Category Archives: KiwiSaver

A Goldman Sachs-organised, ‘risk-free’ loan of $200 mill Kiwi Savers’ funds is now LOST after the bank collapses – still trust your government?

Seriously do you still trust your government which really is a corporation, to swan around the planet investing your hard earned cash in foreign banks? A ‘risk-free’ loan TO a bank that’s subsequently crashed … really? Check out our previous articles on Kiwi Saver. This is not the first time things have run amok. Kiwis funds have disappeared from their accounts folks by the thousands. Not a few cents …. thousands of dollars. It’s fast coming time the only safe place to put your hard earned cash is in your sock or under your mattress … sadly. The banks already have the right to hair cut your savings should they go bust (Open Bank Resolution – google it) and it appears they haven’t circulated that information to well because few seem to know about it. Your representatives tax themselves at 2.8% while middle income workers are taxed 28%. See whose nests they are feathering … it isn’t yours.
Time to wake up Kiwis.   EnvirowatchRangitikei

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NZ Super Fund’s $200m loss

Matt Nippert   (Herald Business)
(Matt Nippert is a business investigations reporter)

Almost $200 million of taxpayer money invested through the Kiwi Superannuation Fund has been lost after a Portuguese bank where the money was invested, supposedly as a “risk free” loan, collapsed.

The Super Fund, set up with public money to cover partly the retirement costs of baby boomers, has revealed it had been caught up in last year’s collapse of Banco Espirito Santo (BES) and a US$150m (NZ$198m) investment made in July had been completely wiped out.

The investment was a contribution to a Goldman Sachs-organised loan to the Portuguese bank, but only weeks after the money was injected it imploded, with president and founder Ricardo Salgado arrested as part of a criminal investigation into tax evasion.

After disclosing billions of Euros in losses, and facing a run on funds by depositors, the bank collapsed in a heap and was broken up in August.

Goldman Sachs, described by Rolling Stone as “the great vampire squid” for their sharp business practices in the run-up to the global financial crisis, today said it would “pursue all appropriate legal remedies without delay” in an attempt to recover the loans to BES.

READ MORE: http://m.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11404653&ref=NZH_FBpage

KiwiSavers invest in cluster bomb, land mine manufacturers

The subject of Kiwisaver has certainly raised a lot of questions lately with regard to the investment of funds by our corporation. Likewise have been the questions around our PM’s ongoing alliance with the US war machine. Check this one out!

EnvirowatchRangitikei

 

radionz.co.nz

Hundreds of thousands of KiwiSaver members in government-appointed default schemes may be unknowingly investing in companies making cluster bombs and anti-personnel mines.

A solider planting a land mine.

Photo: radionz.com

At least five of the nine default KiwiSaver providers invested in these types of companies, despite them being banned by government agencies such as the New Zealand Superannuation Fund and ACC.

The Green Party and Amnesty International say the government must review default providers that have investments in these weapons.

People who sign up to KiwiSaver but do not pick a scheme to enrol in are automatically allocated to one of nine providers hand-picked by the government.

These default providers are ANZ, Westpac, ASB, BNZ, Kiwibank, AMP, Mercer, Grosvenor and Fisher Funds.

More than 500,000 people are enrolled in default schemes, according to figures supplied by Inland Revenue.

An investigation by RNZ has found the default funds run by ANZ, Westpac, ASB, AMP and Grosvenor invested in the anti-personnel mine manufacturer Northrop Grumman and nuclear weapon or base operators Fluor Corp, Honeywell International and Lockheed Martin.

Westpac, ASB, BNZ, Grosvenor and AMP also invested in cluster bomb manufacturers General Dynamics and Textron.

The New Zealand Superannuation Fund and ACC are not allowed to invest in any of these companies because of the government’s obligations under international conventions banning the use of these weapons and investment in the companies that make them.

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