Government: “We want you to give us a lump sum of your hard earned cash now. We will make it easy for you and print it out of thin air and you will pay us back with your tax dollar. We also want you to pay us say about 3% of your wages every month until you retire. We will put this money in a fund. We will call the fund you put this in Kiwi saver. A nice catchy name you can all identify with.
In fact we will make it easy for you. The moment you sign a labour contract your new employer will start the scheme straight away BUT no worries you can always opt out but really, only silly people do that!
We will appoint the financial specialists to invest your money for you. They are all banks or financial institutions of our choice and as you know banks and other big name financial institutions are reliable and will do their very best for you to get the best returns for you; the Kiwi saver!
You will not be told what they invest it in, when they invest it or who is really doing the investing.
These banks and financial institutions will charge a fee of course every time they invest or change from one to the other investment but that is to be expected! Don’t worry about those fees. You will only pay them at the end of your period of investing with Kiwi saver.
Here is the small print: You are the investor. You are responsible for your investments. If you lose money you will have less money in your account. If you lose the lot that is not our problem. You have been given the choice to invest conservatively, medium or high risk. Choose wisely even if we advice those of you under 35 to go high risk.
“Geoff Massam, a New Zealander then running the IT department of Merrill Lynch’s FX business now working for Deutsche bank in Connecticut, remembers how John Key would be on the phone to the governor of the New Zealand reserve bank Don Brash…. he was talking to people like that all the time.” Unabridged Unauthorised biography, […]
Here is a Max Keiser report from June 2012. The same year I started posting on the Cullen fund and how it would be stacked with derivatives and other bad investments. The guest on this show is non other than Yanis Varouvakis who is now the Greek finance minister negotiating with the Banksters on behalf […]
Just last week the New Zealand Sovereign wealth fund known to us as the Cullen fund was awarded as the most innovative Sovereign wealth fund in the world. It beat The Kazakhstan oil fund and everybody thought this was great! Here is why it is not:
There is soo much wrong with this I don’t even know where to begin! Here is the firs thing for starters: Neil Williams, Chief Investment Advisor and Head of Strategic Tilting Neil joined the Guardians in 2008 from UBS Global Asset Management in London where he was Global Head of Asset Allocation and a Managing […]
Around the world Pension funds are being exposed as underfunded and unable to cope with demand. In 2002 a Merrill Lynch investment and wealth management banker named Ira Bing took place on the first board of Guardians of a new founded Sovereign Wealth fund we now call “the Cullen fund”. He stayed on the board […]
As usual Max and Stacey nail it with their show. Something they touch on today is something I have been writing about recently: How all of a sudden all these pensions funds, now that they have to start to support the babyboomers who thought they had been wise to invest in all these newfangled safe […]
“Around 2002 in particular, various investment banks offered complex financial products with which governments could push part of their liabilities into the future,”
I was writing an article about the Cullen fund and the superannuation age of 65 and why John Key would want to keep it at 65 while the whole country can see the writing on the wall. While I was doing research for this post I tried to find out who were the financial advisors […]