Friday, 31 October 2008
The money markets are chattering over the Mexican stand off with the Big Banks who have, in an unprecedented move joined forces to talk turkey with Treasury, over the deposit guarantee scheme. The Banks want some changes. Treasury is staring them down. The banks are staying firm - they want changes to clauses they think could give non banking institutions an advantage.
The only thing is the scandal around Labours neutron fizzer is expected to keep growing as journalists keep digging, so expect that to erode Labours support.
No so quickly Helen - you are in charge - the bomb rests with you.
We also want to know who paid for Eugene Bingham to go to Melbourne to look at the documents?
The Herald has the story here
His attack on Winston is blatant - We say go for it Jim. Better you than the Creep.
Audrey Young from the Herald has the story.
Batman is buggered.
the Dominion here says that the "anonymous source" rang the paper yesterday to say that he was not Labour and that he worked with the traders involved in the scandal.
Wow - first rule of the Dark Arts - when things go to hell, deflect the blame. We suspect if the Dominion had caller ID that call would have had been a direct link to the Labour Party research unit..
And the Press also uncovers that our taxpayers dollars were used to fund this muck raking campaign.
We reckon that a few airfares and and associated figures will mean that Labour will have spent the equivalent of another course of Herceptin on this debacle.
And today the story is in the Herald
The Transport Agency wants to ban people from parking on grass verges in built-up areas.
A proposed law change would make it illegal to park a vehicle on grass or garden areas bordering any urban road.
The Transport Agency said the ban would help keep paths clear for pedestrians and stop cars damaging grass and underground pipes.
The agency said motorists who parked on verges often thought they were keeping out of the way of traffic so as not to slow cars down.
But slower traffic was "not an undesirable outcome" for the safety of road users.
If the rule goes ahead, local councils will be able to make exceptions by putting up signs.
AA policy analyst Mark Stockdale said banning parking on verges would penalise people in small towns and parts of cities where a ban was not needed.
People would not be able to keep trailers out of the way of traffic and would not be able to park outside sports stadiums and homes of friends and relatives.
Parking on the verge was sometimes the safest thing to do.
"There are some towns where they might not even have footpaths. All they might have is a grass verge alongside the road."
Some city councils - including Auckland, Manukau, North Shore and Hamilton - already have bylaws banning parking on verges.
But the Transport Agency said councils were having trouble enforcing their bylaws because drivers could be ticketed only in places where warning signs were in place.
Waitakere Mayor Bob Harvey said the proposed ban was a "wacky, stupid idea" and he "wouldn't lose one hour's sleep over people parking on verges".
interesting to see that old Labour stalwart Harvey thinks its a crap policy. Now what joe and mary voter wont realise is how much it will cost to institute a change like this.
It will have taken about four policy people - probably a lawyer and a communications troll and a project manager to work on this - probably for about six months and it will require consultation with a number of bodies - so my rough estimate is you wont get much change for $750k all up.Now that's a lot of Herceptin.
Thursday, 30 October 2008
Read in Stuff
The sun is shining, my son is flying, ma and pa are playing golf, the Aussie Rock is , well a rock, and 1000 people turn up to hear John Key speak in Southland.
and then we find out that Rodney Hide could be in cabinet
Thats a good thing - Economic - dry - social - wet.
We wonder why. -
And Kitchin has the good in the DomPost this morning - obviously kicked off the front page by Labour wiping poop all overthemselves.
Here is the start of the story - its very complicated but you will get the drift.
And remember Sue Grey was the Scampi lawyer who did the dirty deed with Ian - Ewan Street.
Police have inquired into a phone call Solicitor-General David Collins made to a government department boss, which is believed to have led to a lawyer's sacking.
The call was made to Conservation Department director-general Al Morrison and has been linked to the firing of Sue Grey, who worked as a lawyer for the department. She was sacked three weeks after the phone call.
Ms Grey's partner - former Green MP Ian Ewen-Street - believes Dr Collins made the telephone call because she is a lawyer in a Supreme Court case involving Dr Collins' boss, Attorney-General Michael Cullen.
Mr Ewen-Street has laid a complaint with police. He believes Dr Collins has an interest in the outcome of the case because it now involves a Supreme Court judge and Dr Cullen, who has been joined to the case as a defendant.
Dr Collins says he is "very confident" police will find no case to answer.
In the August 26 phone call, Dr Collins told Mr Morrison that Ms Grey had a conflict of interest because she worked for DOC, but she was also involved in a private capacity in the Saxmere case, a court case alleging judicial bias.
The phone call came two days after a Sunday Star-Times article about a Supreme Court judge's multimillion-dollar business relationship with a top lawyer in the Saxmere case.
