Monday, August 4, 2008

Its ours, but can we get rid of it already?

Customer service comes with paddle included.

What is all the fuss over national wanting to sell that monstrous failure Kiwibank.

They said they were not going to sell any Taxpayer "assets" in the their first term and they wont.

Will they sell it should they get a second?

Who cares.

The architect of this black hole for more taxpayer funds, Jim Anderton, says most Kiwis don't want it sold.

Then why are there only 500,000 low value customers then?

Kiwibank has been a drain on the taxpayer for 7 years now. It has been propped up by an initial NZ$125 million injection of taxpayer money, then subsidised by that other great sucker of taxpayer funds the highly inefficient NZ Post.

Typical customer service at a Kiwibank

Its minute "profit" in 2006 and 2007 was creatively accounted to make Anderton look good.

Its CEO Sam Knowles was at the Bank of New Zealand to "fix it up" after it collapsed under Labour's watch in 1990 and then was one of those overseeing the collapse of Databank.

Lets face it the lending book of Kiwibank is high risk and poor quality, much of it revolves around beneficiaries, the low paid and State involvement through taxpayer subsidised or sponsored home loans.

Kiwibank is a high risk possibility in the future for it to go under,taking our taxpayer money with it.

Lets sell it for what we can get for it.

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