March 10, 2013
A shameful rush for power shares
Opinion: Within 20 hours more than 100,000 Kiwis had pre-registered their interest in buying shares in the Government's partial share offer in energy company Mighty River Power.
Goodness knows what the numbers are right now but that incredible response left many who have opposed the process stunned and perhaps even a little embarrassed at the way Kiwis leapt at this investment opportunity.
In 1999 with Contact Energy it took 10 days for pre-registration to reach the 100,000 mark and with that process not due to end until March 22, who knows what the final count will be.
It would be a worry of course if the numbers start threatening or even surpass the 390,000 people who have reportedly signed the no asset sales petition.
That type of result would no doubt leave this Tory Government feeling totally vindicated with its decision to start selling off the family silver.
And that's exactly what's happening.
Don't believe for one moment that this Government has any other plan than to sell off the family silver, our key state assets.
Yes, it might be a partial sell-off but this lot will bide their time.
Key is very savvy and he knows not to move too quickly – half now, the rest in a few years.
Rhetoric about mum and dad investors and keeping our assets in New Zealanders' hands all sounds good but it ain't going to happen.
This asset sales programme will eventually see most of the profits go overseas.
We are being asked to purchase what we already own and while Key says he's committed to keeping 85 per cent in Kiwis' hands, thousand of Kiwi families have to spend $1000 to achieve that.
The sad part of this is we have seen this all before.
Most of us lose out while the wealthy private investors from overseas make their millions. It's really as simple as that.
Now, I know a number of people, even close mates of mine, who have said to me that this is just too good an investment chance to turn their backs on. And while they have opposed the assets sell-off, they can't do anything now, so why not take a few shares?
The answer is simple, isn't it? To participate is to condone what this government is doing.
Anyone who buys shares in the Government's programme, particularly those who have opposed asset sales, should hang their heads in shame.
Good people in this country suffered terribly under the previous privatisation programme and state asset sell-offs in the 80s.
So if you're tempted to buy shares, you should think about those times and the effects of Rogernomics – before you betray your principles and your country.
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