After speaking to Dr Collins, Mr Morrison phoned Ms Grey at 9.30am the same day and asked about her involvement in the Saxmere case. He said he wanted the issue resolved quickly because of media interest.
She told him that DOC had already agreed to her working on the case till it ended. She said her bosses were informed throughout, and the case was "completely separate" from her work for DOC.
Despite this, she offered to resign from DOC that day. Her offer was refused. Three weeks later, Mr Morrison fired her by e-mail.
Mr Morrison, a former journalist, recorded his phone conversation with Ms Grey without telling her. He told The Dominion Post it was the only call he has taped as DOC director-general and he did it because of the "significance of the issue".
This is a very significant story
And its all the fault of Mike Williams and the Standard the lefties blog.
We reckon that Williams will have resigned by lunch time.
They must feel like a terrorist whose bomb doesn't go off and they end up in prison for giving it a go.
In Labours case they end up on the opposition benches for three years.
It was a desperate play and desperately played. They media see it as such as so will the public of NZ.
Stuff sees it for what it was
As does NZHerald and the cynicism of presenters on TVNZ and TV3 is delicious to watch.
Its a cluster fuck for Labour and its all Mike Williams fault. He's a serious sleaze bag. Him and Winston are good for each other.
And Whale oil has a very interesting turn of developments but be warned it means you will have t0 -the standard that wanky little lefty blog.
Wednesday, 29 October 2008
If you have a past you want to share that includes something or someone dodgy
please email email@example.com
And we will share it with the world - it may not make you feel better but it will make the righteous numpties on the left feel a little bit more sanctimonious.
And the more sanctimonious they get the more they piss off normal NZ'ers.
Oh lordy, The Tamaki boy wants to create his own sanctum in South Auckland - a city within a city. We saw this story on TV3 tonight and now its on Stuff.
The church was three weeks away from securing a eight-hectare plot "in the heart" of South Auckland, TV3 News reported.
Plans for the city include a 5000-seat church, maraes, medical centres and schools -- eliminating the need for residents to ever leave.
"Every child of every member of this church will never go to a state school again," Mr Tamaki said.
He urged the church's 7000-plus members to sell their homes and move to his city "for the purpose of God".
Excellent - the idea of all these extreme god botherers who preach intolerance being walled off from the rest of the world is bloody fantastic. Enough of this vile man masquerading as a messenger of God . What utter bullshit. He leads a perverted cult out to make money from desperate needy people.
So i propose everyone else in NZ should buy a brick or a roll of razor wire to ensure the buggers never get out.
He is a journo to watch - he is always considered, he writes very well and he breaks the odd story or two. It wont be long before he is head hunted from the NBR. And despite the fact he has a lot of face to wash, one of the younger prawns reckons he is cute.
Here is his latest column
Its an insightful piece on the fallout impact of Consulgate for Helen Clark.
And it appears his biggest crime is that he had lunch with a dodgy bugger who may have been part of the financial scam.
Funny isn't it, how Labour Party President Mike Williams with his fat cat salaries that must total - around $150k plus - has the time to try and dig a bit of mud on John Key - bloody hell Labour must be desperate.
So lets see how many dodgy buggers we have had lunch with over the years. And this list is by no means exhaustive.
Well when BB was a bit younger:
- A couple of wandering husbands, names withheld to protect their children.
- Two bent coppers.
- John Tamihere
- The bloke who used to distrubute the drugs for Mr Suburban the mate of Mr Asia.
- A high profile trade unionist who got into a bit of shit in Russia who made Bill Anderson and Sonya Davies very grumpy and who was also a very very close friend of Annette King.
- Winston - often, and he never paid and we have the receipts to prove it.
- Johnny Glozier - with Winston at Nicolinis.
- Vela, Talley, - not dodgy but they are bloody cunning.
- At least three gang leaders , one black power, one mongrel mob and a couple of white power crime bosses including one called Nigger Joe.
- On Friday nights at the Wellesley Club we used to have a few beers and dinner with the odd struck off lawyer or two. ( names withheld to ensure we still get good legal advice for nothing.)
- A murderer or two. - Long story - crimes of passion.
"I will ensure that all our international agencies, be they Tourism New Zealand, New Zealand Trade & Enterprise, or the Ministry of Foreign Affairs & Trade, all work more closely together, effectively as the external arm of "NZ Inc'.
"I will be seeking a strong cross-agency focus on marketing New Zealand in all the major markets we operate in.
"A National Government will also work to maximise the brand benefit New Zealand can draw from hosting Rugby World Cup 2011. We will work with the organisers to ensure the success of the event as a fantastic opportunity to showcase New Zealand.
