Throw another mil on the barbie

Written By: - Date published: 7:00 am, March 5th, 2013 - 103 comments
Categories: privatisation - Tags:

National’s going to spend a million taxpayer dollars just on advertising trying to convince Kiwis to sign up to buy something we already own and just in the ‘pre-registration’ phase of the Mighty River sale. God knows what the full cost of the sale will be. They’ve wasted $26m already and seem determined to keep throwing good money after bad while ignoring Kiwis’ howls of protest.

103 comments on “Throw another mil on the barbie”

  1. johnm 1

    Keyshine boy is a disgrace and his government. They’re determined to keep kissing the market’s bum to the better end while impoverishing kiwis to the bitter end of being economic aliens in their own land.:-(

  2. johnm 2

    Spelling correction to above bitter not better.

  3. Don't worry be happy 3

    Where the bloody hell is Labour?

    • SpaceMonkey 3.1

      Shaping up to be National’s coalition partner next election… O.O

    • David H 3.2

      Too busy infighting, and acting like spoiled children as usual! The sooner they sort their shit out the better.

      • Tom Gould 3.2.1

        The chooks aren’t interested. They have their $1m ad spend over a fortnight, and the marketing folks tell the editorial folks what’s up. Labour, nor the Greens, will not get any cut through, because the headlines and the copy has already been written.

        • Colonial Viper 3.2.1.1

          Yep. It was probably all written up and signed off before Christmas.

  4. johnm 4

    “Quoted in a New York Times article on Monday that describes the current economy as a “golden age for corporate profit,” Savita Subramanian, who heads the equity and quantitative strategy for Bank of America Merrill Lynch, said that despite the terrible times for working people and warnings that nearly three-quarters of a million jobs could be lost this year in the US, “the market wants more austerity.”

    “Corporate Profits Soar as Worker Income Limps

    Experts estimate so-called budget sequestration could cost the country about 700,000 jobs, but Wall Street doesn’t expect the cuts to substantially alter corporate profits or threaten stock markets. ”

    It’s the s*dding market and corporate profits and the 1% that count, the Public Sector gets sold off to make these parasites richer. 🙁

    http://www.commondreams.org/headline/2013/03/04-1

    Bank of America Merrill Lynch, said that despite the terrible times for working people. Who used to work for Merrill Lynch?

  5. Lanthanide 5

    This is the government’s job policy – money for advert men.

  6. Colonial Viper 6

    A million dollars here, a million dollars there. Pretty soon it starts adding up to real money.

  7. Dv 7

    AND the 80% nz ownership means that 20% of the float will/could go off shore!!!!

    Perhaps the headline should be 20% of Might river to be sold off shore!!!!

  8. Skinny 8

    A million here, ten’s of million there to the Australian bankers advising on the sale of ‘our’ assets where will it end?

    Well it should end with Labour & the Green announcing the assets will be re-nationalised back. Send a clear message that if you buy shares you will get back what you paid for them. Perhaps minus the bankers fee etc.

  9. tarkwin 10

    You could always try buying some share. I will be.

    • karol 10.1

      I could afford it, but I wont.

      The sale is destructive to NZ, and will increase inequalities… downward spiral.

      • tarkwin 10.1.1

        I personally disagree with assett sales. I also believe the worst thing to happen to this country was Max Bradford privatising the electricity industry. However, this is going to happen. So every share bought by a Kiwi is a share that stays here. I’m nothing if not pragmatic.

      • indiana 10.1.2

        The rich get richer because they think and act about becoming richer…an opportunity exists to become richer by taking a risk and investing in a company that will pay regular dividends…inequalities will exist and increase so long as there are people who don’t act and behave like rich people.

        • Colonial Viper 10.1.2.1

          Funny how these rich pricks have to steal our nations assets in order to put their tax cut wealth into

          Why don’t they take a risk and create some worthwhile assets for themselves instead of sponging off the work of generations of NZers.

          • Arfamo 10.1.2.1.1

            Because the ideal investments are those that bring highest returns for lowest risk. Investing in a business that creates or sells products or services that may be out-competed is much more risky than buying into a power company that is creaming it already without having to produce anything extra than the services it already supplies.

            This makes perfect sense to a money trader like Key whose focus is on making money for themselves and their clients, and for anyone with the spare money to invest. In fact it’s vital for them to do it – accumulating financial assets is their guarantee of security – they know the merry go round will spin off its axis at some point and they want to be insulated from the crash and burn. It doesn’t make sense for a truly democratic government looking to grow an economy based on new jobs from supplying products or services to have an investment strategy that is ultimately likely to cost more jobs than it creates.

