Green hypocrisy

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.

I know several people who were planning to dip their toes into the share market by buying Mighty river Power shares who got cold feet after the LabourGreen power play.
It is indeed hypocritical for Norman to complain that not enough everyday New Zealanders bought shares when their quest for publicity and economic ignorance caused some of those who would have bought to change their minds.

5 Responses to Green hypocrisy

  1. Andrei says:

    The greens are just boring reds.

    Who gives a damn about who bought these shares – in the real world most people care about keeping their kids fed and warm and not having them led astray by freak show politicians……..


  2. Gravedodger says:

    I dabbled a little of the ski fund purely as a political statement in that the partial float (my preference for 100% sale of all government and local body trading entities) for four main reasons.
    1 Even a 49% holding in public hands will force a commercial element of governance on these companies.
    2 Divestment removes the temptation for a future government to purloin earnings for additional govt revenue as doing so will release those funds to the 49% and will be exposed to the NZSE
    3 Bringing the behavior and governance under the Stockmarket rules removes the option for placing useless hacks into Board positions for convenience and reward for incompetence.
    4 enables investment options for savings to be invested in our economy largely free of serious risk for individuals and institutions and local funds. Generators with good ratios of renewables such as Hydro have to rate as solid,I reckon.

    Any serious reputable fund manager wants a diversity of opportunity for fund placement and in recent years say 1990 to 2010 NZ stocks have been sparse, a fact that saw that weakened option taken up by, among others the charlatans, many of whom had lain low since the 1980s only to come back and steal another bunch of dough from the greedy and unwary.

    Roll on Meridian, and no I would not have bought Solid Energy any more than I would have bought into The Handsome Carriage Company or Air New Zealand although now might be an opportunity to divest much of the last mentioned.


  3. Neil says:

    It’s a bit of a laugh to say that the Greens identify with mum and dad investors and ordinary folk.
    The Greens are what I would call the effete,sandal wearing,potters,poets and out of reality NZers.
    Not one of the Greens has had a job where they risk capital-sorry Steffan Browning was an organic farmer !!!
    They are the perfect candidates for a state planned economy not a modern market based economy.
    They are hypocrites. I guarantee they love getting on the gravy train in expenses and allowances as MP’s.
    Mr Norman is a danger to NZ. He needs to walk around with a placard saying “I am a danger to NZ” around his neck.
    Are the NZ voters aware of his danger to our way of life ?


  4. Dave Kennedy says:

    I thought what scared many investors was the collapse of Solid Energy and then Bill English saying in the House that we can’t be assured that any of the other SOE’s won’t fall over. Or perhaps it was that the Government chose to ignore Treasury’s advice not to sell off too many power company shares at once otherwise it will lower their value and yet they are already putting Meridian up.


  5. Dave Kennedy says:

    I was just helping collect the final signatures at the Bluff Oyster Festival and again got people queuing to sign. A number actually said that they had bought shares, despite being against the sales, to ensure they stayed in NZ.


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