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Selling Medibank Private (Read 2274 times)
bogarde73
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Selling Medibank Private
Oct 23rd, 2014 at 9:08am
 
I am not a member of this fund. Was at one time, long ago. Just to establish no vested interest.

When AMP, a mutual society, was privatised many years ago, the existing policyholders were given shares according to some formula.
I see no difference here. The funds of Medibank Private have been accumulated out of members' contributions, nowhere else. The govt has lent them money on a few occasions but that money has always been repaid.
As I see it, in equity if not in law this private health fund is owned by its members and the sale proceeds or at least a major part of them should go to those members in the form of shares, which they can sell if they wish.

I know that the fund has been paying dividends to the govt, because technically it was the founder and holds all the shares. But I don't see this alters the justice of the situation.

This is surely an appropriation of private property without compensation, prohibited by the constitution.
Not that those on the left would share this view. They'll just have to rejoice in the Abbott govt getting the money and spending it.
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Know the enemies of a civil society by their public behaviour, by their fraudulent claim to be liberal-progressive, by their propensity to lie and, above all, by their attachment to authoritarianism.
 
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Kat
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Re: Selling Medibank Private
Reply #1 - Oct 23rd, 2014 at 9:16am
 
bogarde73 wrote on Oct 23rd, 2014 at 9:08am:
I am not a member of this fund. Was at one time, long ago. Just to establish no vested interest.

When AMP, a mutual society, was privatised many years ago, the existing policyholders were given shares according to some formula.
I see no difference here. The funds of Medibank Private have been accumulated out of members' contributions, nowhere else. The govt has lent them money on a few occasions but that money has always been repaid.
As I see it, in equity if not in law this private health fund is owned by its members and the sale proceeds or at least a major part of them should go to those members in the form of shares, which they can sell if they wish.

I know that the fund has been paying dividends to the govt, because technically it was the founder and holds all the shares. But I don't see this alters the justice of the situation.

This is surely an appropriation of private property without compensation, prohibited by the constitution.
Not that those on the left would share this view. They'll just have to rejoice in the Abbott govt getting the money and spending it.



This one does.
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Redmond Neck
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Re: Selling Medibank Private
Reply #2 - Oct 23rd, 2014 at 9:16am
 
It is not owned by members, it is owned by the federal government (Australian People).

Members just pay it for a service.

Profits belong to the the Government owners.



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BAN ALL THESE ABO SITES RECOGNITIONS.

ALL AUSTRALIA IS FOR ALL AUSTRALIANS!
 
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crocodile
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Re: Selling Medibank Private
Reply #3 - Oct 23rd, 2014 at 9:25am
 
Medibank Private is not a mutual fund. A world of difference from AMP.

http://www.brightlaw.com.au/financial-services/privatising-medibank-private-is-i...
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Very funny Scotty, now beam down my clothes.
 
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Its time
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Re: Selling Medibank Private
Reply #4 - Oct 23rd, 2014 at 9:39am
 
Gold will be next.
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bogarde73
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Re: Selling Medibank Private
Reply #5 - Oct 23rd, 2014 at 9:42am
 
Its time wrote on Oct 23rd, 2014 at 9:39am:
Gold will be next.


You'll have to explain that one.
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Know the enemies of a civil society by their public behaviour, by their fraudulent claim to be liberal-progressive, by their propensity to lie and, above all, by their attachment to authoritarianism.
 
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Swagman
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Re: Selling Medibank Private
Reply #6 - Oct 23rd, 2014 at 9:51am
 
Those on the left and the right should see it for what it is.

An effective tax decrease.
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crocodile
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Re: Selling Medibank Private
Reply #7 - Oct 23rd, 2014 at 10:11am
 
bogarde73 wrote on Oct 23rd, 2014 at 9:42am:
Its time wrote on Oct 23rd, 2014 at 9:39am:
Gold will be next.


You'll have to explain that one.

