State Owned Minister Tony Ryall has correctly applied the H word to the Green Party:
The Government says it’s hypocritical of the Green Party to criticise the number of ‘mum and dad’ Mighty River Power investors, when they were responsible for “frightening them off”.
State-Owned Enterprises Minister Tony Ryall is defending using ‘mum and dad investors’ in the Government’s sales pitch of the shares, despite Greens co-leader Russel Norman calling it a “con”. . .
. . . Mr Ryall responded to those claims this afternoon, saying there was a huge turnout of first time investors, or ‘mum and dads’, despite a plan by the Greens and Labour to “sabotage” it.
He says there were 77,000 first-time investors and more than 101,000 people invested less than $15,000 in the company.
“The Green Party are being hypocritical, saying not enough everyday New Zealanders bought shares, while at the same time they are doing their level best to frighten them off.” . . .
“Over 76,000 people invested less than $5,000 on Mighty River shares and they got everything they asked for,” says Mr Ryall.
“That is a huge achievement despite the economic sabotage of the Green Party and Labour during the float.”
Mr Ryall says investors who were not ‘mum and dads’ had their shares reduced due to demand.