Rich don’t need shares

Kapi-Mana News - - OPINION -


At our lo­cal U3A dis­cus­sion group there was lively de­bate on the Gov­ern­ment’s rushed leg­is­la­tion to pro­vide for sales of na­tional as­sets, cur­rently owned on our be­half.

No mem­ber of our group was prepared to speak in favour of the pro­posal, on the grounds of the un­seemly and un­demo­cratic haste, and the shift­ing ar­gu­ments about the pro­posed use of the an­tic­i­pated cash.

Mem­bers noted that the Gov­ern­ment pro­poses a cap of 10 per cent of the shares on of­fer by in­di­vid­ual pur­chasers.

They queried why there could not also be a pro­hi­bi­tion against overseas pur­chasers, now and into the fu­ture, [and] if there had been con­sid­er­a­tion of is­su­ing bonds rather than shares, to pro­vide added cer­tainty for the ‘mum and dad’ in­vestors.

A naughty sug­ges­tion was that pur­chases by fam­ily trusts could also be pro­hib­ited, on the grounds that those wealthy enough to con­sider such trusts worth their while had al­ready

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