minimoke old son
thats the best post you have made on the subject.
I was beginning to lose faith in you !!
BB
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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?
Presumably the 'loans on assets that had no value' were made to parties in some way known or assoiated with SCF.
It was after all 'free money,' as they say in the industry, and they might just get away with it if no one gives a stuff about the long-suffering taxpayer or the shareholders.
See my earlier comments on KIPGC, see also www.kipt.co.nz
Quality is the name of the game while the GFC still rages on, in my opinion.
Disclosure of Interest - I have lots of this security.
Sandy is in fine form - putting the blame right where it belongs:
"A fish kind of stinks from the head. These assets didn’t hop on our books by themselves and these related party loans didn’t make themselves. People mismanaged the place frankly.”
SCF had been "a very sub-standard business for a very long time" and paid a big price for that.
The fish that stinks is Hubbard. Link: http://www.interest.co.nz/news/sandy...-allan-hubbard