            But it’s become a me-first dog-eat-dog world which makes people concerned about their own futures, not those of the broader society, or the future of succeeding generations.

          • indiana 10.1.2.1.2

            There is nothing illegal going on here, nothing is being stolen…a government was elected on well announced policy plans.

            • pollywog 10.1.2.1.2.1

              It’s the future generation’s guaranteed ownership of past generation’s assets that’s being stolen.

              It may not be illegal but it sure as fuck ain’t right!

              • indiana

                51% is still theirs…even better it the bit that actually holds all the cards in terms of future governance.

                • Draco T Bastard

                  Except that it doesn’t. The laws of NZ have it so that the majority shares cannot act against the financial good of the minority which means that we’ve lost all control of those assets.

                • felixviper

                  Wow, you went from “nothing” to “49%” pretty quick.

              • Arfamo

                It’s unethical, undemocratic, and simply unfair to provide a select group of people with the ability to buy and extract a profit from everybody using an asset they already own as taxpayers. If you want to take the line that it’s not illegal so therefore it’s ok, how far do you run with that? Much of what happened in Nazi Germany was not illegal. Legislation was passed to legitimise it. Democracy was legalised out of existence.

            • Draco T Bastard 10.1.2.1.2.2

              Just because it’s legal doesn’t mean that it’s right.

              In the case of selling state assets that are strategic and natural monopolies selling them is down right immoral. And considering the fact that the majority of people oppose selling them then doing so is outright theft.

                • pollywog

                  Yep…thats the very much a majority of dumfucks. Probably the very same majority of dumfucks that voted our current government in and the same majority of dumfucks who keep them high in the polls

                  Glad we got that sorted…cheers!

                • Draco T Bastard

                  Oh, look, a RWNJ trying to use a non-scientific, self-selecting poll that supports his own delusions as evidence against reality.

                  Here, try this one:

                  A 3 News Reid Research poll shows New Zealanders remain opposed to the Government’s planned asset sales.

                  The poll asked 1000 voters whether they agreed with the partial privatisations.
                  The results showed 62 percent disagreed, 35 percent agreed and 3.5 percent were unsure.

                  • lovinthatchangefeeling

                    “A 3 News Reid Research poll shows New Zealanders remain opposed to the Government’s planned asset sales.”

                    Wow. A “scientific”poll that shows asset sales are unpopular … conducted over a year ago.

                    That now looks as relevant as the 80% figure of Kiwis opposed to Partial Privitisation that Cap’n Mumblefuck pulled out of his arse 🙂

                    • Colonial Viper

                      NZ balance of payments going down the tubes. The small minded and short term thinkers more than willing to press Flush.

                    • Draco T Bastard

                      There doesn’t appear to be anything later. Probably the MSM wanting to keep the government happy by not reminding people that the government is selling out the country’s future.

                • felixviper

                  lolz indiana actually believes that 61% of kiwis can afford $1000 worth of shares.

                  • Treetop

                    Could you imagine a person putting in for an advance of benefit (a loan for a necessary cost) to buy Mighty River shares?

                    100% uptake guarantee.

          • johnm 10.1.2.1.3

            CV
            Right. +1

      • tc 10.1.3

        Do It Karol, everyone should. Keep them in NZ hands as it’s inevitable Shonkey’s mates will be pining for them.

        My bet would be on only so many going to kiwis regardless of how many apply so the more apply the more likely this porky will get flushed out before the next goes on the block.

  10. ScottGN 11

    What “howls of protest”? Apart from blogs like this I haven’t really heard any. Sure polling shows that the public are opposed to the sales and the petition has garnered enough signatures etc but it’s clear that whatever disquiet there is it isn’t enough to shift anyone’s voting intentions.
    Fresh from their victory in the Supreme Court (which has been reported in a way that adds a gloss of legitimacy to the whole asset sale programme) the goverment has been quick to try and move the conversation away from the politics of the thing and onto the benefits of the marvelous dividend stream that will flow from these companies.
    I hate to say it but Mighty river Power will be sold and about the only hope that the others won’t is that Bill English will run out of time to complete the programme before the next election. And regardless of what Key might say it’s obvious that if a 3rd term is achieved Kiwibank will be a goner.

  11. Karl Sinclair 12

    YOU WILL OBEY JOHN KEYS, YOU WILL OBEY JOYCE, YOU WILL OBEY BENNETT……………………Jump through the hoops little doggies…….

