Labour hid 1.5 BILLION ACC shortfall - Ministerial inquiry

[peasea]

http://www.nzherald.co.nz/politics/n...ectid=10559739

A ministerial inquiry into why a $1.5 billion four-year shortfall forecast in ACC's non-earners account was not revealed before the election has concluded the previous government hid it, Finance Minister Bill English said today.

The report found the shortfall in the non-earners account was known to ACC, the Department of Labour, Treasury, ACC Minister Maryan Street and Finance Minister Michael Cullen in time for it to be disclosed as a fiscal risk in the Pre-election Fiscal Update.

"The previous government knew about the funding hole and effectively hid it. There are systems in place to protect us from this, but in this case they did not work," Mr English said when issuing the report today.

Given "Its all about trust" - Here is the g'ment of the time deliberately hiding 1.5 BILLION in shortfalls purely for their own gain.

Given that they chose to deliberately hide it - do you think that charges should be laid?

Is that all??
The more ya dig, the more dirt you'll find.

[MSTRS:Me]

The fact that some of you need to change my login name just demonstrates how weak your arguements are. If you realy want to have a go do so by all means but this bullshit I can sort out by typing with one finger.

How do you manage that? When you obviously have a finger in both ears. And your eyes covered too.
Impressive trick!!!

[Tank]

http://www.radionz.co.nz/news/storie...3/1245a3617280

Read the bit about the apologie and how Treasury got it wrong

Skyryder

I take it you have not read the report then.

Else you would know that this isnt correct. FFS in that 'report' you have the ACC chick saying that they have been exonerated when in fact they have been named.

They get their accountability lessons off Mr Winston Peters me thinks.

[Pixie]

How do you manage that? When you obviously have a finger in both ears. And your eyes covered too.
Impressive trick!!!

He uses his dick on the keyboard - that's why his writings are a lot of cock

[Badjelly]

All I know about this is what I read in this forum and what I heard on the TV news last night about the inquiry report. Based on this I infer that they (specifically Michael Cullen) did know a shortfall was expected, but decided not to mention it. (I'm a bit vague on how you're supposed to mention these things. In some sort of report to Parliament, I suppose.) I'm sure he did so to avoid embarrassment and leave National on its own to deal with the shortfall, which they will do, by raising levies, which will be unpopular. Cullen's excuse is that this information was provisional ("not confirmed" in his words).

I find him guilty as charged.

PS: and I voted for them.

[Skyryder]

Oh c'mon. Go easy on SkyRanter.
He is having difficulties with the "Jobs Summit" concept...
The alien concept that the government is actually asking for input from the public, instead of Liarbour simply shoving policy after policy down our collective throat, has not registered with him. "Democracy" it might be called. "The Government working FOR the populace" might be another?

If he can't get that concept, then outright fraudlent representations to the public, prior to the election, is a lost cause...

Jesus this is unfucking believable. You still think this job summit is about saving jobs. Governments work to a strategy of delivering policy in a manner that is palatable to the public. National in their election campaign inadvertently signaled their push to the right. The two most obvious ones is their commitment to the private prison system and the road tolls.

There were others but these two are the one that I noticed. Nationals hard line on crime is not an unwelcome move but the private prison system is a signal that the Nats are well aware of the social implications of a move to the far right. Crime is going to increase. Hence their commitment to private prisons.

Second to this is their 90 day ‘firing time’ which they pushed with urgency. This was not a public issue but the Nats needed this so as to prevent any serious scrutiny by both Labour and the Unions.

Then came the fallout from the US banks. This was not unknown in financial circles and had been predicted for some time. The meltdown occurred right on the American Presidential elections and as such became an election issue and this more than anything else highlighted the oncoming recession which occurred on a timescale faster than anticipated. The Madoff thing highlighted the issues further.

As I have said earlier the Job summit was not about jobs. The Nats signed a deal last January with Mascot Finance a ‘taxpayer funded ‘ guarantee for their deposits should Mascot fail. While this scheme was setup by Labour in the wake of failed finance companies, it is interesting to note that seven weeks after the signing by the Nats Mascot finance went into receiver ship. I could if I was a complete prick blame Bill English for this as he has done too Cullen with the ACC blowout but the fact of the matter treasury had no more knowledge of the Mascot impending debacle than Cullen had of the ACC blowout.
http://www.nzherald.co.nz/business/n...ectid=10559630

One of the issues that came out of job summit was the business equity scheme for cash strapped companies wanting access to capitol. This is in effect an extension of
http://www.treasury.govt.nz/publicat.../media/22oct08 The purpose of this was two fold. A continuation of sound financial practices (just how this was to be achieved with govt guareentees I don’t know) and protection of kiwi savings. The purpose of which is to reduce state dependency in retirement etc.

But I digress. At the Job Summit banking CEO’s made no effort to disguise the fact that they wanted the taxpayer to underwrite any loans.
How ever there is a difference. Where the Crown Retail Deposit Guraentee scheme is primarily individual based the banks want a similar scheme for business. Yep if things turn to shit you and I pay………..again. Will the Nats want any fee for this……….of course not. The fee for this will be paid later when Key decides to go on a full privatization sell up. We pay again for bargain basement sale of NZ infrastructure just like the ‘good old days’ of rodgernomics.