"The gloss has been coming off our tourism numbers in recent times as the world economy enters a recession. We are going to have to work a lot smarter, all of us, to keep the numbers up, and more importantly to maximise the economic return New Zealand gets from tourism and trade.
See here at Stuff
Sad Helen , sad because despite the fact we never admired your politics we have a grudging respect for your leadership. You made tough decisions about the people around you. You knew how to make the hard calls.
However we never realised just how much your desire to be PM has twisted your basic moral fibre. It is just plain sad.
You will never be remembered for the good things, you did you will just be remembered for cuddling up to a corrupt lying bastard to ensure you could keep the top job.
We reckon , Goff, King, and Lianne will be having a barbeque sometime this weekend.
They must be absolutely ashamed of you.
And as for Heather - we have always admired your amazing political skills but you too have been corrupted by being at the foot of the throne for too long. Time to go back to Southland and grow roses old girl.
Whale oil and Kiwiblog have been cooking up this billboard for a while. It went up in Tauranga today - and with Winston back in the headlines for being a lying corrupt creep - the timing could not have been better.
Go you good things!
Excellent - Its about time they treated this seriously - its corruption at its worst.
and Clark is up to her eyeballs in this as well.
She has always tried to keep the foul stench of Winstons corruption at arms length but the release of these documents by the Ombudsman means she has just been doused in a shower of shit that she is not going to be able to wash off easily.
She knew what Winston was up to and she should have sacked him on the spot but she let him keep his job so she could continue to be PM.
That is just as corrupt and venal as Winston.
Read more in Stuff here
Fonterra would have done the numbers and worked out that its not a goer for them but no, old Mr Nanny Cullen has told them they need it .
He's a patronising dork.
This from the Timaru Herald
FONTERRA does not want it but Finance Minister Michael Cullen is keen on plans for a railway link to Fonterra's Clandeboye dairy plant to be brought forward.
Dr Cullen passed through Timaru yesterday with Labour's Waitaki candidate David Parker and Rangitata candidate Julian Blanchard.
He was in town just long enough to spot a KiwiRail train.
The Government bought the railways back from Toll in July and renamed the network KiwiRail.
Dr Cullen said the Government is committed to jointly funding rail access to Clandeboye and wants to see the plan brought forward.
"There's a lot to be said for taking it there."
Both the economy and the environment would benefit.
Last month Fonterra Clandeboye hub manager Alan Bennett said the site was not looking at rail at all.
Then the so calledpolitical editor Brent Edwards gets on and says that there is no sense that Winston acted inappropriately. Bollocks.
We can seethe inappropriateness of Winstons action - all the other journalists see it and we suspect that the voters will get it as well.
Winston used the phrase " join the dots" we we did and it shows that Winston is corrupt.
Radio New Zealand is losing every shred of credibility with this twerp as political editor.
Edwards needs to go an work for the Spark.
Clark said last night there was no issue because no appointment had been made.
She revealed she had blocked the proposal because of the possibility that money was involved.
"For my part, once I had heard there had been a donation I didn't think it would be appropriate," she said.
A spokesman confirmed Clark had formally axed the proposal once Glenn told her when they met in February that he had donated money to Peters.
This is bloody outrageous - this information should have been put before the Privileges committee. It shows yet again that in the race for power Clark has lost every shred of integrity she ever had.
She is willing to have a corrupt, lying, creep in her Government just so she can continue to lead the country.
This story is not just about Winstons corruption, its now about Clarks murky, dishonest, self serving politics.
Tuesday, 28 October 2008
And he has reiterated his position yet again in the NBR today.
Thats what we need, a politician with a backbone integrity and principles. Not one who has no integrity and makes decisions based on a thirst for power aka Helen Clark.
And Key's decision looks even better in light of the Email revelations re Owen Glenn on TVNZ tonight. Its good to see that all media are hot on this issue with the story appearing all over the place. It shows the one thing we have all ( in blogland) been saying for a long time - Winston is corrupt and he is a liar.
BB just watched the tail end of an interview with Winston Peters and Oliver Driver on ALT TV.
He reckons there is an issue that will dent Key's integrity that is still to see the light of day.
It is going to be a dirty campaign
Winston is a creepy, lying cheating, hypocritical, corrupt bastard.
Read more here from TVNZ
Prisons have not improved or changed in 20 years.
Governments should not run anything and prisons are a good example. People worry that commercial imperatives would mean that private prisons would fail. Bollocks. Public run prisons aren't succeeding but private prisons governed by tight targeted contractual obligations would provide a better deal and more accountability for the community.
Here is Nationals policy
Mr Key said National would also allow the private sector to tender for the management of prisons on a case-by-case basis.
