Desperate call from a desperate man

Phil Goff is feeling desperate, being challenged from within his own party he is flailing away like a punch drunk boxer at all comers.

This morning David Cunliffe made a bid to revive his flagging leadership prospects by calling for Bill English to resign and now Phil Goff has tried to go one better and called for the government to resign.

You know what, maybe John Key should do that and show Phil Goff an early election. I wonder if anyone in the Goffice has been watching the polls lately?

There isn’t a single poll that shows anything other than complete electoral annihilation for Labour and yet Phil Goff calls for the government to resign.


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  • It reminds one of turkeys voting for Christmas to come early…

  • jmac

    You can’t make this stuff up.

    • reid

      This is Warner’s revenge for making their senior execs fly to the Antipodes for a mere extra $35M.

      I mean c’mon.

      Someone has to pay.

      Otherwise, I really don’t know what the hell Phil is doing. I mean, no-one would do this stuff on purpose would they?

  • mediatart

    So Key and English are allowed to get away with throwing $1.2billion at SCF, including the bond holders who arent Mum and Dad investors ?

    Imagine the outrage if it was Cullens signature on the document guaranteeing the investors, English was slippery enough not to sign after the first one.
    But every couple of months they re-signed , IN SPITE OF TREASURY TELLING THEY WERE GOING BUST !

    • abjv

      Tart – you’re slipping. They actually blew $1.7 billion on SCF. The issue is the recovery rate particularly of the related party loans.

      Bailing out the investors was as per the Deposit Guarantee Scheme (Cullen’s idea but English supported it 100% at the time). Something like $1.6B that they had to, plus another $100M to buy out the other creditors and make themselves the sole beneficiary.

      How much of the $1.7B they can get back? It now looks like about 30c in the $ whereas Bill said it would be something like 59c in the $. Starting to look like a Hotchin/Watson operation: $500M recovered, $1.2B lost.

      $900M of the loss looks to have come from dodgy loans for speculative investments done during the ‘cheap credit’ years. I don’t blame Cullen for lack of regulation – it was happening around the world – we actually came off pretty lightly – look at Ireland for example: they’ve just spent 2x their annual tax take bailing their main banks out (for a 2nd time).

      Could the $900M have been less if Treasury had acted earlier? Maybe – but the receiver said six months earlier wouldn’t have made much difference – the dodgy loans are mostly from way back.

      The additional $300M looks to be mostly ‘related party loans’ which is techno-speak for giving other people’s money to your mates knowing it is Govt Guaranteed, and not worrying too much about how good their security was.

      Why Treasury wasn’t picking up on this $300M, knowing SCF was dodgy and having inspectors in there as part of the Guarantee equation? Or did they pick up on it but nothing was done?

      Where were the auditors – they had to agree the value of the loan book. Did they agree its value? Did anyone subsequently rely on their ‘expert opinion’?

      Who were the recipients of these loans? What did they do with the money? How come it isn’t recoverable? Why aren’t any of these people being charged?

      Do any of these people tie back to the political process, e.g. have links to the Dipton from Dipton?

      Having $1.7B of liabilities and $500M of assets looks like ‘technically insolvent’ to me. Why is no action being taken against SCF directors for trading their company into this position? Is there an indemnity contract somewhere?

      WHEN are we going to get an opposition capable of getting some traction and keeping this Govt accountable by asking the questions? Why are they leaving it up to John Campbell?

      Personally, I think the $900 is sad, but a symptom of the times, particularly with SCF being the lender of last resort for property developers. SCF was bigger than Hanover and the rest of them, so it fell further.

      But the extra $300M really pisses me off.

  • cadwallader

    I think an early election would be wonderful. I am dubious still about Key leaving it until late November. The election ought to have been in May, before the depths of winter and well ahead of the WRC. If the All Blacks stuff up the entire country will feel like shit and yearn for a change. If Labour still exists then the feel for change may come to their rescue. My gut feeling is they’re fucked either way though.

    • thor42

      Agreed, cadwallader. May (or even earlier) would have been great!
      I think it was a really stupid idea to hold off until November – why take the unneeded risk?
      As you mention, if the ABs have their usual cockup act, then the sour mood on election day could mean that the inevitable slide in support gets accelerated. Could mean the difference between winning in 2014 or (perish the thought) Labour getting in again then.

