Forsyth Barr ‘should be booted’

Link supplied.

### Mon, 11 Mar 2013 10:48a.m.
Forsyth Barr to stay on Mighty River panel
The Government’s rejecting a call to remove Forsyth Barr from the panel running the selldown of Mighty River Power despite a Commerce Commission ruling critical of the company’s past. In a decision last week, the Commerce Commission said Forsyth Barr and French investment bank CALYON were “misleading and deceptive” in their marketing of $91.5 million in Credit SaILS bonds to investors in 2006. The product promised 8.5 percent interest income and capital protection – but Credit SaILS failed in 2008, and the bonds are now virtually worthless. The companies have reached a settlement with the Commerce Commission to create a settlement fund of $60m to be distributed to investors.
Economics writer Bernard Hickey says Forsyth Barr should be booted from the panel overseeing Mighty River’s float, saying its involvement risks undermining confidence in the sale.
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Posted by Elizabeth Kerr


Filed under Business, Economics, Media, Name, People, Politics

10 responses to “Forsyth Barr ‘should be booted’

  1. Anonymous

    Bill English seems to have stopped peddling his I-Live-In-The-Clutha and I’m-A-Farmer-Too crapware and gotten on with the business of dictatorship. Thank god for the ultra rich that John Key is there to lead the way to their dark nirvana.

  2. Peter

    Being a Southern Man, Bill English will no doubt have very close connections to Dunedin-based FB and wouldn’t want to get offside with Edgar and Co. Better to turn a blind eye.

  3. Anonymous

    Laugh/cry out loud quote from John Key:
    “People will think twice about investing in a country where the government can turn around and change the rules on you overnight.”

    It would seem the rich man’s Prime Minister and his arrogant troupe of self-enriching Ministers are relying on you and me to forget everything even sooner than previously expected.

    This flawed vision must make Dunedin’s stakeholders proud and give some hope to the Stadium Councillors for the next election. (another hot potato too hot for Stuff to allows comments on)

  4. Hype O'Thermia

    Stuff does not allow comments on many stories at all. It’s less open for public discussion, by a long chalk, than the ODT.

  5. Labour and the Greens might just have struck a nerve here. Key’s rather lame response suggests that he might be a tad frightened by it. No doubt electricity prices figure strongly in the minds of the people. Anything which suggests it might help hold or lower those costs will resonate with the ‘plebs’. And if one looks at it, electricity is the product of mining our resources, be it water, coal, gas or geothermal. As such, why should those resources not be mined in the citizens’ interest, rather than the capitalist moguls, who mainly reside overseas? Electricity (Energy) is what drives the economy, and the cheapest cost of energy supports efficiency within that economy. Again, does it not make sense for the Nation, who owns those resources, to exploit them to its own best advantage? If so, the best way is for the nation to retain ownership and therefore bypass the entrepreneurs’ cut of the cake and pass it direct to the nation’s users. This in essence is what the Labour/Green proposal intends. If it causes the present operators to be faced with reduced profits, then they will do what any prudent business will do when the return becomes less than the investment, it will sell out. That might just be the best thing that could happen for this country. Interesting to watch how this plays out.

    • A pasty editorial today at the Oddity:

      Is the gloss wearing off?

      Re Electricity, er domestic… As an apartment dweller I can keep my Contact Energy power bill to under $90 per month all year usually; last month it was $77, this month $87. What am I missing out on? Well, in Dunedin, as the cool winter approaches – (district) central heating. I chose sunny elevated (and insulated) accommodation, not everyone has that pleasure – and most are being shredded to hell on power bills they can’t afford to keep their families and elderly warm, safe and healthy.

      If the Labour/Greens idea has less pitfalls than the present system (does it?) then support is theirs, um should they have a salient raft of economic drivers as well.

      Power plan too hard: PM
      Prime Minister John Key believes Labour and the Greens will not actually follow through with their plan to radically reform the wholesale electricity market should they be elected to government.

      “Jittery investors who have applied for shares in state-owned Mighty River Power have been given until midnight on May 1 to withdraw their applications if they think the Labour-Greens’ new power policy could damage the value of their shares.”

  6. Hype O'Thermia

    My house, the house I could afford, was built in the old way keeping the harsh NZ sun at bay so the carpets and soft furnishings would not fade. Besides, you had to have the front of the house facing the street – didn’t you? Nonetheless it was a pretty sunny section most of the year and I learned that when I went into town I must take a jacket or jersey because home was warmer and missed the chilly wind. Since then neighbouring properties changed hands and now trees take away most of my winter sun, and even the light breeze that helped my washing to dry on the line. My summer sun is increasingly blocked by neighbours’ trees. We cannot all choose sun-warmed homes, or having chosen them (within our budgets) do much to ensure the sun is not blocked by others’ choices.

    Chainsaw anarchy?

  7. Mike

    so if someone’s building a giant building that’s going to block my view I should get a really big chainsaw?

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