Auckland Central Remand Prison was privately run under the last National government, but Labour overturned this following the 1999 election,
Mr Key said National would be looking for a much better performance from the Corrections Department.
It couldn't get much worse
"The past decade has seen New Zealanders' confidence in Corrections seriously challenged," he said.
"There have been too many examples of poor management and of Corrections acting without the necessary regard for the safety of the public. This must change.
"There is also widespread public scepticism resulting from facilities such as under-floor heating and flat screen televisions now available to prisoners, especially in the new prisons.
"The National Party believes prisoners should be treated humanely, but that prison facilities should be in keeping with public expectations, reflecting the fact that prisoners are paying a debt to society."
yes no more holiday camps
National is also pledging to boost the number of prisoners learning industry-based skills and double those receiving intensive drug and alcohol treatment.
Mr Key said today re-offending rates were too high and inmates had to learn to change their behaviour.
"At present, 43 per cent of all prisoners, and 65 per cent of those under 20, re-offend within a year of release, and we must do more to change that," Mr Key said.There is a real challenge here - some you can do something with the others you just need to give them a pass out card because they will return.
"It's a waste of taxpayer money to let these people serve their time without challenging them to change their behaviour - only to release them and then throw them back into prison again when they re-offend."
Imprisonment should not just be a punishment but also give an opportunity for rehabilitation.
Yes but needs to be realistic.
"Prisoners work just 15 hours per week on average, and that has to change. It's not good for anyone to have these people sitting around all day doing nothing," Mr Key said.
Abso fucking lutely. They need to learn how to work, responsibility and discipline.
A National-led government would boost the number of prisoners learning industry-based skills through Corrections Inmate Employment by 1000 by 2011, at an estimated cost of $7 million.
That would increase the number of prisoners in skills-based work to 3500.
Good - better than leaving them in the units watching crap TV
Mr Key said National was also concerned at the lack of drug and alcohol treatment beds for prisoners.
National would double the number of prisoners who are able to receive such treatment to 1000 by 2011. This was estimated to cost $3.4 million.
Good - but it must be done in a co-ordinated way
National would also:
* Ensure prisoners who are able to work but refuse are not eligible for parole;
* Carry out a stock-take of support available to released prisoners, including substance abuse treatment, accommodation and employment;
* Talk to private enterprise about opportunities for meaningful work and training for prisoners;
* Investigate whether money earned from inmate labour could be directed into victim reparations, families, or a savings fund for their release;
* Re-visit the rules around eligibility for rehabilitation programmes;
* Review screening and treatment of prisoners with mental health problems;
* Expand prison literacy programmes.
Good sound policy. It wont suddenly change the world but it will help change a few lives.
The Greens are the "Can Not" party .
NZ is a "Can Do" country.
We can't let these green tea drinking, bean sprout eating, tantric sex practicing, poop in the paddock to grow better carrots wankers, have anything to do with our economy.
This is good and over at No Minister they have much more - we at the Prawn really enjoy their pithy wit.
Not sure why but this really resonates.
Will the other mortgage fund managers follow suit?
More in the Herald,
Japanese ma an pa money traders, known colloquially as Mr and Mrs Watanabe, account for around 30% of the foreign-exchange market in Tokyo by value and volume of transactions, according to currency traders..
And for NZ the news is not good.
Thanks to the Sweeper
We did blog on our thoughts of the minors debate last night and we reckon that the Hydra is a cluster fuck in the making . We cannot afford in these troubled times to have the mini- minors being drip fed "nice to have" but ultimately not life changing policies in exchange for power - Firstly there is no money and secondly there isn't time to waste on crap. We need a stable govt to steer us through what will be the hardest economic times since the depression.
Wellington Hive has a wonderful contribution that says pretty much the same, but much more elegantly.
He sees merit in the more centrist face that Key is presenting with announcements like the transitory package - which is a pay the basics insurance for those who find themselves unexpectedly out of work.
Armstrong rightly points out that this wont sit easy with some of the Nats drys but the reality is Key has tapped into a large and grumpy voter segment - the jobsters who are out there putting all they have into life but dont get much as a bent penny from the policies of the past.
Key looked relaxed this week - Clark on the other hand looks like a coiled spring.
We here at the prawn are expecting that Labour will try and bring out some dirt this week - Clark will probably get Winston to do it - he hinted at more dirt to come a couple of times recently.
And Clark will be positioning herself to look like a leader who has the answers to the growing economic tsunami that is about to wash over the country.
We also think that after the generally lack lustre mini minor leaders debate last night the focus will be squarely on the two leaders.
Expect more of the same here today.
Am I in the wilderness here, or are we as a nation closing our eyes, saying "dont panic" as the elephant in the room stands on our toes?
