Whats the damage to guys like George Kerr. Didn't he pump some cash into SCF recently.
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Whats the damage to guys like George Kerr. Didn't he pump some cash into SCF recently.
Receivership was the only viable option so a Thumps up to the govt for making the right decision and not throwing more tax payers money into this dud.
The tragedy is that it was plain as day to some of us here that SCF could not and would not survive. The odds were just stacked too much against them. No doubt the blame game will begin so I'm going to lob my first shot at the deposit investors. These people need a rocket up their arse for putting their money in on the basis of a persons "reputation" without looking at the business behind where their money was going. And what compounds this is that those investors make their stupid decisions basking in the knowledge that the tax payer will prop them up if things go wrong. And they get paid a premium interest rate for their stupidity.
He'll be back blamimg the entire collapse on the Statutory Management of Aorangi and Hubbard Funds management and saying if it wasn't for that SCF would have been fine and there were no systemic issues in SCF and there was nothing wrong with their loan book blah, blah, blah.
I predict he will stay in complete denial......its always someone else's fault...my obstinant, petulant teenage kids are like that too !!
Does anyone remember when I predicted we would never see the annual financial loss for the year ended 30 June 2010, because the number would be just sooooo awful, or words to that effect...
SC - I'm sure Enumerate can speak for himself but don't place him as a fool. He was rational (though in hindsight misguided) in his analysis and was taking a punt on his best interpretation of the information on hand. Good on him - if things had gone the other way he would have deserved the gains he would have no doubt made.
Make no mistake - the fools are the depositors who without any thought, analysis or effort put their money into SCF.
There are people who are worse than the fools - it is those that blindly led the Grannies and unsophisticated people into SCF and kept their hopes alive when no hope existed. I wouldn't be too upset if these people were hung out to dry.
We'll see how long it takes for them to get paid out by Treasury, but I don't know that they were 'stupid' - a reasonably quick payout might mean they've made an okay return with no capital risk.
My 'lob' is at Goff and his goons for waving the guarantee scheme out there in late 2008. Once it was put up as an option, the deal was done, and getting out was always going to be very difficult. Investors took advantage of their stupidity.
Of course, anyone who voted Labour in 2005 are really the ones to blame ultimately.
Alan.
Thanks Minimoke... guess that's meant for me :)
Have to say, don't feel too guilty about having put my money in. Didn't seem like getting 10.25% for the last two years (and until I am paid back) was a bad decision at the time. Still doesn't. Risk vs return, same as any other investment anyone on here holds. Probably make up for the 10,000 SCFHA I'm left holding to go with it.
Whose next, ALF?