if it becomes partially privatised ?

    Do they have to reapply for their jobs and will the first thing the company does be to up the salary package and ensure only the ‘best quality’ applicants need apply ?

    jobs for the boys you reckon ?

    • insider 19.1

      HAve you ever seen the board of an SOE? If you want jobs for the boys, go look at the red and blue tides that regularly sweep over them.

      SOEs already have to compete for managers in the market, so their salaries should not be affected.

    • KJT 19.2

      The ones I know are already salivating at the share options and higher pay they expect to get.

      • insider 19.2.1

        Frequently our expectations on salaries and benefits are not matched by the reality of the market… or maybe that’s just for me.

        The heads of Meridian and Mighty River are already on >1m. They’ll probably get more if they reach targets because a listed company is more complex (assuming they keep their jobs that is) and they’ll likely incentivise share value growth. But the others need to look at their counterparts at Contact and Trustpower, or Powerco, or Wellington Lines etc. If those guys are getting them, then yes they might improve, but if they are on par, change shouldn’t be dramatic unless performance change is dramatic.

  20. Afewknowthetruth 20

    trav.

    Thanks for that. Presumably Key is already on the GS payroll and collecting a retainer. And presumably the bonus comes upon satisfactory completion of the looting.

    ‘a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.’

    Goldman Sachs: The Wall Street Bubble Mafia

    July 1st, 2009

    This was published last week in Rolling Stone issue 1082-83. As of now, Rolling Stone has not posted this article online.

    THE GREAT AMERICAN BUBBLE MACHINE

    From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression – and they’re about to do it again

    By MATT TAIBBI

    The first thing you need to know about Goldman Sachs is that it’s everywhere. The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled-dry American empire, reads like a Who’s Who of Goldman Sachs graduates.

    By now, most of us know the major players. As George Bush’s last Treasury secretary, former Goldman CEO Henry Paulson was the architect of the bailout, a suspiciously self-serving plan to funnel trillions of Your Dollars to a handful of his old friends on Wall Street. Robert Rubin, Bill Clinton’s former Treasury secretary, spent 26 years at Goldman before becoming chairman of Citigroup – which in turn got a $300 billion taxpayer bailout from Paulson. There’s John Thain, the rear end in a top hat chief of Merrill Lynch who bought an $87,000 area rug for his office as his company was imploding; a former Goldman banker, Thain enjoyed a multibillion-dollar handout from Paulson, who used billions in taxpayer funds to help Bank of America rescue Thain’s sorry company. And Robert Steel, the former Goldmanite head of Wachovia, scored himself and his fellow executives $225 million in golden parachute payments as his bank was self-destructing. There’s Joshua Bolten, Bush’s chief of staff during the bailout, and Mark Patterson, the current Treasury chief of staff, who was a Goldman lobbyist just a year ago, and Ed Liddy, the former Goldman director whom Paulson put in charge of bailed-out insurance giant AIG, which forked over $13 billion to Goldman after Liddy came on board. The heads of the Canadian and Italian national banks are Goldman alums, as is the head of the World Bank, the head of the New York Stock Exchange, the last two heads of the Federal Reserve Bank of New York – which, incidentally, is now in charge of overseeing Goldman – not to mention …

    But then, any attempt to construct a narrative around all the former Goldmanites in influential positions quickly becomes an absurd and pointless exercise, like trying to make a list of everything. What you need to know is the big picture: If America is circling the drain, Goldman Sachs has found a way to be that drain – an extremely unfortunate loophole in the system of Western democratic capitalism, which never foresaw that in a society governed passively by free markets and free elections, organized greed always defeats disorganized democracy.

    The bank’s unprecedented reach and power have enabled it to turn all of America into a giant pump-and-dump scam, manipulating whole economic sectors for years at a time, moving the dice game as this or that market collapses, and all the time gorging itself on the unseen costs that are breaking families everywhere – high gas prices, rising consumer-credit rates, half-eaten pension funds, mass layoffs, future taxes to pay off bailouts. All that money that you’re losing, it’s going somewhere, and in both a literal and a figurative sense, Goldman Sachs is where it’s going: The bank is a huge, highly sophisticated engine for converting the useful, deployed wealth of society into the least useful, most wasteful and insoluble substance on Earth – pure profit for rich individuals.

  21. mike 21

    I can see it clearly, John Key once finished raping our country, getting on a plane for some high-powered job overseas saying, “Thanks New Ziland, ackshully I’ve been great.”

    He really looks tired, that mask must be heavy. I’m thinking he’s wishing he was back on Wall St gleefully squeezing money out of the middle class without pretence. Or as he put it “just executing orders.”