Monday, 27 October 2008
Here is the thread where the NZ local white boys Fuhrer Kyle Chapman says to his mates to vote Winnie!
We think that these nasty little buggers, who have to group together to get enough cerebral critical mass to work out how to take a dump, should do what the fella in the pic suggests.
Just shows what impact Winston's policies have. No wonder he was the pariah on the mini minor party debate tonight.
A guy has been arrested by the Police after our team videoed him smashing a sign in Newtown last night. They followed him until he was arrested.
Well done Jordan and the teams of Young Nats who have been staying up all night to guard signs all over Wellington.
Excellent work - They need to feel the force of the law. And we bet the lilly livered little shit will squeal on his mates
Winston must be held to account for this.
Nice one Big News
Its all feel good - hot button issue stuff.
But the idea of a government with the Creep Winston, the Greens, and Anderton and the Maori Party tagging along with Helen is appalling - they could not work together.. The Labour - Hydra is a cluster fuck.
We need stability - we need focus on the big issues that are facing this nation in a world that is tettering on shifting sand. So we cannot have a government that is reliant on giving in to some needy minor parties who want a goody bag of inconsequential and take us no where policies.
That being said - Tariana Turia is sha;ping up to be the politician of the election - she is a very wily old biddy..
And she and Hone Key get on VERY well and among Maoridom her loathing of Helen Clark is legend.
Some cute wee fellas and their old lady on a family outing on Lake Rotoaira near Turangi Swans taste ok but you need to skin them.
And some Native clematis - one of the
prettiest flowers in our bush.
We were on tour over the weekend and for a variety of reasons ended up staying and having Dinner in Turangi. We dined at Valentinos - an Italian restuarant that was over priced and underwhelming - but BB is spoilt - Zico's in Courtney Place is still number one trattoria in NZ. And its where the interesting people hang out - a lot.
And the Aussie Rock and I stayed at the Anglers Lodge - it was average, the price $115 a nite but adequate.
We are in a much more precarious situation here in NZ.
So tomorrow will be another interesting day on our own money markets.
We understand that the Govt realises that it is going to have to step in provide a guarantee to the wholesale market - but it wont do anything until late this week so that their " financial skill and prudence" will dominate the media headlines in the last week of the election.
We need a govt that makes decisions on pragmatism not on politics.
This from the AGE
The dollar rebounded from early lows against the US dollar and yen after the RBA confirmed it intervened to shore up the currency.
In recent trading, the dollar was buying 62.22 US cents, after earlier trading near its weakest level in more than five years. Against the yen, the dollar tumbled to 55.1 yen, its lowest level since the end of World War II, before gaining in recent trade to 58.73.
The Reserve Bank confirmed this morning that it had bought Australian dollars in a bid to ensure liquidity for markets.
''What it is increasingly worrying from Australia's perspective is that the Chinese economy is also on the verge of what would be classified as a hard landing,'' said Stephen Koukoulas, Global Strategist at TD Securities.
Stocks extended their falls, touching lows not seen since late 2004, with banks the biggest drag.
Around noon, the benchmark S&P/ASX200 share index was down 55.4 points, or 1.4%, to 3814 points. .
A weaker Australian dollar has mixed consequences for Australia's economy. Exporters with products priced in US dollars, such as mining companies, will book fatter profits in local currency terms.
Importers, though, will be paying more for their products - many of which can only be sourced from overseas - and Aussies planning holidays abroad may start looking closer to home.
And any increase in prices may slow the pace of further interest rates by the Reserve Bank as its board frets over the highest inflation in more than a decade.
The Australian dollar's rise to almost parity against the US dollar in mid-July was tied to soaring commodity prices.
Now commodities are falling through the floor and dragging the currency down with it.
"All risky assets have taken a beating in the past week as risk aversion has returned with a vengeance," said Sue Trinh of RBC Capital Markets. "It's all came to a head on Friday."
The closely watched Reuters / Jefferies CRB index slumped a further 3% on Friday, undermining commodity stocks worldwide.
The unwinding of the so-called carry trade - in which Japanese investors in particular bought Australian dollars to benefit from a much higher interest rate than what's available at home - has also pummelled the Aussie.
The Reserve Bank's announcement this morning that it had intervened in currency markets came after speculation of a coordinated intervention by major global central banks circulated on Friday.
That co-ordinated effort "for now has put in place the base but further weakness in coming days below the (60.57 US cents) levels can't be ruled out,'' Ms Trinh said.
While you all were sunning on a magic Labour Day, some of us were working
–on the road, so to speak. Firstly there was the essential visit to Wellington’s infamous Dockside Restaurant. Shit, shock, horror, probe! Not openThe country’s leading sunshine eating house was in unoccupied shadow. There have been rumours for weeks, few patrons, fish and chips at $37 and lately the offer of half price wines in the afternoons.