    ‘Obey’: Film Based on Chris Hedges’ ‘Death of the Liberal Class’
    Quote:
    British filmmaker Temujin Doran has released a new movie that is based on the book “The Death of the Liberal Class” by Truthdig columnist Chris Hedges. The film, titled “Obey,” explores the rise of the corporate state and the future of obedience in a world filled with unfettered capitalism, worsening inequality and environmental changes.

  12. Peter 13

    “Howls of protest”. Well, I’m howling of course, internally, but then again, I didn’t vote for this crap. However, just under 1 in 2 New Zealanders did!

    Hence, National does have a mandate for the sales. I hate to say it NZ, but you’ve got what you voted for. Now comes the buyers remorse.

  13. Lionel 14

    Why then is it not affecting their poll rating are they that phoney

    • Arfamo 14.1

      Yes they are phoney but people seem to prefer phoney to dense, which is how shearer comes across.

  14. Bearded Git 15

    This says it all about National’s asset sale rip off and how the rich who have money to buy in will profit and profit and profit….

    http://www.nzherald.co.nz/opinion/news/article.cfm?c_id=466&objectid=10869145

  15. DH 16

    It’s pretty simple. The more the Govt promote it the more demand there will be for the shares. It’s a finite resource as in a fixed number of shares and unlike proper market economics the price will also be fixed.

    So if it’s promoted enough the demand will exceed the supply and the first buyers will be able to sell shares to those who missed out. At a profit of course. If the price goes up 10% mom & pop might make a whopping $200 & spend the rest of their days sunning on the Riviera. Those fortunate to get large parcels of shares, on the other hand….

    Since it’s now a fait accompli what Labour & Greens need to do is carefully follow the share registry; record subsequent share sales and the profit made on each deal, and try to match the deals with real people. Some trails may lead back to National.

  16. http://www.nzherald.co.nz/opinion/news/article.cfm?c_id=466&objectid=10869145

    Cartwright puts the economic case for not selling.
    He is wrong however, this is not a strategic blunder, Keys bankster class knows that renewables are the new gold.
    But its not only that coal, oil, gas etc will become more expensive to extract.
    Non-renewable and HEP and geothermal as renewables will attract a massive rent advantage.
    That’s what gives those who are stealing these assets (at half their ‘price’) the ability to screw monopoly rents from water and steam.
    The 50% above ‘price’ under SOEs will rise astronomically given their ‘price’ advantage over fossil fuels i.e. potentially unlimited so long as the ecology can sustain it.
    Putting these assets in the hands of capitalist parasites who will suck nature dry is suicidal.
    Cartwright, no radical, uses the word ‘strategic’. I suggest that the correct word is survival.
    If we can’t stop these sales or the TPPA designed to abolish our political sovereignty, we have to gear up to take them back with a social revolution.

    • Draco T Bastard 17.1

      He is wrong however, this is not a strategic blunder, Keys bankster class knows that renewables are the new gold.

      Yep, that’s what I was thinking as I read that article. Key & Co know exactly how much they’ll be able to screw out of the poor of NZ and they’re going for every cent of it.

  17. DH 18

    Something this share sale highlights is the astonishingly bad business nous of the sellers (or something worse)

    Mixed among prospective share buyers are the equivalent of ticket scalpers. Their intent is solely to buy shares and resell quickly at a profit. Their existence actually increases the demand which will, provided the shares are oversubscribed, cause some long-term investors to miss out and who will need to buy on the secondary market. The scalpers literally add to the demand by reducing the amount of shares available to investors.

    If these shares were put up for auction, such as a Trademe listing, they’d fetch their proper market price and there would be no profit taking by scalpers.

    Every dollar the scalper makes is a dollar the Govt, aka the taxpayer, loses. Traditionalists might think it crazy to put the shares on Trademe but if you think about it for a while it makes perfect business sense and would at least guarantee we get the best price for the shares. Trademe would certainly be keen and no doubt would negotiate a very competitive fee arrangement.

    • Colonial Viper 18.1

      The NZ private sector has been shit at creating truly valuable assets for the financiers to speculate on. So they have to sell off our power assets in order to have something to play with and make money on.

      The usual ponzi capitalism theme – clipping the ticket without building or adding a thing to the economy.

      • prism 18.1.1

        CV
        +1 😀

      • DH 18.1.2

        I think so too, but there’s a need politically to keep shaping the debate to the circumstances so that others can also see it. There’s no point now, for example, arguing against the sale. It’s a done deal whether we like it or not so now’s the time to look harder at their real motives and try to expose their dodgy dealings.