  22. Robert M 22

    The partial asset sales are only a short term adjustment and pallative to get $6 billion captial to help us get thru the next three years without great structural adjustment. An argument can be made they are a useful capital raiser for these business’s. In reality these business’s cant be fully privatised and sold without disaster anyway. The power companies are vital and absolutely economically and constitutionally strategic. The Government will have to maintain at least a 51% control. There is ample evidence from the last 20 years in NZ and enron’s exploitatiion of power supply in California that complete private control in likely to lead to blackouts, disruption and anarchy. In the case of Air NZ a fully privatised Air NZ will either go bankrupt or pass completly into foreigh control.
    So these asset sales are only a short term pallative and the Nats or Labour will have to adopt more radical policies in the medium term. Real money thru privatisation and restructuring has to mean radical change in health and education and this has largely already happened in the US, UK and Aus.

    • Draco T Bastard 22.1

      There is ample evidence from the last 20 years in NZ and enron’s exploitatiion of power supply in California that complete private control in likely to lead to blackouts, disruption and anarchy.

      http://en.wikipedia.org/wiki/2006_Auckland_Blackout
      http://en.wikipedia.org/wiki/1998_Auckland_power_crisis

      Plenty of evidence here as well.

      • tang 22.1.1

        Of course there would be blackouts they would squeeze every cent and put in their pocket rather than invest in the company and leave the government of the day to buy it back when it has been shrivelled to almost nothing.

      • insider 22.1.2

        Unfortunately for you draco both those issues were due to local or central govt monopolies that had underinvested or designed and maintained their systems poorly.

        In 2008 the private company Contact helped avert a crisis by bringing back into service its outdated New Plymouth power station after Genesis and Meridian played fast and loose with the system.

        • mik e 22.1.2.1

          Insider trading BS again Their was a drought you idiot

          • insider 22.1.2.1.1

            Go and read the review of winter 2008 and it will tell you that the failure of Meridian and Genesis to act responsibly and agree hedges instead of muscling up to each other was a key driver of supply fears. AS a result there was a significant percentage of energy generation opportunity wasted that could have been utilised. Two SOEs acting badly pushed the power system to its limits. ANd you guys worry about privitisation.

        • Draco T Bastard 22.1.2.2

          It was actually due to being changed from service driven to profit driven. Also, the lines in Auckland were sold a long time ago into private hands.

          • insider 22.1.2.2.1

            No Draco, read the incident report. It was pure and simple bureaucratic incompetance that had been going on for years. The cables had never been adequately maintained. Change in ownership structure was irrelevant – the managment stayed the same.

            Note: Vector is 75% owned by the local councils through the consumer trust holding company. It’s basically a reconstitued MED with a few private shareholders. Next to nothing private about it. You really should read the pages you link to.

  23. tang 23

    So lets make our votes count and vote labour the only party big enough to stop this shananigan from happening. Why not release the papers for goodness sake we are in a democracy but we seem to enjoy being dictated to by this shonkey John.

  24. anne 24

    Here is the reason that John Key has blocked any release of the paper work,he claims it would affect the price of the assets or some weak excuse, the reasons are more sinister than that.
    He didn’t want the public knowing the real truth because.

    On 1st November 2011 he appointed these following advisors to the crown with regard to
    the sale of tax payer paid assets.
    The Deutsche Bank, this bank bought the Bankers Trust,the bank where Key learned his first
    steps in the Derivatives trade now causing the Global financial collapse.
    Craigs Investment partners, Criss Tims who is an ex Golman Sachs Investment Advisor.
    Australian Lazard who have already been in NZ preparing our assets for sale.
    Key met with Timothy Geithner,who is a sub serviant to Rober Rubin who is a Golman Sachs man.
    So our tax payer paid Assets are in great danger and the rhetoric of selling them to ‘mums and dads’ is an absolute lie,this needs to be exposed,shame it didnt come out earlier,its never too late though.

  25. anne 25

    Also those bankers that traded in the derivatives that are causing the global financial crisis are finding their way into those countries governments and ruling parties.

  26. anne 26

    Why is it that a man who also partly responsible for the 1987 near crash on our nz dollar be in such a position that allows him to have the power to sell tax payers assets,just because he can,
    he has deliberatly run up debt in order for there to be an excuse for a sale.In 1987 The then gov of the nz reserve bank phoned new york and told bankers trust to stop the raid on our dollar.
    To think this man is in control of our enconomy is downright scary.

