Crony watch: Michael Cullen snuffles at another trough

Labour really know how to look after their mates and some of those mates really score big. Micheal Cullen has scored another deep trough to snuffle at: Quote:

Former Deputy Prime Minister Sir Michael Cullen is taking on the challenging role of Earthquake Commission (EQC) chair as the Government natural disaster agency enters a “critical period”.

The ex-Finance Minister will formally take over from?interim chair Dame Annette King?on November 1, but will go to the October board meeting. End quote.

One greedy piggy to the next. There isn’t a trough these Labour types would refuse.?Quote:

He has a tough job before him. As of September,?EQC’s?Natural Disaster Fund (EQC’s?pot of money, built up from the EQC levy on residential insurance policies and investment income from money held in the fund) was at $171 million. The fund sat at?$6.4 billion before the quakes but was?forecast to run out?early next?year.

It’s?the first time in?EQC’s?72 years?that the fund?has dipped below the $200m mark which triggers?EQC’s?Crown?Guarantee.

Cullen said it was going to be?”very?difficult to re-establish the Natural Disaster Fund at some kind of level which may be adequate in the event of one or more major disaster in a short time span”.

“We have to work out what can be done to restore that without ? placing too heavy a burden on the homeowners around the country, given that many, many people have been facing very significant lifts in their private insurance, over the last few years.

“One of the many lessons that came out of the Christchurch quake was that up to that point we’d been very significantly underestimating the total cost of a major seismological event.”?End quote.

I’m sure he can find a way to tax us some more to replenish stocks. One way would be to actually enforce the no insurance, no payout rules which Labour broke. Other payers are now subsidising bludgers who failed to insure themselves.