A shock ran through the Wellington restaurant scene after the demise of Copita!
But it was just for one day. But it was a day which in recent years, would have meant a week’s turnover in most capital restaurants.
But not to bother, Shed 5 was open and the whimsical Chicago Bar was bursting with diners.
So too was the eventual destination, the Red Dragon in Tory Street. The tables were over populated with Wellington’s Asian population and the 30 staff were all wired up for sound and response. Must be a dollar or two in noodles!
Talking of noodles the Big Thumb in the Courtenay Place area is also booming. Late
last week they hosted a private luncheon which featured an odd trio. With
Ranfurly Shield was Jamie Joseph and race caller Des Coppins. It appeared
they took their own kai, cray and muscles for the occasion.
We agree wholeheartedly with the Dom - Margaret Wilson has a obligation to the public of New Zealand to reveal who benefited from the Taxpayers money.
The creep Peters cannot be allowed to get away with hiding behind the skirt tails of a desperate Labour.
Remember it is not Winstons money it is the taxpayers and we have every right to know where that money went and the Government has a moral obligation to reveal the details.
And the journalists in this country should follow the lead of Kitchin and keep digging.
Sunday, 26 October 2008
And like queen bee at Wellington Hive we noted him sweating and wiping his brow on TVNZ the other night - as my mate SPAZ would say - the piss has got him...
We have just been watching Agenda with ProfWiniata of the Maori party.
I think that it is time the Maori party leaders gave a stern message to its constituents.
If they are the King makers on the day after the election they may not have much time to fuck around having heaps of bloody huis. The financial crisis may be that great that any lengthy hui - ing is not going to be good for the country.
It is time that the Maori party has realised that by being elected they have the mandate to make decisions on behalf of their people.
And it is time for Maori to return to some of the strengths of their culture - the considered but pragmatic approach they had to fighting battles. And its that core element of Maori society that will be needed to get us through the financial mire we are facing.
If they tarry, the biggest losers will be their own constituents.
Here is the pertinent bit
But Dr Cullen said banks were not facing a crisis in the short term, giving the government time to work on details of an extended scheme.
“They will get to a point probably this side of Christmas where they will be needing to review some of their existing loan facilities; now we have plenty of time to work through what an appropriate response might be,” he said.
Dr Cullen emphasised there was no need to rush the scheme through and it was crucial that it be carefully designed to suit New Zealand’s financial sector, which is overwhelmingly owned offshore.
But today's headline in the Herald shows that the banks are at least hedging their bets and with the run on the dollar last week - which is essentially caused by the Carry trade money, the money ma and pa Asian investors have had invested here because of the high returns for depositors. Now they are not reinvesting that mloney and have taken it back home to put under their futons.
So the upshot is we have a little less money in our banks than we did.
And if you want a really really good ( even bustedblonde gets it ) article on the carry trades and their impact check this out at NYTimes here
Thanks to the Sweeper
Read here at Whale Oil
Expect more dots to be joined in coming days.
Saturday, 25 October 2008
Hooton has an excellent summary of what crooked Winston Peters the Creep has done so far.
This is from Kiwiblogs analysis of the Susan Couch Trust
which includes this
The settlor is Kevin Gillespie, an Auckland Accountant. Gillespie,
Henry and Gates are all Directors of Goldman Henry Capital Management and in business
together. They had some problems with the Securities Commission in 2004
incidentally, after the Commission found their prospectus did not comply with
securities law and omitted a material particular. The investment statement was
also found “likely to deceive, mislead, or confuse with regard to particulars
that are material to the offer of securities”.
We here at Roar prawn have uncovered a bit more to add to Kiwiblog working out that these boys did have some problems here in NZ - Mr Goldman has had a bit of bother on the other side of the Tasman as well .
