Perhaps they are embarrassed.
They should be.
The accounts reveal the value of KiwiRail has been slashed $242 million, more than a third, since the Government bought the business from Australian firm Toll in July for $690 million.
The "fair value" of KiwiRail is now $448 million, a loss of about $56 for every New Zealander.
Today we find out that the Crown accounts show the "value" of KiwiRail have dropped by almost a quarter of a billion dollars since Cullen bought it just a few month ago.
This brings KiwiRails value down to just $448 million. Not bad going in just two months.
Of course Treasury puts the value of KiwiRail at alot less than that.
$125 million is their true value of Mikey's wee train set.
c Political Animal 2008