Truth asks what will Labour do?

March 7th, 2013 at 5:07 pm by David Farrar

The editorial:

and the Greens need to come clean on . We know that both parties oppose . We get that. They have spent a considerable amount of taxpayer cash recruiting staff and manipulating for political purposes the Citizens Initiated Referendum process to try to re-litigate the 2011 election. …

Investors and voters need to know if Labour intends opposing the sales in actions and not just words.

Will Labour commit to forced buy-back of the shares, essentially a re-nationalisation of the asset. Before readers poo-pooh that suggestion remember Air New Zealand.

Helen Clark even flirted with securities laws by advising on national television for Mum and Dad investors to keep their shares in Air New Zealand…that everything would be alright. As we know everything wasn’t alright and some weeks later the government forcibly acquired as many shares as it could and left about 25% of shareholder mired without any sort of say in the company.

Would Labour do this again with the listed power companies…and if so how much would they pay for the shares…The listing price? The market price (unlikely)?

Labour and their hangers-on who oppose asset sales need to clarify before even a single share is sold what their intentions are.

I agree. Labour, as the potential next Government, has a duty to announce its policy before the offer document is issued. Will they buy the shares back or not, and at what price?

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33 Responses to “Truth asks what will Labour do?”

  1. krazykiwi (9,186 comments) says:

    Someone should find Chavez’s “How I nationalised Stuff” handbook for Labour/Greens.

    I’m sure they think it’s a good idea, but they lack the practical know-how.

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  2. jaba (2,141 comments) says:

    Shearer wouldn’t have a clue .. I would love the media to ask Turei her opinion, I’m sick of listening to Red Russ

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  3. ross69 (3,652 comments) says:

    I’m sure they think it’s a good idea, but they lack the practical know-how.

    It’s not difficult to print money. Just ask David Cameron…

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  4. Yoza (1,872 comments) says:

    I agree, Labour should come out and state that they will nationalise that portion of MRP that is held in private ownership with minimal compensation for those who have bought shares – National would struggle to give shares away.

    Farrar seems to be coming around to see the light. First he suggests, “Let’s also pass a law saying account executives can’t have commission in excess of their base salary.”, now he advocates Labour announce they will sabotage the sale of state owned assets by destroying the value of investments in them when they and the Greens win the next election. Go Farrar!

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  5. ross69 (3,652 comments) says:

    The Tories in England have been printing money like there’s no tomorrow. Buying back assets would be simple.

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  6. Cato (1,095 comments) says:

    http://news.bbc.co.uk/onthisday/hi/dates/stories/may/6/newsid_3806000/3806313.stm

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  7. Steve (North Shore) (4,560 comments) says:

    If Labour and the rest of the Commies should hold power after the next Election, they will of course buy everything that National sells back.
    Why? Just to piss everyone off and make the NET TAXPAYER pay for it.
    Tax and spend, Tax and spend, Tax and spend, that’s all the fucking morons know

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  8. itstricky (1,830 comments) says:

    Never would have, in my wildest dreams, guessed a guy called Steve from the (North Shore) would say something like that. Hey, turns out I’m pretty good at stereotypes and generalisations too, if I try…

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  9. Ross12 (1,425 comments) says:

    Yes Ross69 the UK have been printing money. Now the head of the Bank of England is saying they haven’t achieved much by doing it.

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  10. Sean (301 comments) says:

    Cam needs to get a copy editor. His campaign against the Herald and its mistakes seems a bit hypocritical if his own copy isn’t perfect.

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  11. RandySavage (222 comments) says:

    I usually just shake out the middle section and throw the rest of the paper away

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  12. itstricky (1,830 comments) says:

    Incidentally, perhaps they should annouce their policy. That would be only right.

    I find it absolutely hillarious that DPF, for lack of better words and with a wink-wink tie-in to the content of this post, “pooh-pooh’s” the journalistic content of the NZ Herald, yet copy ‘n’ pastes the above from The Truth -: warts, grammar, typos ‘n’ all, with the proclamation “I agree”.

    Scrarping the bottom of the barrel aren’t we? Has the Herald gone far too left wing and you have to now quote journos who can’t string a sentence together anymore than I can, as long as they’re saying the right things? :)

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  13. itstricky (1,830 comments) says:

    Sean you beat me to the punch…

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  14. Black with a Vengeance (1,861 comments) says:

    Tax and spend?

    And on the flip side there’s cut and run or bait and switch.

    Not much of choice eh?

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  15. Sir Cullen's Sidekick (888 comments) says:

    Bros – The only truth here is the line – “Labour, as the potential next Government”. I would even change this line as – “Labour as the next government”. They are sure to get in with the help of Greens, Winston First and Mana Hone. Key without any partners will perish.

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  16. Sofia (856 comments) says:

    If John Banks is writing the SHARES PROSPECTUS, I think we also need a statement about any impact of Maori water rights – that share values will be adjusted to reflect whatever payout Maori inevitably get.

    Like, why should general tax payers shoulder any such payment, because deductions are not built into the share float that has triggered their action?

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  17. stigie (1,172 comments) says:

    I could be wrong but didnt we hear a while back that Winston if in Govt was going to buy the shares back at the listed price.
    Well that would go down like a ton of bricks with investors.
    If i was Winston, i would be fucking off out of the country real quick !

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  18. duggledog (1,555 comments) says:

    Who cares what they do? One thing you can bank on is that they will promise whatever you like, no expense spared, to get in power. As Labour has done for generations.