  • cadwallader

    PS When I think about it Goff is an interesting word. It is a 4 letter word to use instead of fuck, as in “Jeez I feel goffed today.” “The Labour Party is utterly goffed!” Or (from Darren) “Hi Sonny; like me to goff you around at Full-Moon’s place.” Hone could use it “Did you goff your mum last night?”
    Goff is an acronym for “Go Off Fast Fuckhead!” This in turn could be applied as a farewell… ie “goff you later.”

    • thor42

      Yeah….. I’m feeling a bit goffed tonight, actually…..

  • steve

    “called for the gov­ern­ment to resign”?
    This is a typo, what Goff meant was “call for the government to design”
    Any leftie would see that mistake right?

  • gaskranken

    Hang on a minute we were posting here on this very blog last night that the entire labour caucus should be sacked and start again and what do we get today Goof-E doing his best Clown of Campbells Bay impression and calling for the no contest election winners to resign, huh – what a clown.

    • thor42

      @gaskranken – do you think it was a good idea for Key to leave the election until November, or should he have held it earlier?

      • gaskranken

        Yeah I do Thor coz even though the voters could well be in the dumps over a loss in the cup it’s an even safer bet that Labour will still be chasing it’s tail ( and I’m not talking about naked 18yr olds in Haitaitai either) and be in an even bigger mess than they are now. And why do I believe that? Desperation will be writ all over their faces by November you watch…

  • gaskranken

    By the way I thought Johnny Campbell did his best ever intro tonight on his show, right on JC.

  • whafe

    I am still in total disbelief that what we are witnessing with the Labour Party is actually happening, it is not a dream, it is 2011 and the major opposition party are acting like 2 year olds……. Goff and Pinko MP’s you need to fuck off and sort your shit…

    “Go Off Fast Fuck-head!”

    I agree, have a snap election real soon, I mean it is for real that domestic violence increases in this country of NZ when the AB’s lose, if they choke again this year, domestic violence will be up and the distain for an election could skew things greatly….

    • reid

      Don’t agree whafe I think the euphoria of party time all the time for two-three weeks will set people up.

      Christchurch tempers the whole thing and let’s hope we see heaps of generosity from us to them, for cup games in our home towns, free-accommodation-wise. They can stay with me, no probs, in Wgtn.

      Apart from that, that’s the only mood downside, even if they lose. They never choke, they just don’t win.


      • whafe

        Agree there will be euphoria a plenty reid.. My bad I didn’t throw the much needed LOL symbol on my sentence re AB’s choking etc….. The last RWC I was living in Spain / France, so I got a load of shit poked at me, so am dubious to go hard ont he support for the AB’s… LOL…

        Will it set people up to supporting those Pinko Clown Pants though?

        • reid

          Will it set peo­ple up to sup­port­ing those Pinko Clown Pants though?,/i>

          No fucking way, whafe. Unless Superman turns up wearing a red outfit with a blue (UN-sponsored) cape, re-builds Christchurch completely in 5-secs flat, credits Phil with the idea of giving him a bell, commends him for his perspicacity then flys off into the sunset, like a desert-eagle straight out of the barrel.

          • reid

            So unless Phil knows Superman’s private number, I’m afraid it’s all over, Rover. Isn’t that sad.

          • whafe

            Yep, my heart bleeds copious amounts of puss for Goff

  • hsv325

    I remember that song ‘Fuck Phil Goff’ that used to be played on BFM in the late 80’s when he was education minister I think. It needs resurrecting!!!!!!!

  • deputy

    Please Phil just keep on trucking… National needs you. Hard to believe that such a weak looking wantabe is Nationals Secret weapon.

    God I love this !!!!!

  • Agent BallSack

    Goff is suffering from condemned man syndrome. His execution now scheduled, the day cant come quick enough for him. By calling for an early election his party wont lose too much more points in the polls if the election was brought forward. Calling an early election is the last thing Key should do, Labour has nothing for the people apart from Whales suggestions at this point in time. The real question is how many other troughing Labour MPs are up for the bullet behind the ear when the voting is counted