It is interesting how stories come back to bite governments on the bum when they attempt to cover them up.
Remember how Steven Joyce told us the funding was a a result of an approach by the RBA. We now know that is not true.
Remember how Joyce indicated the funding was spread around the broadcasting community. We now know that over 99% of the funding went to his old company Mediaworks.
And John Key denied involvement. Said in reply to a parliamentary question that he hadn’t discussed the issue with any Mediaworks executive. Now he has admitted discussing it with the Mediaworks CEO.
And that resulted in the $43m sweetheart loan.
It is a bit like the BMW story, he is either exceptionally sloppy and has a very poor memory or he doesn’t tell the truth.
Both TVNZ and the Herald are running the story.
And better still there is more to come.
I see Bill English was caught out in a lie on Q+A.
He said it wasnt a ‘loan’ but then Espiner caught him out then saying ‘ we have documents you have signed saying its a loan, to make it legal under the public finance act.
Its breathtaking that English would try to lie over something like this.
The best he could spin it , was as a ‘nice to have’- for a private company , no less
‘And better still there is more to come. ‘
One would hope then, that Labour actually dines out on this rather than the usual dogs breakfast that results.
I note that Idiot/Savant on No Right Turn has the early running on this already.
You will excuse me if I have more faith in his abilities than that of Labour’s these days.
Did you watch TVNZ Thursday and Sat Peter.
Don’t troll. Trevor
Peter – what begins? The Mediaworks story clearly has more layers to come off the onion. Why turn a remark by a single, disappointed politician into something more than it is? Or do you let the MSM headlines define how you think?
Back on point – question: how does this deal affect the impartiality of Mediaworks? Answer: effectively they’re tainted goods, whether or not it’s made them softer on the government perception is that they now owe National.
final troll warning. Trevor
Gone for arguing with moderator. Me. Trevor
Remember how Steven Joyce told us the funding was a a result of an approach by the RBA. We now know that is not true.
Actually, it is. Here’s the letter they wrote him in April 2009 asking for deferred payments. And this advice includes the second letter they wrote in early July, which resulted in Joyce telling MED to explore some options (and writing to the RBA to tell them that). Further primary documents are here. I have three major briefings yet to scan in. Unlikely to be scanned in: the weekly departmental briefings informing Joyce of the progress of negotiations with the RBA, and later with mediaworks.
Mediaworks did lobby Key, but the decision to negotiate (i.e. to give them money) had already been made by Joyce over a week before that. What’s interesting is how when this has come out, Joyce has successfully managed to point the finger at his boss.
Oh, and my analysis of the papers is here.
Trevor, you guys need to stay on this one.. If there was ever a clear example of the contempt that the Nats have for the genral public this is it.
Lies and evasion, how unusual !
I/s keep reading.
Key turns up at the engagement party for a Mediaworks DJ? Wow, this ‘bosom buddy’ thing between Mediaworks and the government is even worse than I first thought!!!
http://www.stuff.co.nz/entertainment/celebrities/4873700/What-the-Kiwi-gossip-mags-say
“Meanwhile, New Idea covers radio announcer Mike Puru’s deleted Trevor party to Regan Wallis, a star-studded bash attended by everyone from Jay Jay Feeney – who showed extreme restraint by keeping her top on – to Prime Minister John Key and his wife Bronagh.
“It did create a bit of buzz, with people rushing over to them,” Peru tells NI about the PM’s arrival. “I was quite humbled he came as he rushed back from Te Kuiti to make it.”
@ Idiot/Savant:
This is fascinating. Thanks.
A lot of this seems to hang on the interest payments that the foreign owned parent companies need to make to finance their purchase of Mediaworks.
Interventions like this distort the whole industry, including the content that they deliver.
I listened to this justification for Joyce’s actions from the RBA’s David Innes on Radio NZ’s Mediawatch program a few weeks ago. It didn’t make any sense to me at all why we should protect an Australian private equity firm from the consequences of their own actions.
http://www.radionz.co.nz/audio/national/mwatch/2011/03/mediawatch_for_march_27_2011
Has the Minister explained why Treasury’s ‘discount rate for technology projects’was applied to this bailout?
So Trev, has Huginn given us a clue towards your whole ‘keep reading’ tease?
A lot of this seems to hang on the interest payments that the foreign owned parent companies need to make to finance their purchase of Mediaworks.
Yes. To the extent that MediaWorks had problems, they were of Ironbridge Capital’s making.