READER REPORT:

Mighty River shares: I couldn't live with myself

RICHARD THOMAS
Last updated 05:00 20/04/2013
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MIGHTY RIVER POWER: I could not buy Mighty River shares and live with my conscience, writes Richard Thomas.

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Our readers share why they will, or will not, be buying Mighty River Power shares. Richard Thomas says he won't be buying any.

I could not buy Mighty River power shares and live with my conscience.

They should not be on sale. They are being sold by a minority Government who lost the popular vote at the last election while campaigning on an asset sales platform.

Seeing National did not get a clear mandate at the election it should at least wait for the results of the upcoming referendum on asset sales before acting. This is especially true considering that polls routinely show that the majority of New Zealanders do not want them sold.

I don't want to try to profit from something that is being taken off my fellow New Zealanders against the will of the clear majority.

There are other reasons that these sales don't appeal to me:

* They will widen the gap between rich and poor.

* They are highly likely to end up in foreign ownership.

* It ties up New Zealanders' investment capital in established companies, stopping it from being invested in new ventures.

* I believe the sales are ideologically driven and don't make economic sense.

If I thought it was in the best interest of the country and it had the consent of the majority of people, I would invest. However, the way the sale is being conducted makes me very ashamed of our Government and disappointed in my fellow citizens, who are approaching this with such self interest.

Those of us who have free capital to invest should act with decency and respect towards those less fortunate. If we buy these shares, the poorer members of our society will lose their ownership stake. When they pay their electricity bill, rather than everyone benefiting if the company makes a profit as it is now, the profit will flow from them to us.

Just like the National government's sales process. we can get away with this transfer of wealth against the will of the majority. But if we are decent and community spirited we should not.


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