Sam Morgan

Sledge of the day

What is it with wealthy people who are also socialists and their propensity to act like sanctimonious, all knowing oracles, and worse their propensity to tell us they know better than the rest of us.

Once such person is Gareth Morgan, but his son isn’t far off.

Read more »

The Most Boring Millionaire in New Zealand

Surely this is now a tie between Sam and Gareth Morgan.

Rod Drury has made more money for Sam Morgan than Sam made for himself.  We know because Sam told us so.

Sam, who still drives a Volkswagen Golf, has about 20 projects on the go in the developing world, mostly focused on alleviating poverty.

His father shares his taste for simple cars, driving a Toyota Yaris.

Zzzzzzzzzzzzzzz…….

If you are going to be rich and drive a boring car then really the money is wasted on you. I view fast expensive cars as a positive externality and it is every stinking rich person’s duty to own and drive around as many as possible so we can see them on the streets.

“Most of life I think doesn’t really change, but anything to do with money . . . you sort of need to recognise that you don’t have the same level of problems as ordinary people do with mortgages and affording a holiday once a year or whatever, those become non-problems.

“But everything else is pretty much the same, you know. The dishwasher still doesn’t empty itself.”          Read more »

Trotter on the left’s problems

Chris Trotter is a thinker, he is a great sounding board for what is happening on the left.

His post on The Daily Blog is a must read, but to save you the hassle of going to that site here are the best parts.

Labour will take comfort from the fact that its vote has remained steady at 34 percent. It shouldn’t. Unless 100,000 Green voters have undergone a Road to Damascus conversion to John Key’s easy-going conservatism and are now declaring themselves National Party supporters, the poll result is simply reflecting the extreme volatility on the left of New Zealand politics.

The most likely sources of National’s 6 percentage point surge to 51 percent are Labour and (to a lesser extent) NZ First. Buoyed by optimistic economic forecasts and dismayed by the Opposition’s presentational gaffes, the voters who had drifted back to Labour over the past few months now appear to be rushing back to National.

Labour are putting about that the One News poll was a rogue because voters moved from Green to National. Only the most stupid of commentators would buy that spin and Trotter certainly doesn’t.

Most political analysts are attributing the sharp decline in Green Party support (from 13 percent to 8 percent) to Russel Norman’s secret meetings with Kim Dotcom. Norman’s purpose in approaching the German IT entrepreneur was to dissuade him from setting up a political party whose demographic appeal is certain to overlap that of the Greens. As if this wasn’t bad enough, Norman then managed to convey the impression that the quid pro quo for Dotcom’s standing-down the Internet Party would be a Green Party promise to prevent his extradition to the United States.

If the pundits are correct, then the Greens’ relationship with Dotcom has undone years of careful branding on the part of the Green Party leadership.

A critical factor in the Greens appeal – especially to left-of-centre voters – is the impression, conveyed by successive Green leaders, that their party is “above” or “in front” of politics-as-usual. The Greens’ proud claim has always been that they want no part of the backstairs, you-scratch-my-back- and-I’ll-scratch-yours transactional politics so characteristic of the National and Labour parties.   Read more »

Why corporate welfare must end

Corporate welfare is as evil as normal wlefare…it creates bludgers who get use to taking but it is worse for corporate welfare, because those bludging ratbags then inevitably sell the company offshore and the corporate welfare is all gone into the bulging pockets of the former owners.

Chris Keall explains about another corporate bludger who has sold out.

For staff of companies like Navman and The Hyperfactory it’s a familiar story. A hot NZ technology company is sold to offshore buyers, with its founder pledging jobs will stay in New Zealand – only for that promise to melt away as the new owners take control.

The latest casualty is NextWindow, a company whose revenue hit $60 million+ as it supplied touchscreen technology to PC makers like HP, Asus and Lenovo.

The recipient of a $6 million, no-strings government grant is gutting its local office, a source close to the situation tells NBR ONLINE.

Layoffs will see 11 staff left in NextWindow’s Auckland office, which at the time of its 2010 takeover by Canadian company Smart Technologies housed around seven times that number.

