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Tuesday, March 05, 2013

MRP privatisation: re-nationalisation options

The pre-looting has begun. The traitor's bribe - a 'loyalty bonus' in the euphemism of the National government - will be pushed on the surface by an unnecessary million dollar ad campaign and deeply cut with an undercurrent by many more millions in unnecessary brokerage and admin to the middlemen. It's a sordid business. But how to remedy the channelled greed of the Tories?

What would a 'State Owned Enterprises (Return of Assets to Full Public Ownership) Bill' of an incoming left bloc government look like?

It could be HARD: Crown will refund all shareholders only initial investment paid, so no windfall profits. Possibly also a harder clause for foreign shareholders to send a message and to keep a relative NZ preference. Or it could be SOFT: a staged buy up by the NZ Super Fund and other public funds (ACC, EQNZ etc.) to get to 90% public holdings, then consolidate and initiate takeover buyback at this point for remaining shares. This process may take a few years rather than a few months. But going soft means letting the looters carry off superprofits on the float, which doesn't seem like an adequate solution. Soft or hard it would be good to get some indications from the opposition parties about what a re-nationalisation would look like, how funded, timeline, position of shareholders etc.

Looking at the headline again I'm reminded of the irony that it is the National Party that is against nationalisation. Key has said he expects 20 - 30% of the initial share float to be taken up by foreigners. So that's on day 1, in a few years time where will that be? National indeed. And the 'loyalty' bonus not being available to the Iwi they're settling with!? Maori on the one hand; New Zealanders on the other. The Nats enforcement of second class citizenship crosses into every sphere. Maori aren't capable or worthy of the benefits of loyalty - that is the message.


At 5/3/13 10:46 pm, Blogger countryboy said...

The death throws of a dead horse flogged . We're witnessing the end of Old New Zealand / Aotearoa . R.I. Fuckin' P .


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