Take an early poll Helen

The latest outburst by Winston Peters today at a press conference staged by him to defend the indefensible; the Owen Glenn, Vela and Bob Jones donations, all clearly made and all clearly denied in various degrees by Peters comes at a crucial time for Peters, his NZ First Party and Helen Clark and the Labour Party.



Winston Peters denies any wrongdoing TV3
Statement from Winston Peters
Winston Peters faces media


The accusations made against Winston Peters, with written proof in all three cases, are sackable offences for a Cabinet Minister under the terms of Labour's own cabinet manual.

But with some crucial Labour legislation, like the economy wrecking Carbon Credit trading law to pass before an election, the Prime Minister wont push Peters because it will mean an early election.

More proof of course that Clarks politics and lust for power have preference over rules, the country and its laws.


Related Political Animal reading

I didn't give Winston Peters a donation
Discretion was the essential part of Vela Donation
Winston Peter's Glenn donation scandal: But wait, there is more!
Peter's hangs himself in February Paul Henry Interview
Peter's admits lying about Glenn donation
Winston's silence is telling
Labour gets tangled in Peter's lies
Leaked Glenn Email
Winston got secret donations from Owen Glenn

c Political Animal 2008

2008 NBR Rich List

The 2008 NBR Rich List is out. I suspect most Kiwis will be looking at the list with a large amount of jealousy and an unhealthy level of suspicion.

Your Eric Watsons and Michael Fays of the list do have a huge amount of tarnish to their wealth. Watson behind more losses for investors, including the recent Hanover Finance collapse, than the All Blacks at World Cups and Fay milking New Zealand Taxpayer assets for his own personal joy, but most on the list got there because of intelligence, a small quotient of luck and most of all a great deal of hard work and stubborn perseverance.

I myself look at such people with a positive curiosity. I don't think, who did you rip off to get where you are but how did you manage to get where you are?

We will get some political capital from the left, made about a possible future Prime Minister, in John Key , about being at number 167 on the list with a personal fortune of around NZ50 million, but being a success in life and coming from such humble beginning's, like the number one lister, Graeme Hart, will make Key excellent Priministerial material.

How do I get on that list now?!


NZPA Friday July 25 2008 - 06:35am

National Party leader John Key has squeaked into the National Business Review's annual Rich List for the first time, with his estimated $50 million net wealth just meeting the list's threshold for inclusion.

The NBR says Mr Key's well-known rag to riches story sees him owning properties in Auckland, Wellington, Omaha Beach, as well as an apartment in London and newly acquired $US3.25m holiday home in Hawaii.

Continued

Rich List to 10:

1 Graeme Hart $6 billion

2 Todd Family $2.6 billion

3 Eamon Cleary $2.1 billion

4 Christopher Chandler $2 billion

4 Richard Chandler $2 billion

6 Goodman Family $1.64 bilion

7 Lynette Erceg $1.4 billion

7 Stephen Jennings $1.4 billion

9 Wade Thompson $750 million

10 Sir Michael Fay $700 million

10 Douglas Myers $700 million

10 David Richwhite $700 million.

NBR @ Share Investor

2010 NBR Rich List
2009 NBR Rich List
2008 NBR Rich List
NBR Headlines

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From Fishpond.co.nz



Buy Every Bastard Says No - The 42 Below Story, by Geoff Ross & Justine Troy & more @ Fishpond.co.nz

c Share Investor 2008

Hanover Collapse: It was just a matter of time

In a post I wrote on October 5 , as part of the 2007 Friday Free for all series, I had the following story about the impact of Finance companies falling over. Hanover was picked as one of the dodgy ones.

If you were watching the TV over the last few weeks you would have noticed that the saturation advertising the Hanover was running had stopped. That is because they were insolvent.

This will not be the last one to go. All prospective investors in finance companies should be very wary about putting their hard earned dollars at risk.

Think seriously about not reinvesting if you already have money in this sector. Try a term deposit instead.


Financial Impact-from Share Investor's Friday Free for all: Edition 6

The fallout from the dodgy finance company industry rolls on again this week.

Hanover Finance, one of New Zealands biggest finance companies is to cut its Australian staff from 44 to 32.

Hanover has been busy re branding itself with an expensive advertising campaign as a warm , friendly, safe and solid industry player.

I'm still a little wary over this and other companies and their long term future in lending.

Even Hanover's size wont protect it from going under and there are rumours going around about its stability.

Even the State Kiwibank, the loss making division of NZ Post, has reportedly done 6 million taxpayer dollars in the Northern Rock collapse in the UK. One has to wonder why it was invested there.

Auckland-based investment firm Clegg & Co Finance has been placed in receivership this week. NZ $15 million of investors money is at risk.

On August 28 Brian Clegg, the director of Clegg and Co, wrote to investors written under a Classic Finance letterhead:

He writes about the publicity surrounding the collapse of finance companies, but believes his company is one of the "safe" ones, because it was "still operating profitably and successfully in accordance with our lending policy", and had kept out of high-risk lending.

In yet another collapse, investors in Five Star Consumer Finance heard today that they would expect to receive back 26c to 40c in the dollar on money invested but nothing forthcoming until December.

Related Share Investor reading

Money Managers Saga: 3 Story wrap
Money Managers gives First Step investors the middle finger
Greed is bad: Geneva Finance Folds
Financial 101: Learn before you leap

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Recommended Fishpond Reading



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c Share Investor 2007 & 2008

I didn't give Winston Peters a donation

c Blanch 2008

OK, who in New Zealand didn't give little Winnie a secret donation in the past?

Faster than you can say Hanover Finance has gone bust, the latest revelation from the Dom Post is that Bob Jones has given secret money to a trust administered by Winston Peters brother .

The donation has not been declared to election officials.

Like Labour, Winston Peter's NZ First has railed heavily against secret donations from wealthy individuals and companies but has nevertheless been at the centre of controversy himself by accepting secret money from Owen Glenn, the Vela Family and now Sir Bobby.

Last year Peters and Labour were at the centre of the passing of the Electoral Finance Act, an act they contended would stop these sorts of donations in the future.

In particular, fingers were pointed at the National Party over "big money" buying favours for their donors, but the fingers have clearly been pointing right back.

There is nothing like a little bit of hypocrisy to get the mind focused.


Related Political Animal reading

I think I love you Sir Bobby
Discretion was the essential part of Vela Donation
Winston Peter's Glenn donation scandal: But wait, there is more!
Peter's hangs himself in February Paul Henry Interview
Peter's admits lying about Glenn donation
Winston's silence is telling
Labour gets tangled in Peter's lies
Leaked Glenn Email
Winston got secret donations from Owen Glenn
The Owen Glenn Story: Singing the same tune but hitting a bum note

c Political Animal 2008