In snooker terms a perfect "shot to nothing". A longshot that might go in on a lucky day but leaves the opponent (the taxpayer) badly placed for his turn if it misses.
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http://www.nzherald.co.nz/business/n...ectid=10670285
Sandy Maier himself, all but says the risky lending was stupid. I want to higlight the FACT that Lachie McLeod during his tenure was SOLELY responsible for approving all loans over $1m, (source 2008 Prospectus).
No credit committee, no proper proceedures, just Lachie McLeod running the Titanic straight into the Iceburg at full speed, (greedily trying to boost his personal bonus), while the owner was in his cabin getting dialysis treatment...as simple as that.
For McLeod to come out now and say nobody worked as hard as him is truly galling.
I'm happy to go into print and say NOBODY lended as recklessly and with such willy nilly gay abandon as Lachie McLeod in the entire 84 year history of this company. The company was damaged beyond repair on his watch and the best thing he can now do is shut up. It makes me very angry as a taxpayer to read McLeods B.S. rantings.
Go back to cleaning the dags of the backsides of your sheep Lachie, that's ALL your good for now...
...sorry guys for that rant...I feel a bit better now, where's that cup of tea.......
Are these people barking mad?
Lachie got his $15m off the tax payer since that debt appears to have been forgiven by SCF since they had an inflow of funds protected by the Deposit guarantee. He should stay quiet.
Alan Hubbard is clearly unwell and the SFO haven't yet dropped their investigation against him. His friends should surround him and help him to stay quiet.
Margaret Hubbard should stick to looking after her ill husband and feeding the cat - she should stay quiet.
Paul Carruthers has lead the sheep over a cliff. He should stay quiet.
EUFA clearly don't know what they stand for. Unacceptable Financial Activities have been exposed despite their best efforts to halt those enquiries - they should stay quiet.
Labour introduced the Deposit Guarantee without sufficient taxpayer protections - they should stay quiet.
The Greens - well wast would they know!
I hope we hear enough from the Recievers, Governemtn and Regulators to educate future investors on the perils associated with thoughtless "investment"
I would imagine (but stand to be corrected) that the Chief Executive would have been approving loans under guidelines set by the Board. The Board would set these guidelines with the interests of shareholders in mind. Spin the bone how we like it still ends up pointing to Alan
Now Roger, You are being too harsh on Lachie.
He does have one financial skill, moving money out the door fast without regard for the consequences.
With this skill-set in mind I propose that Lachie be appointed as chairman of the US Federal Reserve.
Imagine this conversation;
President Obummer to new fed chairman Lachie, "We want to get this economy moving on up whatever the consequences, We have chosen you because of your record. Now get cracking."
Boop boop de do
Marilyn
Mate, you hit the nail well and truly squarely on the head with your post yesterday. Alan has not been well for quite some time. The word seems to be that he choose Lachie against better advice from his close friends, mainly becuase he could control him, but as his health has steadily failed those controls, or lack thereof in latter years and Alan's clearly impaired judgement have sunk the ship.
As you put it this morning, they need to keep quiet, I think the reckless way these two mismanaged the company could well see the cold light of day in court in either a civil or criminal case. There has to be some seriously disgruntled preference shareholders out there, I know one that springs to mind, perhaps unsurprisingly he's been AWOL from this thread for a couple of days now and one suspects for quite some time longer as he licks his wounds.
Lets not forget there were several Board members and it is rumored that it was one of these Board Members who dobbed AH in with respect to Aorangi. I find it interesting that if that was the case that particular board member (or any other Board Member) did not see fit to remove AH (perhaps under Stat Man) from SCF several years ago. No doubt there was a significant amount of self interest and lining of ones own pockets while the cash was flowing.
Some people have reserved their disdain solely for Hotchin / Watson / Byers et al - I wonder if they will, over time, change their position and add a few more names to that list.
http://www.stuff.co.nz/business/4081...erbury-Finance
Look at some of the words reported from what John Key had to say in his press conference today...
Many of the loans were on assets that had NO value. Many of the loans are "bonfire material"
If this isn't thinly disguised contempt for how SCF was run, I don't know what is !!
Many of you would get your money back from the Government. Where are you going to put/invest the money? Any interest to discuss companies/bonds worth to invest?