14

Is Gareth our new Dick?

by Whaleoil on January 19, 2012

Is Gareth Morgan the new Dick Hubbard? Here he is, a self-made successful businessman who hasn’t spared the sanctimony when lecturing others about their business practices, who is especially sensitive when he gets held to account by the same standards he sets for others.

Gareth engaged in unusual acts of corporate philanthropy like fattening penguins up for killer whales and funding funerals of the cirrhotic homeless. He would criticise others in his industry for bad performance (despite his funds having a dicky stock ticker), and then complain that neutral fundwatchers wouldn’t accurately report his funds performance, despite acceptance by the rest of the funds industry on the reporting of their funds. He would champion his own righteousness and advocate higher taxes for wealthy people like him (yet not want to voluntarily pay more now that he’s cashing up his capital)

By comparison, Dick Hubbard once flew his 100 staff members to Samoa for a picnic, and would criticise business for not following a “triple bottom line” accounting model that measured charity and sustainability – a model he stopped when he found it unprofitable – though this didn’t bring any contrition for criticising businesses for not being charitable enough in the past. He chaired a Food Safety Authority that loaded compliance costs on his competitors.

Dick Hubbard, having stuffed his suitcases with cash and memories, then packed his bags for the ultimate ego trip – a tilt at politics running for Auckland City Mayor. His goofy persona gelled well with the public in 2004, and he beat John Banks for the job (though we note he was unelected as soon as the voters possibly could)

We wonder then, is Gareth about to take a tilt for Wellington City Mayor, or a possible Wellington Supercity Mayor should Fran Wilde and others get their way in putting this on the government agenda?

Goofy well known personality, successful in business, prone to ego trips,  and most tellingly, charity when in the view of cameras and journos. We’d happily bet on Gareth seeking a political role in the future….

Tagged: • • •
  • Guest

    And they both have unfortunate physical appearances.

  • Anonymous

    Problem with Gareth Morgan, is that while the multi millionaire himself can afford to travel the globe and pay for funerals for down and outs, the thousands of hard working low waged kiwi’s in his ‘thinking mans  Kiwisaver’ are watching their money disappear in losses (and charges). I have learnt the hard way that you are better giving your money to those big bad aussie banks than with this man who supposedly loves helping the poor.

    • MrV

      Back in the day pensions were paid by the company you worked for, which obviously was unsustainable in the long run as a company can’t compete against one that doesn’t have these liabilites.

      So now we have a model that relies on the market to generate returns, however what if we strike a market that goes nowhere for 20yrs (See CPI Adjusted DJIA from ’66-’84). Seems to me this will create winners and losers, based on who can time the market best, which isn’t going to be the large funds (Kiwisaver etc).

      Lets see how people fare taking a 20%+ drawdowns near to their retirement years or else earning meagre returns once fees have been deducted.
      The only real choice with these large schemes is whether you have your funds lunched away in Wellington or Sydney.

  • Don

    I just wish he’d spend some of his wedge on fixing his whiney, nasal voice,

    Or better still, just STFU.

    The shits it gives me.

  • Mike Bravo

    You are quite right about Morgan.  The national socialism is very very strong in that one.

  • Vegas

    He irks me by doing charitable things then broadcasting same to the world.

  • A-random-reader

    Gareth Morgan and Dick Hubbard worked hard and built successful businesses.

    Your attempts at business have resulted in failure and insolvency.

    Are you jealous?

    • Guest

      Dick Hubbard was a massive political fuckup, one that caused hardship to Aucklanders and made the council a laughingstock.

      If Whaleoil thinks that Morgan might try politics, simply because he wants to give it a go, then it’s only fair to assess Morgan’s career and his modus operandi. Whaleoil, after all, has seen it all before with Hubbard’s disastrous entry into politics – trading off a successful company brand to ruin in politics.

      Whaleoil might have failed in business, but he’s kicking arse as a blogger. Hence why you came here to leave a comment, instead of responding on your own blog.

    • http://www.whaleoil.co.nz Whaleoil

      Nope.

    • http://www.whaleoil.co.nz Whaleoil

      But I learned a valuable lesson, that I am not suited to running a business…and that leverage hurts. 

      Politics however is a different game and there are very few successful business people who then become successful politicians, very few indeed.

  • Dr Wang

    Is it also just a coincidence – the corelation between Morgan and Hubbard with their…um, very noticeable…ears? They’re obviously both very good listeners.

  • Anon

    What  pisses me more is that Taxapayers are paying for this (est $50m – $100m) purchase, via a poorly capitalised so called Bank – owned by Taxpayers through NZ Post.
    NZ Post have, since inception, regularly propped up the Solvency position of Kiwi Bank.

  • MrV
  • jay cee

    go on admit it, your all jealous that these guys hubbard and morgan are rich. and you  the same people who get all superior about the left not worshipping the wealthy