An embarrassing paper trail has emerged about the Government's asset sales programme. It's the equivalent of five Sky Towers high.
It is a 257-page glossy promo for Mighty River Power. But the Government's number crunchers printed a few too many – 120,000 to be exact.
"Not only have they pulped, shredded the prospectuses, but they've pulped and shredded the taxpayer as well," says Labour state owned assets spokesman Clayton Cosgrove.
"There was more ordered than we required," says Finance Minister Bill English.
That's an understatement – 250,000 hard copies were printed, 130,000 sent to potential investors, leaving 120,000 left over.
If you piled the prospectuses up, it would reach 30 times higher than the Treasury building, or almost five Sky Towers.
Treasury won't reveal how much it cost.
"Yet again the Government has over-egged the pudding – too greedy, too much expectation of a high share price," says Mr Cosgrove.
"A lot more people went online and actually didn't want the hard copy," says Mr English.
The Government's also blaming the Opposition's power policy for scaring investors off.
"It frightened off a lot of family investors and I expect it will be the case with Meridian as well," says Mr English.
"That's laughable because the Labour Party was up front in advance of the float," says Mr Cosgrove.
This is much more than an issue of waste; it's a symbol of Mighty River Power's flop.
The Government will be hoping it's a different story for Meridian tomorrow, when it releases the final share price.