This from the Australian Securities and investment Commission website
02/408 New Zealand director pleads guilty Wednesday 13 November 2002Mr Alan Goldman, sole director of the New Zealand company Mauer-Swisse Securities Limited (Mauer-Swisse), has pleaded guilty to four charges laid following an investigation by the Australian Securities and Investments Commission (ASIC).Mr Goldman was convicted and sentenced to a $1,000 personal recognisance bond to be of good behaviour for two years.On 9 August 2002, Mr Goldman was charged with two counts of providing a financial service in Australia, on behalf of Mauer-Swisse, when neither he nor his company were licensed to do so under Australian law. He was charged with two further counts on 12 November 2002.On Monday 11 November 2002, Mr Goldman was permanently restrained by Justice Barrett in the Supreme Court of New South Wales, from offering securities or carrying on a financial services business contrary to the Corporations Act 2001.Mr Goldman consented to the orders. Mauer-Swisse held a sharebroker’s licence in New Zealand and operated a financial services business. On 18 October 2002 the company was put into liquidation.BackgroundBetween April and July 2002, Mr Goldman provided financial product advice to Australian investors in relation to shares, including shares in a US-based company called Orbit E-Commerce Inc, or New Hilarity Inc.The investors purchased their shares in Orbit E-Commerce Inc or New Hilarity Inc through Dreyfus Securities Limited, a Bangkok-based company identified on ASIC’s consumer protection website at www.fido.asic.gov.au as a company involved in unlicensed overseas cold-calling.On 30 July 2002, ASIC obtained orders from the Supreme Court of New South Wales prohibiting Mr Goldman or Mauer-Swisse from sending property out of Australia, and restraining either party from carrying on a financial services business.Mr Goldman and Mauer-Swisse were also restrained from accepting documents of title or money relating to securities from Australian residents.ASIC acknowledges the co-operation of the New Zealand Securities Commission in this matter.
Really nice people - not.
David Farrar has done some Stirling work on the nature timing and who's in charge of the Susan Couch Trust.
It is time to for someone to front Winston and ask him so very pointed questions about this Trust.
This is a deplorable use of Susan Couch by Winston, who is really is the worst creep in politics today.
We posted on what a creep Winston was for stooping to such venal tactics . And this morning everyone in NZ who reads a paper or hears the TVNZ news will see that the money has been given to a trust associated with Brian Henry..
That is simply appalling - if Brian Henry is to retain any professional integrity he should say he wants nothing to do with any of the taxpayers cash.
We would willingly set up a separate fund for Susan couch for all New Zealanders to willingly donate to , money that she would get directly without her having to rely on Peters tainted cash.
In fact we see someone who commented on last nights post about this issue has already sent a cheque to Susan Couch.
But as we said last night we thing this is a bridge to far for most Kiwis and this most cynical of ploys by Winston will not be condoned by voters.
There is more than a faint odour of "fish de rotten" around the Bill Liu/ Shane Jones , Dover Samuels story. The Herald has picked up on Wisharts expose which makes for interesting reading you can get here at TGIF
We knew the story had legs when fishing sources rang us the night the story broke and said there was merit in further investigation.
There are links to NZ's trade in live fish we understand as well.
So expect much much more from this story over the next couple of weeks...
Friday, 24 October 2008
Instead he goes public, telling the world about his largess with the taxpayers money, so the whole issue is about him. How very narcissistic.
Its about him convincing the public, that he is big hearted. Its all about Winston.
We remain convinced he is corrupt.
But in what we think will be the final twist, we reckon the public of New Zealand will judge Winston harshly over this donation to Couch. It is simply too cynical.
It is quite simply the ugliest, most manipulative political play that this country has probably ever seen. We think this is the bridge too far, for good and honest and true New Zealanders. Using a woman who has suffered so much, just to improve his status with the voters of New Zealand will , we believe, be the one thing that turns the tide of public sentiment.
Kiwis hate braggarts, they hate liars and they hate manipulators and Winston has shown he is undoubtedly the master of all these vices. The public of New Zealand are more sophisticated than Winston has given them credit for and they will punish him come November the 8, not for being a liar, nor a manipulating bastard but just for being an unmitigated creep.
That is a a good thing .
We remain cynical.
Stuff has the story here
A few people have asked Roarprawn who Trader Jack is - here he is and here is his place
Winston goes there a lot to rest and stuff.
Jack is a good bloke - shame about the other bastard with him.
Key is right -NZ is looking at an unholy alliance between a rag tag bunch of disperate small parties with wacky agendas if Clark get the not from voters - that would not be in New Zealand's best interests economically. We need solid bold leadership and the ability to make sound decisive decisions without the need to have to sit around " consulting " all and sundry.
NZ should not vote for a political Hydra if it wants good government.
Story is here in the Herald
We were astounded when we heard the breaking news on RNZ this morning . It put BB off her Vogels. And we were deeply suspicious. We got more suspicious when we read the statement and now Hooton's analysis is clear - Winston has not been exonerated. Ann Martin has been exonerated. Some journos and commentators will be feeling a little bit sick about now. Winston has hoodwinked them again and they used the State Broadcaster to do it - No wonder Plunket is looking for cleaner pastures.
Read Farrar here
And Hooton Here
And for the general punters out there - Richard ( Dick) Griffin is not impartial - he is a bloody good mate of Winstons - Up there with Trader Jack and Tommy Gear.
So his view of the world is jaded. It is also appalling that the main stream media is doing a " he said she said" approach to this story without taking a very cold and dispassionate look at what the commission is saying.
