Thursday, April 07, 2016


Yesterday, the government announced that it was planning to sell 45% of Kiwibank to the Cullen fund and ACC. What was the point of this internal-government transaction? So Bill English could plunder a "special dividend", of course:

Finance Minister Bill English expects the Government will net a $300 million to $350 million special dividend from the sale of a 45 per cent stake in Kiwibank.

English told the Larry Williams business hour on NewstalkZB that this will be used to offset other capital demands facing the Government.

English said there was a bit more negotiation to come. "We want to see the price that has been mentioned [$495 million] is the price that gets paid.

"If that occurs then we would be expecting a special dividend in the range of well probably $300 to $350 million."

English can't do this directly - the NZ Superannuation fund and ACC's capital reserves are safe from his greedy paws - but by laundering it through a sale, he can steal the proceeds. As for NZ Post, they get to sell the family silver, lose a prime profitable asset, and get left with sweet fuck all.

As for what they'll spend it on, the government is planning inequality-boosting tax cuts before next years election. So, the Cullen fund is going to be plundered to pay for National's election bribes to the rich. And they have the gall to call other parties "irresponsible"...