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Friday, July 25, 2008

Investigators swoop on Hanover


Investigators swoop on Hanover
Within hours of receiving complaints yesterday, the Commerce Commission took the unusual step of announcing an investigation into whether Hanover Finance had misled its investors and the public. "The investigation is into whether Hanover Finance has breached the Fair Trading Act by making misleading representations to prospective investors and/or the public generally," the commission said yesterday. A finance company expert yesterday told the Herald he was "not optimistic" about the level of likely returns to Hanover's debenture investors but it was far too early to make estimates. The expert, who did not wish to be named, said Hanover's lending was not "top notch".

Okay, put aside my numerous complaints about the merging of the Serious Fraud Office (SFO) into the Police and my criticism that this smacks of the Police trying to take the no right of silence power, put aside my point that if you really want to hurt gangs go after their financial structures with the original version of the SFO, put aside the fact that the new Organised and Financial Crime Agency will mostly be warped into pointlessly chasing gangs and letting white collar criminals off the hook oh and also put aside the fact that the former SFO Director David Bradshow told Parliaments law and order select committee that the SFO was being used as a sacrificial lamb for the Government gang crackdown – let’s just forget all those very salient points for a second – answer me this – why would we be dismantling the only specialized financial forensic investigation department just as the 25th financial company has been announced collapsing with another set of shady allegations against filthy rich corporate elite who live in mansions while the investors get cents on the dollar. Why dismantle the department that specializes going into complex financial deals constructed by very clever people and how come this decision has been made with so little debate?

8 Comments:

At 25/7/08 9:19 am, Blogger Jeff said...

You know for once Bomber totally agree.

The decision to merge the SFO was fucking so stupid. I work in an industry where we have to understand these structures and they are bloody complicated, and thats with us being told how they work. Its hard (not always deliberately so, international considerations makes things tricky) but it does mean you need people specalised to deal with them when they are abused.

Personally I doubt Hanover Finance has done anything overly dodgy other than not confess to being in sh1t creak earlier, with the reason being as soon as you confess to being shit creak well u are the sewage pond.

But guess what it all boils down to is these structures built entirely on debt (pretty much all capital was debt) dont work, you need equity, and hence we are now paying the price.

 
At 25/7/08 11:10 am, Anonymous strings said...

Greed will always find a way to the market, and any structure built on clipping tickets both ways on a borrow low and lend high must eventually come to grief as there is no real added value.

I have to agree with the basic premise of this post. I can only think that the leaders of the Labour party pushed this change through to ensure there was no ability in the police force to investigate the shinanigins thay and their supporters have been party to.

 
At 25/7/08 12:33 pm, Anonymous Anonymous said...

'.... Its very sad for the hard working people who will lose everything they worked and saved for. They tried to follow government advice, to save and provide for their retirement and to help their children. Those types who spent every cent they ever have on booze, fags, horses, pokies, drugs etc. (while others skimped, saved and sacrificed to save every spare cent) must be feeling rather smug right now.

Saving for retirement, like all banking systems, relies on confidence so will the government have to bail this out to stop a run on cash and people giving up on saving.

Where are you investing for your future and retirement Bomber or are you a spend spend spend type....'

It all very well the government telling people to save/invest but without a lot of knowledge its not that easy. Many people (like myself) are trying to do the right thing, fortunately I have not lost in any of these collapses, not because I am smart but because I don't trust anyone so would not hand money over to any firm like this, but have lost a lot on a leaky apartment but did make a bit on a house which I have sold so I have come out about even. Not much for so much work (overtime) and sacrifice, makes me think I should do what most other people I know do – but new cars, big TVs, holidays etc. at least they get to have a good time.

So what does an ordinary person (without a degree in economics) do. Bomber you are against people buying properties, so do you think those of us who work should just spend everything every pay day, is trying to get ahead and provide for ourselves and our children such a bad thing.

You criticise everything, you are anti everything, so what is your suggestion.

 
At 25/7/08 12:51 pm, Anonymous Anonymous said...


You criticise everything, you are anti everything, so what is your suggestion.