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    1 day ago
  • Why is New Zealand still the exception on deposit protection?
    I took the opportunity to question the Reserve Bank Governor, Graeme Wheeler, about New Zealand’s lack of deposit protection in front of the Finance and Expenditure Select Committee in Parliament yesterday. Why does the Reserve Bank continue to oppose protecting ...
    GreensBy James Shaw
    1 day ago
  • Statement on proposed United Nations role
    “There has been a high degree of media interest in New Zealand about a possible post with the United Nations. “My name has been proposed to the United Nations Secretary General to be his Special Representative in South Sudan. ...
    1 day ago
  • David Shearer proposed for UN peacekeeping role
    Mt Albert MP David Shearer is being proposed for a demanding and exciting role heading the United Nations peacekeeping force in South Sudan, says Labour Leader Andrew Little. “David has kept me fully informed about this opportunity and we are ...
    1 day ago
  • Karori Kids and Campbell Kindergarten must be saved
    The Minister of Education needs to show some leadership and secure the future of two not-for-profit early childhood education centres that could be faced with closure as the land they sit on is up for sale, Grant Robertson Labour MP ...
    1 day ago
  • Ministry reveals shocking charter school results
    NCEA results for charter schools have been massively overstated with documents revealing many students leaving school without basic NCEA level two qualifications despite this being a main educational target for the Government, says Labour Education spokesperson Chris Hipkins.  “Documents obtained ...
    1 day ago
  • Minister must protect MSD staff
      The Minister of Social Development should immediately implement safer work practices to ensure tragedies such as the Ashburton killings don’t happen again, says Labour’s Social Development spokesperson Carmel Sepuloni.   ...
    2 days ago
  • A vote for the Māori Party is a vote for National
    Comments made by the Māori Party leadership in the wake of John Key’s surprise resignation make one thing clear: a vote for them is a vote for a fourth term National Government, and the increasing inequality and poverty for Māori ...
    2 days ago
  • Collins and English split over police funding
    The bloodletting has already begun with splits and divisions emerging after the Police Minister knifed the Finance Minister via the media, says Labour Police spokesman Stuart Nash. ...
    2 days ago
  • Next Prime Minister must tackle foreign speculators
    The public rightly puts much of the blame for the housing bubble at the feet of foreign speculators, and the next Prime Minister must listen to their concerns, says Labour’s Housing spokesperson Phil Twyford. ...
    2 days ago
  • NZ student performance slips in international study – again
    The continuing fall in Kiwi kids’ performance in the OECD Programme for International Student Assessment (PISA) study shows the damage being inflicted by National’s cuts to education and one-size-fits-all approach, says Labour’s Education spokesperson Chris Hipkins. “For years, National has ...
    2 days ago
  • CYF reforms dangerous backward step
    Child protection has taken a massive step backwards today with the Government passing a Bill that will give significant powers to unspecified ‘professionals’ or contract holders, says Labour’s Acting Children’s spokesperson Carmel Sepuloni. ...
    3 days ago
  • Improve workplaces, and address domestic violence
    Last week the Productivity Commission put out a report about how to grow “weak labour productivity”. These views are being criticised as being straight out of the 1980s. What is a real problem is that we have a problem of ...
    GreensBy Jan Logie
    3 days ago
  • Palm oil industry implicated in human rights abuses
    The Green Party has campaigned for several years for mandatory palm oil labeling to give consumers choice. Most consumers do not want to support a palm oil industry that is destroying tropical rainforests and contributing to dangerous climate change emissions. ...
    GreensBy Mojo Mathers
    3 days ago
  • Syphilis on the rise in NZ
    Cases of syphilis are increasing in Auckland. You read that right, syphilis!  RNZ reported today that rates of syphilis have increased by 71 percent (between 2013-2015). We have known about the increase in syphilis figures for a while, but nothing ...
    GreensBy Julie Anne Genter
    4 days ago
  • We need to work smarter not longer
    The charade of this Government’s sound economic management is unraveling. Misleading GDP figures, pumped up by property speculation and high immigration, have given the impression that all is well, masking our continued productivity decline compared to OECD countries. In fact, ...
    GreensBy Barry Coates
    4 days ago
  • Statement on John Key’s resignation