        Something the media haven’t paid much attention to is one of the benefactors of the share float. The NZX. They clip the ticket on every share sale and will do very nicely out of this thanks very much. Weldon of the NZX looked to be a great mate of Keys when he was CEO of the NZX, I can recall thinking once he must have a key to the Beehive he was there so much. Shades of Sky City, too much personal dealings with vested interests.

        But also we need to start focussing on the money side of it. Why are they selling? Because they need the money (or so they say). Are they getting the best price? Well if the share price goes up after the float the answer would be an emphatic no.

        • Colonial Viper 18.1.2.1

          Why does the sale need to be considered a done deal? Shearer making a statement that the next Labour Government will buy back the shares at cost, will sort it.

          10 second soundbite, issue sorted, move on.

          We engage around the bullshit of “are we getting the best possible market price” all you’re doing is arguing for whether or not you can sell grandma for a few dollars more.

          i.e. still politically dumb

        • Rogue Trooper 18.1.2.2

          digging in

  18. George D 19

    At least the KLF had a purpose.

  19. Peter 20

    The other thing is that Labour still has the power to stop the asset sales (although it had it, up until today). Shearer simply could have said that they’ll be renationalised. But he was too afraid.

    • Murray Olsen 20.1

      If they’re true to form, Labour will probably buy back the shares once they’ve been concentrated in a few hands, the utility has been totally asset stripped, and lack of maintenance is continually interrupting the power supply. In that case, even Shearer would find the money. I don’t think he’s afraid, he’s just hollow. He’s been imported to manage a franchise, not to be the parliamentary leader of a labour movement. He should just join ACT and take Mallard and Goff with him.

      • Peter 20.1.1

        A franchise, yeah, that’s a good way of explaining the hollowness and lack of purpose and conviction that besets the modern parliamentary Labour Party…

  20. BOYCOTT THE MIGHTY RIVER POWER SHARE LAUNCH!

    MIGHTY RIVER POWER IS A SOCIALLY AND FISCALLY IRRESPONSIBLE INVESTMENT!

    “Press Release, Molly Melhuish, Energy Analyst
    22 February 2013

    Prospective investors are warned

    Investors are warned that Mighty River Power is no longer a safe, utility-type investment prospect.

    For years, New Zealand’s generator-retailers enjoyed a predictable revenue stream from captive residential consumers. This enabled them to build so many new power stations that there is now a glut of wholesale electricity. Wholesale prices have fallen by a quarter or even more.

    Mighty River Power’s power purchase costs fell by 22% in the last six months, yet they hiked retail prices by 2%. They had to, to maintain the dividend stream expected by their shareholder.

    Residential consumers will no longer tolerate rising prices at a time when wholesale prices are falling. This is not market pricing, it is price gouging of captive consumers.

    Investors are warned that consumers dispute the pricing process that made our prices rise “to enable new generation to be built”, but fails to give us the benefit of market pricing in an electricity glut.

    Ends
    Contact: 04 568 4873, 027 230 5911

    Yours sincerely,

  21. Some of us SEIZED THE MOMENT and protested outside the 10am launch of Mighty River Power shares!

    It’s REALLY simple folks!

    BOYCOTT the launch of Mighty River Power shares.

    BOYCOTT Mighty River Power – namely – their main retail arm – Mercury Energy!

    How can the Government ‘get a good price’ if Mighty River Power are losing customers and profits?

    DON’T be a selfish Kiwi!

    Be a principled, caring, socially responsible Kiwi, and remember all those Kiwi ‘mums and dads’, grandmas and granddads, aunts and uncles, brothers and sisters who are struggling NOW to pay their power bills!

    Remember all those families, old people and little kids whose health is suffering because they can’t afford to have a heater on in winter, so their houses are cold.

    If YOU signed the petition for a referendum on assets sales, because you are opposed to asset sales – STICK TO YOUR PRINCIPLES and don’t buy into the selloff /sellout of Mighty River Power!

    Kiwis!

    The power is in OUR hands!

    Don’t agonise – ORGANISE!

    Help to spread the word!!!!

    Penny Bright
    ‘Anti-corruption campaigner’
    A Spokesperson for the Switch Off Mercury Energy community group.
    http://www.facebook.com/SwitchOffMercuryEnergy/info

    http://www.facebook.com/photo.php?fbid=10151278679961790&set=pcb.10151278680136790&type=1&theater

  22. pollywog 23

    http://thedailyblog.co.nz/2013/02/22/about-efeso-collins/#respond

    Wonder what this fulla thinks about the impact state asset sales will have on Pasifikan families?

