Watching the Media party and Labour scoff rats over Kiwibank is hilarious


The Media party and opposition politicians really don’t know what to say about the government’s announcement yesterday that Kiwibank was selling down 45% of Kiwibank to the Super Fund and ACC.

The fact that it was Sir Michael Cullen announcing it meant that rat-swallowing was the order of the day.

You see the left-wing have been telling us for years that the reason Bill English was able to steer us through the global financial crisis was because of the brilliant state of the books that Michael Cullen left them in.

They can’t hardly start attacking this scion of the left and hero of Clarkism now can they?  

Barry Soper had to damn with faint praise:

The father of the Cullen fund, Michael, has for some time been the head of NZ Post, and therefore the bank’s chairman as well, an institution he’s clearly warmed to with all his personal money now being directed through it.

Cullen’s always been good at shifting money around without necessarily having to spend it, so what better way to finance the bank than through his fund buying a slice of it, along with the ACC investment fund. Together they’re worth $60 billion, so the $495 million they’ve earmarked to buy 45 per cent of Kiwibank is small change.

It may be something of a money go round, with the bank staying in the Government’s hands, but with the investment funds doing what they should be doing more of anyway, investing in a Kiwi company.

But who would have thought the fund Cullen founded for our retirement would have, at his behest, been buying into a billion dollar bank he didn’t want a bar of?

Jim Anderton can afford to have a wry smile on his face.

Kiwibank has not been sold. It remains in 100% government ownership and NZ Post has had a capital injection. It sounds good, but no where near as good as selling both organisations. Unfortunately, in the current political environment, that is impossible.

Meanwhile I’m going to enjoy watching the opposition and Media party tucking in to a big plate of BBQ rat.


– NZ Herald

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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.