Don't worry, Costello sold the gold reserves off over a decade ago.
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Very funny Scotty, now beam down my clothes.
 
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Sprintcyclist
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Re: Selling Medibank Private
Reply #8 - Oct 23rd, 2014 at 10:22am
 

I'll be looking at buying some stock in it.
Am not convinced on this one, but it is the sort of float to have a look at.

Right sector, good profile, known business.
Downside is a high PER, there will be a lot of loosely held stock on the market. Supply will be high.


Say it floats at about the $1.90 area, could wander around, drift back to $1.63 ish then gradually start a long climb over 3 - 5 years.

Could not see it going a lot below the float price.
Long term it should be fine.
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Swagman
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Re: Selling Medibank Private
Reply #9 - Oct 23rd, 2014 at 10:29am
 
Quote:
Could not see it going a lot below the float price.
Long term it should be fine.


I wouldn't touch it with a barge poll.  The industry is highly subsidised and the Truebelievers might pull the rug out from under it should people be stupid enough to re-elect them.

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Kat
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Re: Selling Medibank Private
Reply #10 - Oct 23rd, 2014 at 10:40am
 
Swagman wrote on Oct 23rd, 2014 at 10:29am:
Quote:
Could not see it going a lot below the float price.
Long term it should be fine.


I wouldn't touch it with a barge poll.  The industry is highly subsidised and the Truebelievers might pull the rug out from under it should people be stupid enough to re-elect them.



But they won't. People (well, some people) have learned from their stupidity.

This lot are doomed to be a one-term failure.
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Its time
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Re: Selling Medibank Private
Reply #11 - Oct 23rd, 2014 at 10:57am
 
crocodile wrote on Oct 23rd, 2014 at 10:11am:
bogarde73 wrote on Oct 23rd, 2014 at 9:42am:
Its time wrote on Oct 23rd, 2014 at 9:39am:
Gold will be next.


You'll have to explain that one.

Don't worry, Costello sold the gold reserves off over a decade ago.


The 1/3 that's left
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crocodile
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Re: Selling Medibank Private
Reply #12 - Oct 23rd, 2014 at 11:14am
 
Swagman wrote on Oct 23rd, 2014 at 10:29am:
Quote:
Could not see it going a lot below the float price.
Long term it should be fine.


I wouldn't touch it with a barge poll.  The industry is highly subsidised and the Truebelievers might pull the rug out from under it should people be stupid enough to re-elect them.


Pull the rug and so they should. But they won't. The electoral backlash would be palpable. There's plenty of other good uses for $5 bill year on year. Perhaps even a tax cut would do.
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Very funny Scotty, now beam down my clothes.
 
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Dnarever
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Re: Selling Medibank Private
Reply #13 - Oct 23rd, 2014 at 11:19am
 
Quote:
Selling Medibank Private


Preperation from removing government controls on pricing in this industry. First get rid or ownership in any price setting mechanism and then announce that it is a private industry where government should not interfere in the market price.

Health care prices will go through the roof and government will distance themselves from any responsibility.
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Dnarever
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Re: Selling Medibank Private
Reply #14 - Oct 23rd, 2014 at 11:22am
 
crocodile wrote on Oct 23rd, 2014 at 11:14am:
Swagman wrote on Oct 23rd, 2014 at 10:29am:
Quote:
Could not see it going a lot below the float price.
Long term it should be fine.


I wouldn't touch it with a barge poll.  The industry is highly subsidised and the Truebelievers might pull the rug out from under it should people be stupid enough to re-elect them.


Pull the rug and so they should. But they won't. The electoral backlash would be palpable. There's plenty of other good uses for $5 bill year on year. Perhaps even a tax cut would do.


Quote:
Perhaps even a tax cut would do.


A big part of the debt problem is the tax cuts that Howard and Costello handed out - now the government can not collect enough tax $ to pay the bills. More tax cuts are a very bad idea in this economy.
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