Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


Genesis fire sale: asset sales net under $5b

Genesis fire sale: asset sales net under $5b

The last of National’s failed asset sales is yet another fire sale – with this time the Government ruining the books of Genesis,Labour’s SOE spokesperson Clayton Cosgrove says.

“It is now official: National’s asset sales policy has failed. At the last election John Key promised Kiwis the sales would raise between $5 billion and $7 billion.

“Selling Genesis off at $1.55 a share will raise little more than $700 million, leaving John Key more than $300 million dollars short of his $5 billion to $7 billion asset sales target. That’s failure by any standards, especially given Morningstar valued 50 per cent of Genesis at $900 million.

“The brokerage, legal and PR fees run into well over $100 million.

“Asset sales were mad economics driven by political vanity. To top it off the Government has used the sales as a slush fund, linking them to every new policy while spending it on the likes of failed SOE Solid Energy, advertising materials for the sales themselves, more money for the failing UFB project and the bonus scheme for Mighty River Power.

“National promised the sales would pay for new assets. Instead they have been used to pay for the Government’s mistakes.

“National’s other broken promise was to put Mum and Dad investors at the front of the queue. Now we know that just nine per cent of shares are going to normal Kiwi families – the rest are going to institutions here and overseas.

“John Key promised the world to Kiwis from asset sales. Kiwis trusted him then – they will be much more cautious now,” Clayton Cosgrove says.

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

PARLIAMENT TODAY:

Gordon Campbell: The PM’s Hair-Pulling Power Trip

There have been striking differences between (a) the account of the waitress involved in the hair-pulling incidents, and (b) the account being given by Prime Minister John Key. The version by the waitress is available here and is recommended to anyone yet to read it. By her account, there were multiple instances of hair-pulling and these persisted and persisted long after she had made her annoyance clear to Key – who had also been advised by his wife, and by other café staff that the behavior was evidently not being welcomed. More>>

ALSO:

War: What’s To Commemorate?

Gordon Campbell in Werewolf: Is there anything that can be validly commemorated on this 100th anniversary of Gallipoli? Beyond, that is, a fleeting sense of empathy with the thousands of soldiers killed or wounded on April 25 1915 and in the months thereafter, until the whole thing was finally called off in December 1915. More>>

MORE IN WEREWOLF:

ALSO:

Peter Ellis Case: Minister Declines Request For Commission Of Inquiry

Justice Minister Amy Adams has declined a request from supporters of Peter Ellis for a Commission of Inquiry on the basis that an inquiry cannot be used to determine the liability of any person. More>>

Quakes: New Process For Red Zone Crown Offers

Canterbury Earthquake Recovery Minister Gerry Brownlee has announced a process to give everyone a say on the Crown offers to owners of vacant, commercial/industrial and uninsured properties in the Residential Red Zone. More>>

ALSO:

Gordon Campbell: On The Battle Obama Is Waging Over The TPP

For the past two and a half years, this column has been arguing that the fate of the Trans Pacific Partnership (TPP) deal will hinge on whether US President Barack Obama can win Trade Promotion Authority (TPA) from Congress... Last week, the White House finally, finally unveiled a draft TPA Bill. More>>

ALSO:

Greens: Govt Breaks Free Doctors Visit Promise To Kids

Documents obtained by the Green Party show that the Government decided to fund only 90 percent of doctors’ visits for children suffering from an injury in an attempt trim the cost of the so-called “free” visits. More>>

ALSO:

Other Wars: Extension Of NZDF Commitment In Afghanistan

The New Zealand Defence Force’s commitment of mentors and support staff to the Afghan National Army Officer Academy in Afghanistan has been extended out to December 2016, Defence Minister Gerry Brownlee says. More>>

PM's Press Conference: Auckland Property Prices Increasing "Too Rapidly"

John Key accepted that Auckland property prices 'are going up too rapidly” in a press conference held today in Wellington, however he said that this is not anything new. More>>

ALSO:

Press Conference: ANZAC PMs Concerned About ISIL Bringing The War Home

Prime Minister Key and Prime Minister Abbott spoke of the bond formed between Australia and New Zealand in the “baptism of fire” of Gallipoli. Abbott stated that New Zealand and Australia’s values and interests are linked, and this is reflected in the joint operation in Iraq which will begin shortly. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news