Comment from ACC CEO

[wingrider]

From letters to the editor, Dom post this morning.

heading
ACC Position Misrepresented

Quote
Yore item, (ACC money down the drain(oct21st) significantly misrepresents ACC's investment performance for the past year. In fact ACC's investment portfolio made a return of 3.2 percent for the year.

Few diversified funds could claim such a result, and ACC's investment team is widly acknowledged as being among the best in the country.

The article pointed out that one area, Australia and new Zealand properties fell by 21%.
Thats right but it accounts for only 0.01% of our total portfolio's so is hardly material.

The dominion Post also failed to note that New Zealand Bonds. which account for almost 50% of the portfolio, grew by 13.4%.

This was shoddy reporting

Signed
Jan White
Chief Executive ACC
End of quote.

How does Nick Smith claim that ACC is in the shit when the CEO PUBLICLY declares otherwise??

[rainman]

How does Nick Smith claim that ACC is in the shit when the CEO PUBLICLY declares otherwise??

Simple, he's lying so that he can manufacture a crisis and (part-)privatise ACC. And it's working well for him because most of the country is too stoopid to see otherwise, or too apathetic to care. The approach the NActs are following will bankrupt NZ - even more than it is today.

[gsx katana]

What he said

[Mystic13]

Nick claims ACC are in the shit because ACC doesn't have the money in the bank to meet it's long term expenditure. By the same argument the NZ Government and pretty much every business in NZ would be in the same boat if they factored in long term liabilities and didn't count long term income.

If you're having sleepless nights maybe it's time to start making calls to Nicks office and letting him know.

A short toll call to voice your disapproval. Actually I wonder if the Nats have an answerphone we can leave a string of messages on.