Bomber had no suggestions. His MO is just to complain about everything, without offering any solutions.

He hates the middle class (anyone trying to better themselves) but loves his cushy media jobs and stylish downtown Auckland apartment.

 
At 25/7/08 1:58 pm, Anonymous Anonymous said...

I definitely agree with above comments about Bomber's default-anti-everything mindset. However, he also has a pro-Labour mindset.

So how does Bomber reconcile the fact that law changes benefiting 'rich white men' occurred on Labour's watch?

 
At 26/7/08 12:33 am, Anonymous Anonymous said...

I have decided on a new MO, I plan to study the stock market, something which, at present, my knowledge of is zero.

I am from a genuinely poor, working class background (unlike Bomber) nothing to brag about just a fact. My parents were useless failures, I do not want to be like them.

There is a lot of info on the net so my I pod is going to be used to download seminars not songs. Time will tell if my new plan is successful. I was born one a benefit, I do not want to die on one.

People blame everything but rarely look in the mirror, the more I think about it the more I see it’s down to us. Blaming the government, the economy, our background, genes .... its all an excuse, we have to work and plan to achieve, sure it’s hard from a background like mine but I am not giving up yet.

Bomber can sneer all he likes, but people like him just motivate me more, I see his contempt (envy) as a compliment. He is a looser and covers it up by pretending to be superior.

Those who are incapable of achievement cover up their failures and laziness by pretending to despise achievement, its envy really. Better to pretend you hate Jaguars and Business Class (and those who have them) than admit to yourself you could never make enough to afford them.

 
At 27/7/08 3:37 pm, Blogger Bomber said...

...
Yawn - the banality of anonymous posters...
So what does an ordinary person (without a degree in economics) do. Bomber you are against people buying properties, so do you think those of us who work should just spend everything every pay day, is trying to get ahead and provide for ourselves and our children such a bad thing.
Ordinary people could read any number of the warnings regarding Hanover Finance Anon, I am against property speculation minus a capital gains bonus Anon, your almost child like fascination of putting your words in my mouth, you think those of us who work should just spend everything every pay day, is trying to get ahead and provide for ourselves and our children such a bad thing , which while amusing seems to manage to completly miss the point of the blog.

You criticise everything, you are anti everything, so what is your suggestion.
Um, this is a blog, I criticise and play devils advocate to many issues, I also make many suggestions, sadly you seem to want to judge me for the words you put in my mouth as opposed to the words I actually write.

NEXT...

Bomber had no suggestions. His MO is just to complain about everything, without offering any solutions.
No, I make many suggestions along with the complaints.

He hates the middle class (anyone trying to better themselves) but loves his cushy media jobs and stylish downtown Auckland apartment.
Again words you are putting into my mouth, not my actual words.

I definitely agree with above comments about Bomber's default-anti-everything mindset. However, he also has a pro-Labour mindset.
Again, that's not true I have been just as scathing about Labour and their policy, they can be seen on this blog, your comment just isn't true.

So how does Bomber reconcile the fact that law changes benefiting 'rich white men' occurred on Labour's watch?
They are disgusting and that beneficaries were better off before Labour came to power is a damning reality Labour have not faced up to.

I am from a genuinely poor, working class background (unlike Bomber) nothing to brag about just a fact
Sigh - that's just not true, I come from a very poor working class family from Bristol and by working very hard I am the first of my family to get a University education, you are again making things up to damn me - how about just sticking to the issues regarding the SFO dismantling rather than your make believe world or is that just too hard folks? Come on kids, pull your socks up and try to debate the issues rather than making up things to attack me personally with?

 
At 28/7/08 1:05 pm, Anonymous Anonymous said...

Yawn ..... hits the spot eh bomber.

Why so upset and defensive.

If you achieved more (use that education you are so proud of) you might be less sensitive, angry and hurt.

Is the making of poverty a political statement a cover for your own lack of achievement, pretend to hate money and what it buys then you don't have to admit you haven't got the ability to prosper and make any.

Like being fat poverty is a choice.

 

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