Cunliffe referred to the Securities Commission

The Stock Exchange has referred David Cunliffe to the Securities Commission over his comments about Telecoms dividend policy that saw further value wiped off of Telecoms share price.

[quote]The NZX referral was made on the basis of complaints from market participants that the Minister's reported comments may have resulted in trading in Telecom's shares when the information was not available to the whole market.[/quote]

He is in a world of hurt over this one. John Key points out exactly how much trouble he is in.

[quote]His comments to the Bloomberg newswire yesterday have wiped $200 million off Telecom's value. This follows the $2.6 billion in market value the company lost from the unbundling announcement.

Not only that, but because Mr Cunliffe talked to a newswire that feeds to wholesale investors – not mum and dad investors – he has overseen the savaging of one group of shareholders over another.

During the afternoon yesterday after his comments, there were 75 million trades in Telecom stock – a massive increase on normal volumes.

Mr Cunliffe's comments show a complete lack of understanding of the rules governing capital markets.[/quote]

Cunliffe must go.

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As much at home writing editorials as being the subject of them, Cam has won awards, including the Canon Media Award for his work on the Len Brown/Bevan Chuang story. When he’s not creating the news, he tends to be in it, with protagonists using the courts, media and social media to deliver financial as well as death threats.

They say that news is something that someone, somewhere, wants kept quiet. Cam Slater doesn’t do quiet and, as a result, he is a polarising, controversial but highly effective journalist who takes no prisoners.

He is fearless in his pursuit of a story.

Love him or loathe him, you can’t ignore him.