A $150 million rip-off

Meridian Energy was listed on the stock exchange yesterday, and the price immediately leaped to $1.08. Which tells us right off that the government sold it too cheap. Their underpricing has meant a $150 million windfall gain to the 1%. That's $150 million we could have spent on schools and hospitals.

Just more evidence that privatisation is an inherently corrupt process, aimed at delivering windfall gains to government cronies rather than value for the taxpayer.

We need to end this process, and we need to take back what was stolen from us. And when we do, we should make sure that the 1% don't get a cent more than what they paid us. Renationalisation at sale price less any dividends and asset-stripping is the only fair policy. And if the 1% don't like that, they shouldn't buy stolen property.