  23. Herodotus 24

    I hope the IRD are well prepared for those selling the shares in a short period of time. And least wack them with the tax applicable for trading as opposed to investing. But then is that not the day to day job of the IRD to chase up those who trade in capital gains and don’t pay the tax associated ?
    Also why advertise when the institutions have already signalled their intentions ?
    If this was for the benefit of lms and dads the institutions should only divvy up those shares that have not been taken up by all of us M&D’s not the reverse

    • felixviper 24.1

      Goodness, do you mean mum and dad aren’t really at the front of the queue?

      Pretty sure mr Key promised they would.

  24. johnm 25

    Hi kiwis you are key boy’s bum boys you yellow scum fuck your cowardice not that it’d make a scrap of difference you scum bastards if you got fucked up the arse you yellow selfish scum. Run off to Australia while this creep screws your puny bum, you fools.

  25. Draco T Bastard 26

    Another Labour press release, another failure to do or say anything that will actually benefit NZ.

  26. johnm 27

    Key is a market parasite! Sorry but true, I know he has a nice suit and wouldn’t insult a fly but still this is a ploy to suck you suckers to poverty. Kiwis are stupid any brains could have understood this parisitic scum from the start. But you bought into the hopium, fuck you stupid kiwis foe ever, you pimped scum bags, fuck you. Oh you shouldn’t say that! Well fuck your social policing system scum!

  27. Arfamo 28

    Well, yes, I understand how you feel, and I didn’t vote for the bastards, but unfortunately I haven’t been able to stop them, and all I have that I can use against them is my vote and I haven’t got a clue at the moment who the hell I should give it to because I have no idea what the other parties intend to do about asset sales that have gone through.

  28. prism 29

    An informed commentator on Radio nz. Checkpoint today.
    Can’t remember his name but he is from the Graduate part of one of the Universities. He’s worth listening to I just haven’t got time at present. He emphasises that the sale price is being estimated for short term value considering up to say 3 years but 7-10 years should be the basis. Things will have changed so much by then that the value of this great resource will be very high.

    Radionz Checkpoint http://www.radionz.co.nz/national/programmes/checkpoint
    17:22
    Critic of asset sales says hydro stations grossly undervalued
    One critic of the sale says it’s a huge strategic blunder by the Government because the assets are grossly under-valued. (2′23″)
    Download: Ogg Vorbis MP3 | Embed

  29. prism 30

    PB
    Thanks, great.

  30. vto 31

    I like how selling assets results in less New Zealanders owning them.

    What did John Key say?

  31. Steady Course 32

    So 80% oppose these sales huh? Must be another one of those rogue polls……

    http://www.stuff.co.nz/national/politics/

    • Draco T Bastard 32.1

      BTW, that’s not a poll, it’s an entertainment for the really stupid.

    • Pascal's bookie 32.2

      Laugh.

      If you wanna show that the typical Nat supporter isn’t a bit (by which I mean to say “fucking”) thick, you’re going the wrong way about it.

  32. Steady Course 33

    and the unprecedented expressions of interest on opening day, crashing websites etc all just another coincidence??? How about opening your other eye and stop flogging this dead horse?

    • The Al1en 33.1

      “and the unprecedented expressions of interest on opening day, crashing websites etc all just another coincidence??? ”

      Thirty thousand traitors. The spivs of the modern age.
      Fuck ’em up in their pockets come nationalisation.

  33. TightyRighty 34

    How many millions was spent by labour on adveritisimg working for families? Which is a benefit, so taking money from taxpayers so that beneficiaries could take more money from taxpayers?

    I remember adshells, prime tv slots, kids with iPods (pretty expensive at the time) featured in them.

    Hint: a lot more than a million. A lot

    • Colonial Viper 34.1

      Working for families was not for beneficiaries.

      Also, please come up with sources for your numbers.

      • TightyRighty 34.1.1

        Why don’t we try ad agency Saatchi and Saatchi of wellington for their revenue for the year, it was one of a number of public service advertising campaigns, but definitely the biggest. How is $500k in fees plus another $4mill of media, of which saatchi would have clipped the ticket for 20%. so over a mill, just in fees alone to one private media company. Quell Horreur!!!

  34. Treetop 35

    Oh the spin the spin coming from English while Key is in Mexico for 12 days.

    After most of the shares are sold overseas what will the spin be?

    NZers had a choice. Will I didn’t.

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