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  19. Adolf Fiinkensein (2,903 comments) says:

    itstricky @ 6.42

    Yes it is tricky, isn’t it>

    “warts, grammar, typos ‘n’ all, with the proclamation “I agree”.”

    Followed by your gem:-

    Scrarping the bottom of the barrel aren’t we?

    What a dick!

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  20. Wayne Mapp (66 comments) says:

    David, a bit mischevious really.

    The fact that Labour is silent means they do not intend to renationalise. As a general rule a party does not make a commitment on something like this in the middle of a major oppositional campaign. You will remember National’s furious opposition to the ERA, promising repeal etc, but you also know that wiser heads (even then) were saying we would do well to leave it alone, which by and large we did.

    I know the hard left would expropriate without compensation (or only a minimal amount), but they will never be the core of a Labour led government.

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  21. Wayne Mapp (66 comments) says:

    David, a bit mischevious really.

    The fact that Labour is silent means they do not intend to renationalise. As a general rule a party does not make a commitment on something like this in the middle of a major oppositional campaign. You will remember National’s furious opposition to the ERA, promising repeal etc, but you also know that wiser heads were saying we would do well to leave it alone, which by and large we did.

    I know the hard left would expropriate without compensation (or only a minimal amount), but they will never be the core of the government.

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  22. Nostalgia-NZ (5,193 comments) says:

    Interesting test for Shearer, to see if he can prevent himself from flogging a dead horse.

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  23. itstricky (1,830 comments) says:

    Adolf.

    Picking on a couple of typos, especially when I down-played my own English abilities in the same sentence.

    What a knob!

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  24. hj (6,991 comments) says:

    One thing that is significant is the divide between Shearer and those who oppose him.. looks like shearer is going old Labour and Winston is sitting on the Savings Working Group report. Russell Norman is being accused of xenophobia by John Banks who sees “Auckland’s population growth a great opportunity” (for his mates). Let’s hope something good comes out of it… like looking after NZr’s interests first.

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  25. itstricky (1,830 comments) says:

    Incidentally, can’t believe I got three down votes for that. If it was a Herald editorial you’d be all over it, likely with blind fury.

    Seriously, this classic editoral by a known antagonist appears alongside gems such as:

    http://truth.co.nz/the-100k-a-year-tranny/

    and

    http://truth.co.nz/lesque-we-forget-we-talk-to-nz-burlesque-babe-phlossy-rox/

    I’m sure those were all well researched pieces (for those of you who insist on journalists getting their facts straight)

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  26. CharlieBrown (1,011 comments) says:

    Perhaps National should sell 50% of the power companies, not 50% of each power company.

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  27. True (2 comments) says:

    Remember Air NZ?

    If NZ is down to one power company which is facing bankruptcy then we may see a buyback.

    The rest of the post is garbage. National are selling because they believe it will be good for Kiwi consumers (presumably). Labour bought in because the country was fucked. If the sales fail so terribly that National are kicked out of parliament and there is one company with a monopoly then it is comparable.

    Labour have already said they wouldnt sell now and their campaign message was ‘once they’re sold they’re gone forever’.

    Presumably that was clear enough as no one on the right thought to bring up Air NZ during the election campaign. Has anything changed since, or is this post purely for selfish reasons?

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  28. Reid (16,442 comments) says:

    What”s going to be interesting, as in litmus test, is to see which media picks up this ball tomorrow morning and runs it on their page 1-3, which they surely would do, had The Truth run a similar line on something like say, the housing “crisis” in Akld and the govt’s inaction thereof, or the “poverty” crisis or the “jobs” crisis or the “enviwonment” cwisis or…

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  29. SPC (5,619 comments) says:

    Why beat around the bush here, the real issue is Winston saying that NZF will make buy back a coalition government issue.

    The media question for him is – will he only support a government that will buy back the assets (at sale price)? Then ask National whether they would agree to this in return for NZF support? Then ask Labour the same question.

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  30. Reid (16,442 comments) says:

    The media question for him is – will he only support a government that will buy back the assets (at sale price)?

    Yes but the frigging media won’t ask it will they. Or any other question that seeks to contradict their beloved meme they have so carefully built up in cooperation with the opposition politicians that “80% of the people are against asset sales.”

    Whether that’s true or not, the frigging media evidently don’t give a flying fuck for they fail to question it or do their job and investigate it, objectively. Instead, apparently, FROM THEIR OWN ACTIONS TIME AFTER TIME AFTER TIME they’d rather jump on the bandwagon, as they perceive it, and sell advertising, lest their copy upset the punters, whose mood on any given issue they have apparently discerned through their vast wisdom and understanding far exceeding, apparently, anyone else and which of course, reflects what people really really want to read, regardless of any inconvenient “facts” the investigation of which they have long since eschewed in favour of their said vast wisdom and understanding because apparently, such investigation and reporting thereof isn’t required anymore.

    That’s the issue. And it’s a fucking big one. Isn’t it.

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  31. SPC (5,619 comments) says:

    Given the best time to do this is before the first shares are sold – so buyers do so knowing of the political risk in 2014, failure of the media to act here should be what would be the surprise.

    They have had focus on the court case to divert them so far, but no longer.

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  32. joana (1,983 comments) says:

    Who reads the Truth? I was slandered by this paper decades ago and wouldn’t put it in my compost bin.

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  33. simo (150 comments) says:

    The Labour brand is broken – the tetake-tegivee mentality is not getting picked up by the middle class beltway. Self determination is more appealing than hand outs and the uptake in registration for the SOE share float is a good example of this. The parties of “CANT’S” dont hold any credibility peddling idealism and is in stark contrast to the daily reality most people deal with.

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