No holds barred - take sides - bet, harrass, cajole, tease and give as much shit as you like - the battle has begun.
And sorry - I couldn't find a pic of a fat arsed chick wallowing around in mud - so this pic bears no resemblance to BB.
We woke to hear Winston on Radio NZ saying he was vindicated after the Electoral Commission said there was no offence committed by NZF in relation to 2007 donation returns
But it appears that NZF has not filed all donations for previous years and the police are still investigating.
In a summary of a withheld decision, the commission said donations made to the party in 2005, 2006 and 2007 were not included in New Zealand First's returns of donations.The commission says it is withholding the full decision for now to avoid potential prejudice to the continuing police investigation.
The commission also found the ACT Party should have disclosed it was provided with rent-free office space by Sir Robert Jones for a number of years before 2005.
So we wait for the full report and the results of the police investigation
Thursday, 23 October 2008
The polls show the gap narrowing between Labour and the Nats.
That is no huge surprise but it will be a salutary reminder to National that the race will go to the wire.
But today Hooton has uncovered evidence that means he may be ousted because of the stupid, EFA laws.
Read his summary of what Pledgegate book may do to his political career.
Funny isn't it what comes out of the wood work when time are tough.
Some of us at the prawn know a few people who don't have to worry about the price differentials of blocks of cheddar. They are the sort of people who have worked hard, had faith in themselves and their ideas and done well. Capitalists some call them, others would say just ordinary people doing good stuff. Today over a good lunch I heard two bloody good banking stories.These are true stories -no shit.
A couple who have done well - and who employ a few people and for whatever reason, they have about $250k to invest. Dark clouds form on the investment horizon so they decide that it maybe a good idea to invest said $250k in Kiwibank.
They rang Kiwi bank, talked to them about investing the money and yip Kiwibank were interested in seeing the colour of their money. So they say "can we set up an account to put the $250k in?" - Yip Kiwibank said, no probs.
Ok my mate said, can we transfer the money from bank B to Kiwibank? , No probs Kiwibank said. So can we do an interbank transfer - ah no said Kiwi bank we need cash or a bank check.
Oh, said my mates what is the closest branch ?
Paddy's Lotto shop in Courtnay Place they said.
So with a check for $250k my good mate trundled down to
Paddy's lotto shop wandered past the barbers it houses and duly, manually deposited $250k - bit third world we thought....
Until we heard bank story Rua
A close family member, on the eve of the banking crisis decided to take $150k from the National bank (which she wasn't convinced was all that secure - we disagree ) and put it is Wesptac which she thought was more secure. She was going to use it for house renovations.
Anyway same thing happened- Westpac didn't do Internet transfers for more than $1k at a time - she couldn't be bothered waiting for the bank to take two days to up the limit from $1k for her electronic transfers, or waste time going and getting a bank cheque, or carting $150k in cash to Westpac, so she sat on the computer for about an hour and duly deposited $150k in $1k lots from National bank to Westpac - Next day the builders arrived and just as they got set up a strange car pulled up the drive - it was the National Bank - they were worried that she had lost confidence in the bank and wanted to know why she had taken her money out.
They implied that they were worried that it was the start of a tide of depositors taking their money out.
She said no it wasn't the case- she just thought the Westpac was safer. But no sooner had they left than a bloke from Westpac turned up - he was just checking that it wasn't a case of fraud because they had never had someone who had deposited $150k at $1k a time and they wanted to check it was kosher. It was she told them - It was just their stuffed up system that didn't allow her to do a electronic transfers of a reasonable size that had caused the problem.
So we think that banks need to sharpen up their act and maybe they might be a wee bit nervous.
Good to see Hooton and the Hive make some gains as well -
Here's the breakdown at Tumeke
A clue why the public accounts are in deficit for the next ten years and 18 billion of your taxes was wasted over the last seven years.
This is the increase in staff numbers by some major Government Departments over the last 7 years .
Oh and by the way there was no increase in output or improvement in quality of output.
Ministry of Education
906 in Wellington
1460 in Wellington
1899 in Wellington
1998 in Wellington
2202 in Wellington
Ministry of Health
834 in Wellington
1202 in Wellington
1641 in Wellington
1958 in Wellington
2265 in Wellington
Department of Corrections
1425 in Wellington
1822 in Wellington
2208 in Wellington
2600 in Wellington
2723 in Wellington
Ministry of Justice
345 in Wellington
373 in Wellington
1817 in Wellington
2199 in Wellington
3468 in Wellington
Source: State Services Commission (figures include fulltime equivalent staff).
We thought it was bad but this is REALLY bad.
Our thanks to the spaz , and the old tazzy devil