Saturday, October 16, 2010

How Would S & P Rate Cunliffe?

Not very well, if the revelations this week from Treasury are anything to go by.

Adolf watched Cunliffe's amateur theatrics in the house last week as he brandished what purported to be a copy of a proposal for the Gummint to accept a buy out plan for South Canterbury Finance.

The carefully coiffed kook boomed monotonously on about the wonderful deal which Blenglsh had deigned to reject. What a fool was English and what a genius is Cunliffe - ran the line of his argument. Well, Adolf sincerely hopes some journalist has the brains to confront Labour's latest spend and tax expert the hard but obvious question.

"Mr Cunliffe, would you have directed Treasury to accept the deal you were touting last week?"

"SCF have two main pillars to their recapitalisation plan. The first involves intra-group transactions moving Helicopters New Zealand and Scales Corporation into SCF from Southbury Group ... The second pillar involves a transaction with [blanked out] - a finance company currently in moratorium. This transaction would be similar in substance to the transaction involving [blanked out]. In this case it would involved debenture holders in the [blanked out] receiving an equity stake in SCF in lieu of their claim in the moratorium of [blanked out]."

This was a deal which would have made the legendary Blue Sky Mines look like Cortez's El Dorado and Bill English rightly rejected it as too risky. Cunliffe has no better head for business than did Cullen. He would accept a risk of $500 million based on the security of two flat broke incompetent finance companies. I guess that's what you'd expect from an incompetent flat broke Labour Party.

Long may this swivel-necked sideshow clown with a permanently open mouth grace the opposition benches where he can be relied upon to do little real damage apart from exacerbating the Speaker's hearing difficulties.


Anonymous said...

Don’t forget Cunliff is from the same pack of tossers. Who paid a billion for a train set only worth 400m. If that. There would be not a lot of suckers who would want to buy a clapped out train set. There only had to be sucker. Price was of little concern when it came to labours dream of a socialist utopia.

Anonymous said...

Cunliff is just another typical socialist. He hates to see people get off their butts and succeed, loves spending other peoples money on fanciful socialist wet dreams and honestly believes that he knows best on how people should live their lives and spend their money. The guy is a dangerous arsehole who should be kept away from any semblence of a position of power. He has an overrated opinion of himself and a serious lack of knowledge as to what is happening in the real world.