    Labour Party Leader Andrew Little has acknowledged John Key’s contribution to Government.  “John Key has served New Zealand generously and with dedication. Although we may have had our policy differences over the years, I respect the Prime Minister’s decision to ...
    4 days ago
  • Positive plan secures victory
    The victory of Labour’s newest MP, Michael Wood, in Mt Roskill is the result of a well-organised campaign run with honesty and integrity, says Labour Leader Andrew Little. “I congratulate Michael Wood on his great victory. He will be a ...
    6 days ago
  • Wave of support for Kiwibuild continues to grow
    Apartment builder Ockham Residential has become the latest voice to call for the government to build affordable homes for Kiwi families to buy, says Labour’s housing spokesperson Phil Twyford. “Helen O'Sullivan of Ockham has now joined prominent businesspeople like EMA ...
    7 days ago
  • Cuba Si Yankee No – Fidel Castro and the Revolution
    The death of Fidel Castro is a huge historical moment for the older generation who grew up with the toppling of Batista, the Bay of Pigs debacle, the death of Che Guevara and the US blockade against Cuba. For younger ...
    GreensBy Catherine Delahunty
    7 days ago
  • Government slashes observer coverage, fails snapper fishery
    The Ministry for Primary Industries (MPI) has more than halved the number of fisheries observers in the East Coast North Island snapper trawl fishery (SNA1). This reduction in observer days, combined with major failures in an unproven and controversial video ...
    GreensBy Eugenie Sage
    7 days ago
  • ‘Exemplar’ Māori Land Court under siege
    TheMāori Land Court, hailed as an “exemplar” by the Ministry of Justice chief executive and Secretary, Andrew Bridgman is under siege by the Government through Māori land reforms and a Ministry restructure, says Labour’s Ikaroa-Rāwhiti MP Meka Whaitiri. ...
    1 week ago
  • He Poroporoaki ki a Te Awanuiārangi Black
    Kua hinga he whatukura o Tauranga Moana. Kua hinga rangatira o te iwi Māori. Ka tangi tonu ana te ngākau nā tāna wehe kei tua o te ārai. E rere haere ana ngā mihi aroha o mātou o Te Rōpū ...
    GreensBy Marama Davidson
    1 week ago
  • CYF reforms ignoring whānau based solution
    When approximately 60 per cent of children in state care are Māori processes need to change in favour of whānau, hapū and iwi solutions, said Labour’s Whānau Ora spokesperson Nanaia Mahuta.  “Widespread concern about Government reforms of Child Youth and ...
    1 week ago
  • Hip and knees surgery takes a tumble
    The statistics for hip and knee electives under this Government make depressing reading, says Labour’s Health spokesperson Annette King.  “Under the last Labour Government we achieved a 91 per cent growth in hip and knee elective surgery. Sadly under this ...
    1 week ago
  • Parata’s spin can’t hide cuts to early childhood education
    No amount of spin from Hekia Parata can hide the fact that per-child funding for early childhood education has been steadily decreasing under the National government, Labour’s Education spokesperson Chris Hipkins says. “In the 2009/10 year early childhood services received ...
    1 week ago
  • Nats will jump at chance to vote for KiwiBuild Bill
    National will welcome the chance to vote for a real solution to the housing crisis after their many, many failed attempts, says Labour MP for Te Tai Tokerau Kelvin Davis. Kelvin Davis’s Housing Corporation (Affordable Housing Development) Amendment Bill was ...
    1 week ago
  • Million dollar houses put homeownership out of reach of middle New Zealand
    35% of New Zealanders now live in places where the average house costs over a million dollars, and it’s killing the Kiwi dream of owning your own place, says Labour’s housing spokesperson Phil Twyford. Latest QV stats show that Queenstown ...
    1 week ago
  • Opportunity for political parties to back Kiwi-made and Kiwi jobs
    The First Reading in Parliament today of his Our Work, Our Future Bill is a chance for political parties to ensure the government buys Kiwi-made more often and backs Kiwi jobs, says Leader of the Opposition Andrew Little. The reading ...
    1 week ago
  • Solid Energy must open the drift
    Solid Energy is showing no moral spine and should not have any legal right to block re-entry into the Pike River drift, says Damien O’Connor MP for West Coast-Tasman.  “Todays failed meeting with  representatives from the state owned company is ...
    1 week ago
  • 20,000 at risk students “missing”
    A briefing to the Minister of Education reveals 20,000 at-risk students can’t be found, undermining claims by Hekia Parata that a new funding model would ensure additional funding reached students identified as at-risk, says Labour’s Education spokesperson Chris Hipkins. ...
    1 week ago
  • Crime continues to rise
    Overall crime is up five per cent and the Government just doesn’t seem to care, says Labour’s Police Spokesperson Stuart Nash. ...
    1 week ago
  • Treasury fritters $10 million on failed state house sell off