But I am getting ahead of myself again.

For years both the Nats and ACT have been crying foul about how much tax we pay and to some extent they may have a good case. But there has not been one word of protest about how much interest we pay to foreign owned banks. Not so much as pip squeak. Nothing. One example of this exorbitant interest rates is the account the Law Society has for running their free legal aid. Westpac charge 40% for management fees. 40% that ‘s getting into loan sharking percentages.

To you give some idea of how much the banks have made since their establishment in eighties. At present NZ is running at about $8 billion in the red. ‘Combined,’ the commercial banks have $200 billion that they can spend on loans. (Chch Press March, 2009) And that’s jus the loose change.

So in effect the banks want the NZ taxpayer to underwrite any equity that they loan to NZ business. Not only have they screwed us with high interest rates but now they want us to underwrite their loans and some wonder why I go apeshit on here.

And you seriously think the Govt is working for the populace. Like fuck they are.

Skyryder

[NighthawkNZ:Me]

...

[Skyryder]

...

I’ll explain so you can understand. For years the commercial banks have been screwing kiwis with high interest rates. Now Key is going to use taxpayer money to underwrite their buisness loans.

Now go back to sleep.

[MSTRS:Me]

I’ll explain so you can understand. For years the commercial banks have been screwing kiwis with high interest rates. Now Key is going to use taxpayer money to underwrite their buisness loans.

Now go back to sleep.

He has to. The money/banking system is such that keeping it afloat is too important. Businesses etc have loans to allow them to trade, manufacture, employ people. The money goes - so does the business that would use it - the dole queue gets large(r). Where is the money going to come from to pay all that extra unemployment? Simplistic? Yes. But essentially correct. Key (or whoever at the top in this situation) would take the guarantee money from a ready source (ACC isn't one of them now, is it?). Somewhere that the taxpayer has been fleeced for over all the years/governments gone by. No government can do otherwise because where the fuck do they get the money from in the first place? It's not like they generate any revenue of their own.
EDIT: I do agree that banks charge waaay too much tho. Happy?

[Fub@r]

National in their election campaign inadvertently signaled their push to the right. The two most obvious ones is their commitment to the private prison system and the road tolls.

The Orewa motorway extension was built under a Labour governement and there are road tolls on that.........or did Labour knowing they were losing the last election put the toll devices in as an election win present for National?

There is nothing wrong with a toll road if there is a free alternative. It gets the roads built and you have a CHOICE as to whether you use it or not. CHOICE is something that has been sadly missing in New Zealand for the last 9 years and may be a foreign concept to you.

[Skyryder]

He has to. The money/banking system is such that keeping it afloat is too important. Businesses etc have loans to allow them to trade, manufacture, employ people. The money goes - so does the business that would use it - the dole queue gets large(r). Where is the money going to come from to pay all that extra unemployment? Simplistic? Yes. But essentially correct. Key (or whoever at the top in this situation) would take the guarantee money from a ready source (ACC isn't one of them now, is it?). Somewhere that the taxpayer has been fleeced for over all the years/governments gone by. No government can do otherwise because where the fuck do they get the money from in the first place? It's not like they generate any revenue of their own.
EDIT: I do agree that banks charge waaay too much tho. Happy?

We once had our own bank but not now. It got flogged off. Key claims that he is one of the good ol' boys from working class stock and is concerned about his roots. He's pissing on them but they have not noticed yet. Just try having a slash on ya tomato plants. Won't die straight away but once the wilt starts it's too late.

Skyryder

[Mully]

He has to. The money/banking system is such that keeping it afloat is too important. Businesses etc have loans to allow them to trade, manufacture, employ people.
EDIT: I do agree that banks charge waaay too much tho. Happy?

Yep, hopefully we can screw some conditions onto any public funds which they use, though.

[MSTRS:Me]

We once had our own bank but not now. It got flogged off.

I seem to recall there being a certain bailout reqd some time ago, and big union trouble at the Wgtn building site of BNZ having something to do with that. Coupled with a Liarbour govt desperately seeking to remedy the excesses of a particularly obnoxious fellow who was totally out of control. Other than the names, what's different this time? Oh yes...there wasn't a deep recession in the early 80s.
But to give the short answer, obviously Kiwibank doesn't have a branch on your little island...

Yep, hopefully we can screw some conditions onto any public funds which they use, though.

Ooooh yeah....something like 40%, with every building they own and the first born of every employee from branch manager and up being collateral...

[Mully]

Ooooh yeah....something like 40%, with every building they own and the first born of every employee from branch manager and up being collateral...

Subject to inspection, of course. Some of 'em you may not want.

I was thinking more about how they screw everyone out of every cent when times are good, and go looking for public guarantees when it all turns to shit.

[enigma51]

Second to this is their 90 day ‘firing time’ which they pushed with urgency. This was not a public issue but the Nats needed this so as to prevent any serious scrutiny by both Labour and the Unions.

Skyryder

...... no public issue wow.