Grey Power Press Release

Grey Power members are horrified over what is happening in our country - once again. We lived through the '87 crash and most of us remember the squeezes in the 60's. Each time we were told that controls would be put in place to prevent a recurrence. Will our successors see it all again in another 20 years?

We remember National's Jim Bolger questioning Labour's Mr Geoffrey Palmer (then Minister of Justice) day after day about the shady practices of companies such as Landbase, Burbury and RSL, all considered to be Blue Ribbon investments. That was in May 1988. The Labour Government did nothing because they did not accept that a problem existed.

We remember that in June 1988 Mr Palmer told Parliament that RSL was a sound company and everyone's investments were safe. We remember what happened after that.

We remember that in August 1988 National's Jim Bolger introduced a Bill into Parliament to set up a Commission of Enquiry into white collar crime which would give guilty perpetrators severe fines and terms of imprisonment. The Labour Government rejected the Bill and later set-up the Serious Fraud Office which has never been adequately funded.

National subsequently became the Government, but despite their promises did nothing!

Labour then became the Government again and has done nothing!

National may be about to become the Government once again, but have they made any promises this time?

Labour wants to retain power, but have they acknowledged this crisis or offered a means to correct it?

Last week NZ First leader Winston Peters at least acknowledged the problem at a Grey Power Association meeting in Upper Hutt, but he was a key figure in the previous National government that knew about the problem and did nothing.

Grey Power Associations throughout New Zealand will be asking aspiring politicians what they and their respective Party's will do about this crisis.

The shame is that while the victims are being served PLA notices (so far over 30 in Tauranga alone) the perpetrators are relaxing in their waterfront mansions and gallivanting around in their fancy cars, no doubt planning their next gigantic scam.

(Grey Power acknowledges with thanks information supplied by E.U.F.A. Society Inc)

Ian S Anderson Les Howard

Grey Power Federation Inc Grey Power Federation Inc

Chair, Superannuation Committee National President.

ENDS

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