    The Treasury has wasted $10 million in two years on the National Government's flawed state house sell off programme, including nearly $5.5 million on consultants, says Labour Finance spokesperson Grant Robertson. "New Zealand needs more state housing than ever, with ...
    1 week ago
  • National slow to learn new trade lessons post TPPA
    Yesterday, the Minister for Trade misused economic data in order to try to make the case for more so-called ‘trade agreements’ like the TPPA which are actually deregulatory straitjackets in disguise. In welcoming a Ministry of Foreign Affairs and Trade ...
    GreensBy Barry Coates
    1 week ago
  • Skilled migrant wages plummeting under National
    Wages have plummeted for people with skilled migrant visas working in low-skilled occupations, driving down wages for workers in a number of industries, says Labour’s Immigration Spokesperson Iain Lees-Galloway. “Documents acquired by Labour under the Official Information Act reveal that ...
    1 week ago
  • Child abuse apology needed
    The Government's failure to act on recommendations from Judge Henwood, based on years of work by the Confidential Listening and Assistance Service (CLAS) will further undermine any faith victims may have put into the process, says Labour’s Children’s Spokesperson Jacinda ...
    1 week ago
  • Reserve Bank again highlights National’s housing failure
    National’s failure to deal with the housing crisis in New Zealand is once again being exposed by the Reserve Bank today, in a scathing assessment of the Government’s response, says Labour Finance spokesperson Grant Robertson “Governor Wheeler is clearly worried ...
    1 week ago
  • Palm Oil Labelling: Possible Progress?
    On Friday, the Minister for Food Safety, along with her Australian colleagues finally looked at the issue of mandatory labelling of palm oil. We’ve been calling for mandatory labelling for years and we were hoping that the Ministers would agree ...
    GreensBy Mojo Mathers
    1 week ago
  • National: Fails to achieve
    The ineffectiveness of the National Government’s approach to schooling has been highlighted by the latest Trends in International Maths and Science Study (TIMSS) report released overnight, Labour’s Education spokesperson Chris Hipkins says. ...
    1 week ago
  • Faster into Homes – a new pathway for first home buyers
    This week Parliament will select another members’ bill from the cookie tin (I kid you not, it really is a cookie tin) and I’ve just launched a new bill I’m hoping will get pulled – to help people get into ...
    GreensBy Gareth Hughes
    1 week ago
  • Selling off our state housing stock isn’t working for NZers
    I want to end homelessness and ensure that everyone has a warm, safe, dry home. This National Government has let down New Zealanders, especially the thousands of New Zealanders who are struggling with something so basic and important as housing. ...
    GreensBy Marama Davidson
    1 week ago
  • Government needs to ensure fair deal on EQC assessments
    Kiwis affected by earthquakes might not get a fair deal if the Government pushes ahead with secret plans to let private insurers take over the assessment of claims, says Labour’s Canterbury spokesperson Megan Woods. “Under questioning from Labour the Government ...
    1 week ago
  • Key’s priorities the real ‘load of nonsense’
    The Prime Minister’s fixation with tax cuts, despite a failure to pay down any debt and growing pressure on public services is the real ‘load of nonsense’, says Labour Finance spokesperson Grant Robertson.  “We’re getting mixed messages from National. John ...
    1 week ago
  • Free Speech and Hate Speech
    Last week we were very concerned to hear that an Auckland imam, Dr Anwar Sahib, had been preaching divisive and derogatory messages about Jewish people and women during his sermons. It was a disturbing incident coming at the end of ...
    GreensBy James Shaw
    1 week ago
  • Young Kiwis struggling under record mortgage debt
    The Government needs to step in and start building affordable homes for first homebuyers now more than ever, says Leader of the Opposition Andrew Little. ...
    1 week ago
  • Tairāwhiti says No Stat Oil!
    Tairāwhiti says yes to a clean environment for our mokopuna today and for generations to come. Tairāwhiti are have a responsibility to uphold their mana motuhake over their land and their peoples and are calling on the Government to honour ...
    GreensBy Marama Davidson
    2 weeks ago
  • Swimmable Rivers tour – Ōkahukura/Lucas Creek
    When Environment Minister Nick Smith said in Parliament that some waterways – like Auckland’s Lucas Creek – are not worth saving because no-one wants to swim in them, he forgot to ask the locals we met last week who have put ...
    GreensBy Catherine Delahunty
    2 weeks ago
  • Wellington business relief package needs flexibility
    The Government’s Wellington business support package is welcome news but needs to be implemented so that all affected businesses get the help they need, says Labour MP for Wellington Central Grant Robertson. “Wellington businesses will be pleased that the Government ...
    2 weeks ago