The CTU is in full ass covering mode trying to create distractions;
However Council of Trade Unions economist Peter Conway said the need for major increases could be avoided if a 2014 deadline to introduce full funding was pushed out to 2019. That would smooth out any rises across a longer period of time. “A big increase in the motor vehicle levy would therefore not be necessary, and a more modest increase in the earners levy would be possible for this and other reasons.”
Peter tries to bail out his good friend and ACC Chairman Ross “The 6 Billion Dollar Man” Wilson by suggesting we put the problem on the credit card. They had 15 years to fully fund the ACC from 1998. Not hard – you think they might have used the best economic conditions since WW2 to fix the thing. But they failed so rather than admit it, they try to move the goalposts.
If the ACC debacle proves anything thing, these bozos can not be trusted with our money. Even worse is their lack of remorse for the damage they have caused.
What I find most perplexing about this whole episode and the single main reason why I believe the entire board needs to be sacked despite there being good people on the board, is the complete and utter silence from those good people or any senior management in the face of these massive shortfalls in funding.
With the board controls and management practices that were in place in 2000 before Michael Cullen started wielding the axe on the old board so they could cosset their mates into the positions would never have allowed the funding issue to raise much above $100,000 let alone to the tune of $2.6 billion.
Let’s be very clear here. If this was a private insurance company and they had a funding shortfall of $2.6 billion over three years they would be in receivership quicker than a sailor into a brothel. Their funding arrangement would dry up, if they were listed on the stock exchange then serious questions would be asked of their internal processes, their external auditors and their reporting systems that would allow such a massive previously hidden exposure lie untended for so long. It is inconceivable that the board didn’t know about this and equally inconceivble that the Minister didn’t know either.
That this is a State funded organisation means that it doesn’t fall over but the for long suffering taxpayer yet again has to mend the mess of people who couldn’t run a bath let alone a major insurance company.
The silence of senior staff and board members as they watched this unfold damns them. The Board should be sacked in its entirety, unfortunately taking a couple of good directors with it but as I said their silence damned them. The Board should be sacked immediately as with the CEO, they need to be sacked before the coverups can be completed.