If we go back to 3 May (2 May trading reports) we find this was the general mood…
The New Zealand sharemarket opened in mildly positive territory this morning as Telecom took a breather from the pre-result jitters experienced...
Telecom is expected to post a lower third quarter profit on Friday, as its troubled AAPT unit and the looming threat of regulation overshadow...(How prescient was THAT!!)
The story broke that evening / next day…
The Government announced tonight that it would require the local loop to be unbundled and other changes to provide faster and better broadband...
Shares in Telecom, by far New Zealand's largest listed company, were smashed down 10 per cent in New York trading this morning, following the...
The value of shares traded on the New Zealand sharemarket today was more than three times normal levels as investors rushed to sell off top stock Telecom. After the market closed yesterday the Government announced it planned to end Telecom's monopoly of the local loop network....
And so on, through to this morning -
Michael Ryan, the Budget leaker who rocked the Government to its core, worked in the heart of the Beehive and his identification yesterday spurred two leading public servants to offer their resignations.
The chief executive of the Department of the Prime Minister and Cabinet, Maarten Wevers, for whom Mr Ryan worked as a messenger, and the Secretary to the Cabinet, Diane Morcom, offered their resignations to Prime Minister Helen Clark over the breach of security.
She refused to accept them.
Helen Clark said the two were devastated by the revelation "but I am not prepared to see those careers destroyed by the calculated dishonesty of a low-level employee".
"There can be no suitable explanation or excuse for that.
"It was gross and disgraceful dishonesty and such a person cannot continue in the public service."
Is it just me, or are there others who are detecting a
distinct note of relief behind the anger being expressed by
the Government? To be fair, John Armstrong did in his column a few days after the actual event.
If Mr Ryan had not, "for reasons known only to himself",
chosen to breach Budget secrecy I can but wonder what the
reaction would have been Friday morning after the Budget was
Would the Budget have included an estimate of the impact
that "unbundling" might have on the sharemarket? Were there
processes proposed to ameliorate the impact? Whose "fault"
would have it been when the sharemarket lost two billion
dollars on Friday morning?
I can but wonder because those truths will never ever be
known. And oh how easy to blame a poor bike riding old erk
for the leak, and the consequential sharemarket losses.
NZ Herald, you and all of the rest of the media have done
yourselves no favour with the way in which this has been
reported. Your approach has been far too simplistic. The
real question has been ignored.
And for those with CCD (Compulsive Conspiracy Disorder) have there been any sightings of golden parachutes around Wellington in recent days?