Rachael Reed KC has called for a formal investigation into serious process failures by the Ministry of Business, Innovation and Employment (MBIE) regarding retrospective changes proposed in the Credit Contracts and Consumer Finance Amendment Bill.
In letters to Public Service Commissioner Sir Brian Roche and Attorney-General Judith Collins, Reed criticised MBIE’s reliance on a Reserve Bank risk model that projected a $12.9 billion threat to the banking sector—figures she argues are implausible and mathematically flawed.
She warned the model may have misled Parliament’s select committee and called the retrospective nature of the bill a threat to rule of law, particularly given its potential impact on a major class action against ANZ and ASB.
MBIE defended its advice, citing commercial sensitivities and ministerial approval, while Reed stressed the urgent need to uphold constitutional standards and ensure transparency.
Any retrospective law is repugnant in nature because it captures citizens and companies unaware. Makes NZ a banana republic. Rachel Reed KC is on to it as it has the strong potential to be unenforceable in higher courts. Wondering if Rach is acting on behalf of a client to just pointing out the obvious.
It might be worthwhile for people to understand banks in NZ are the retail arm of the industry who borrow created money from nothing using a mortgage over property, then make a small margin. Say 1.5%. When you pay your house off, immediately instruct your lawyer to discharge your loan so the bank must pay off what they loaned from whomever and can’t use your property as their asset when that bank fails.
On top of this , your local government has borrowed money against the infrastructure they built using your past and future income. Far too much money borrowed as it seems because your rates are well beyond affordable. It is so impractical for the system to work. Stronger guidance from the government must be imposed on local councils immediately.
When fat boy Robinson borrowed massive amounts of money Labour placed the incoming government in a very dark place and you along with it. We are being robbed for the actions from incompetence and corrupt ideology who think its ok to give special privileges to some races over other races and false climate change. An NZ documentary called managed out will explain how this endless circle of nonsense is a major cots to local authorities.
“MBIE defended its advice, citing commercial sensitivities and ministerial approval,”
This is how MBIE operates. It’s official documents repeatedly exclude any meaningful discussion of hazard and risk to the people. They don’t just fail in duty, they erase the conditions that make protection of the public possible.
We need to scrutinize who the individuals are who erase conditions and hide behind the minister Nicola Willis..
In this case, again, the MoBIE (minister the honourable Nicola Willis) and Willis’ cohort executives.
Her capos are career corporate managers. They come from other corporates (the government is a corporate) that can be confidently titled as adversaries against The People working not for public benefit but to strengthen corporate power. The tired adage of business efficiency, safety and commercial sensitivities is weighing more than the public’s interest for which our politicians ought to work.
Nowadays the real governance is done by one of the many pivotal positions occupied by the usual suits. These robots with the heart of killers are selected, unelected and bureaucratically embedded forever to shaft The People,
And these career managers are totally detached from what they surely see as sheeple and cattle they are tasked to farm. Arrogant, ruthless, greedy and often sociopathic.
These assassins of public good and their handlers are so far removed from the good people of Godzone as can be. Their merit should never be used in public service.
In fact the problem is that these individuals control policies, because amateurs like Willis are reliant on Consiglieres.
In this case it is abundantly clear who the mafia is: the international bankster cabal.
Yes, the Khazarian mafia