Mighty River shares: I couldn't live with myself

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

Related Links

Are you buying asset shares? Why I'm buying Mighty River shares Mighty River shares 'stolen goods' Mighty River: What would our grandfathers think? Mighty River shares: Short-term gain

Relevant offers

Are you buying Mighty River Power shares?

Asset sales a 'substitute for tax-and-spend' Asset sales: Too good to be true? Asset Sales: Selling what we already own Asset sales 'good sense' Three reasons I won't buy Meridian shares Why I'm not investing in Meridian Asset sales: a rational decision? Mighty River Power shares 'high security' Mighty River Power: To buy or not to buy? MRP shares: Likely to be a loser

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.

View all contributions
Ad Feedback


Special offers

Featured Promotions

Sponsored Content