Wednesday, August 21, 2013

For whosoever hath, to him shall be given


From Stuff:

The Government would allow New Zealand retail investors to pay for shares in the country's largest electricity generator over 18 months. They will stump up only 60 per cent of the money initially, paying the balance a year-and-a half later when they have been given three dividend payments.

For those who nodded off part-way through the quote, here's a simpler version:

You are part-owner of Meridian Energy, courtesy of being a NZ citizen/permanent resident (if you're neither of those things, you may want to skip this post).  The current government would like to pocket some cash by selling a proportion of your ownership to NZ's wealthier citizens (if you are one of NZ's wealthier citizens, you may want to skip this post).  Not content with ripping you off to that degree, they've now decided to rub your nose in it by using your tax payments to reward the wealthy who buy into the scam.

It would be nice if we had an alternative government ready and waiting with a policy of re-nationalising this stuff with compensation as determined by the government, but apparently there's currently a severe bollocks shortage in the Opposition.

11 comments:

Anonymous said...

Where is your anti-GCSB Bill post here PM? Are you saying that you agree wholeheartedly with your co-bloggers here (they John Key worshippers) in being quiet about this important violation of our rights by Govt?

I thought you'll be different from the other Key worshippers here by posting non stop on this important issue.

Psycho Milt said...

I wrote this one last week, and elaborated on it in the comments. In fact, that comments thread shows just how far apart I am from some of the other NM authors on this. I haven't written anything else because it's all been done much better by other people (including some not on the left - see this post listing some of them at Public Address).

The Veteran said...

Anon 6.49 ... I wouldn't have thought you would have wanted to raise this today given the absolute fool that David Shearer made of himself with his questioning of John Key over the matter yesterday.

Fancy being so dumb as to ask the PM whether National had ever tried to engage with Labour over the issue when he himself had accepted an invitation to discuss that matter privately with JK but then asked that the meeting be kept confidential so that Wussel couldn't take offence.

Not threatjacking. He raised the matter, you responded. fair game.

Anonymous said...

"Not threatjacking"
What's that?

Anonymous said...

As a present owner of a share in Meridian, I want to sell my holding. Please advise how I can do this.
JeffW

Adolf Fiinkensein said...

Milt your first premise is false. You don't own Meridian. The Crown owns Meridian.

The Crown will sell you a share in Meridian and instead of the dividend from that share going to the Crown to spend on what it wants, the dividend will go to you to spend on what you want.

I'm surprised you don't advocate nationalisation of all businesses, then you could own the fucking lot.

Every dairy farm and corner dairy in the land. Shit eh? You'd all be millionaires at the stroke of a pen.

Anonymous said...

This is a perfectly reasonable sale/purchase method. Can't you afford to stump up a few $$$$? How sad never mind!

Cadwallader

David said...

Bloody good that the Government is finding ways to mobilise some of the billions of dollars of idle cash that are sitting in deposit accounts and doing nowt but feeding the banks. Shortening up the loose cash supply will also have a small effect on the willingness of banks to lend it on housing loans which is fuelling the housing "crisis".
It may also have the result in prompting a small interest rate increase which is something that the elderly who live on some interest to supplement their cash flows are long overdue for.
Allowing the Government to invest this in national benefit infrastructure creates a double whammy beneficial effect to the country which means that those who are not in a position to buy some shares will still receive the benefit from.

So tell me Milt, what have you got against penioners with small nest eggs, the unemployed and self-described poor who can't afford to invest and the first home buyers who are desperate for the rate of house-price increases to slow.

I suggest you take off the blinkers and look at the wider effects of how Governments have economic influence in the economy and don't be so superficial as to look at only the outside skin of what is, in reality, a pretty big onion.

Psycho Milt said...

As a present owner of a share in Meridian, I want to sell my holding. Please advise how I can do this.

You can't, any more than you can sell your share of the Army. The government, as your representative in these matters, can and perhaps will sell your share without your consent though, and pocket the cash. You might want to take it up with them.

You don't own Meridian. The Crown owns Meridian.

"The Crown" is the collective citizenry of NZ, as represented by its government. Saying "the Crown" owns it is exactly the same thing as saying "we" own it.

The Crown will sell you a share in Meridian...

The representatives entrusted to look after my interests in this matter is willing to sell my own property back to me and pocket the cash. I find that unsatisfactory performance from a representative of my interests.

I'm surprised you don't advocate nationalisation of all businesses, then you could own the fucking lot.

Why are you surprised? Is it surprising that you don't advocate privatisation of the entire state sector?

Can't you afford to stump up a few $$$$?

I can. However, I'm reluctant to hand over my $$$$ to a shyster selling me my own stuff.

So tell me Milt, what have you got against penioners with small nest eggs, the unemployed and self-described poor who can't afford to invest and the first home buyers who are desperate for the rate of house-price increases to slow.

I have so little against pensioners and the unemployed that I would not transfer ownership of their publicly-held assets to a few well-heeled sociopaths.

Paulus said...

Rather than listen to the so called opposition to the sale of Meridian and its clever pricing structure, it should be born in mind that all these delayed payment pricing structures will be factored into the sale price.
Good commercial practice.
I will buy on these terms as many as I can reasonably afford out of poor returned Term Deposits.

Anonymous said...

Yesterday I was asked by my power supplier to renew my contract with them. The polite lady was nonplussed by my question "Why are prices so high"? She wanted to talk discounts and this was obviously not on her prepped answer sheet
Why power prices are so high is simple. A naive arsehole by the name of Max Bradford MP enabled the consuming populace to be made a prey to avaricious arseholes. The crimping government 'dividend' has been exorbitant. Put simply your power bill is a tax. The shitty little mercantile creeps that run the assets pay this ransom as well as the tax then screw you for more. The big profits look good so they reward themselves well with 'performance' bonus. There is no competition, they are the only game in town and the lines companies have them by the short hairs. To give credit to our soapy spiv of a PM, he campaigned on selling us a fresh shafting in this area. Never give suckers a break.
I used to play a lot of poker, a game where sooner or later everyone gets the same cards and both kinds of luck have a run. The spectacular winners you see in the take-all tournaments are show ponies. The real winners are the ones who surround themselves with losers and convince them to stay at the table in spite of the evidence.
The power companies and the government have reached a point where they can't screw you for much more. Calls for a fresh deck, a round of sandwiches and more players to pull up a chair usually precede the real winner quietly cashing up.

Mick