Powerbyproxi leases space in the same building. CEO Greg Cross tells NBR his company has already taken over space vacated by NextWindow.  Read more »

Sam Morgan continues piss take on his Dad

Capture

 

 

 

(related story)

Gareth Morgan never had this in mind

Mad Gareth Morgan wouldn’t have thought this might be a consequence of his cat killing ways:

Details of how a man killed a kitten then placed its remains on his former girlfriend’s bed caused an audible gasp in the Nelson District Court.

Abraham Zacharia McIvor’s angry rampage on the night of January 10 ended with him stomping on the head of the seven-week old kitten, beside which he placed a note warning his former girlfriend she was next, the court heard.

McIvor, a 25 year-old labourer, admitted yesterday wilfully ill-treating a kitten causing it to die, intimidating and assaulting his former partner and a charge of wilful damage. He was remanded in custody for sentencing on March 4.

Meeanwhile his son at least has a sense of humour:  Read more »

Trade Me sale reported

Fairfax must really be in the crapper if they have sold their cash cow.

Fairfax Media is reportedly selling its remaining stake in Trade Me for about A$650 million (NZ$810m).

If the sale were to proceed, it would considerably pay down the company’s debts.

The stake is reportedly being sold to a range of New Zealand and Australian institutions in a placement through UBS, according to market sources.

The quoted sale figure would exceed what Fairfax paid for Trade Me in its initial investment five years ago.

Fairfax bought the online auction company from founder Sam Morgan and his fellow private investors for NZ$700m in 2006 and previously recouped NZ$364m by selling a 34 per cent stake through Trade Me’s initial public offering in December 2011.

It may pay down their debt but it also removes a money spinner…leaving them with assets that are failing in any case…perhaps this is a death spiral.

Best and Silliest Tweet of The Day

Sam Morgan has a deluded view of the world at the best of times.  You know this when even Trevor Mallard has to point out the obvious to you.

First up Sam astutely tweets

But then his solution is daft.  So daft even Mallard can see it.

Problem with this is that Mallard wants a capital gains tax (as does the Morgan’s).  That will not make homes easier to purchase either.

Another example as to why Labour should not be allowed near the Treasury benches again and why Sam Morgan needs to be told to stay out of politics.

 

Wheedle and Whinging

I’m a little dubious about this new entrant in NZ online auctions - Wheedle.co.nz

Quite apart from having a bit of a failure in the naming stakes.

I wonder that TradeMe is too well entrenched with too big a community for an alternative online auctions site to prosper.

Yet, I see some very defensive comments from Sam Morgan, founder of TradeMe, that betray a bit more than just business commentary.


Being rich clearly does not give you skills transferable to areas outside your domain of competence: http://t.co/Af88M1zV
@samfromwgtn
Sam Morgan

Sam should know.  After all, there was the failure of Pacific Fibre, a company that Sam Morgan was instrumental in funding. Not only did the business fail rather embarrassingly, the subsequent tantrums blaming a government minister, that followed in the hope of corporate handouts could be best described as lacking in dignity.

It might also be applied to the middling to poor performance of Gareth Morgan Kiwisaver funds, of which Sam Morgan was a director until KiwiBank bought them out.

Corporate Welfare nets millionaires even more cash

Cactus Kate takes issue with corporate welfare funding massive capital gains to millionaires:

Good on Sonar6 for growing, having no reported profit and the shareholders flogging it to foreigners for US$14 million.

But two questions:

1. Dividends will now go to offshore owners. Where is the outcry as there is when a farm is sold?

2. Why does a company get $250,000 in taxpayer funds when it is backed by some of the richest people in NZ?

Well three questions

3. The taxpayer puts in $250k and less than nine months later the company is flogged off clearly with the intention of quick gains. Where is the slice of the capital gain pie for the taxpayer with its investment? Clearly not a long term growth strategy.

4. And maybe a fourth, Morgan + quick sale for capital gain. Tax? Of course not. Do as I say not as I do.

Calling bullshit on corporate welfare here again. I can understand why the political left get upset when we have faux entrepreneurs trotting their wares using government handouts.

Take your gains but man up and use your own money.

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