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Monday, August 30, 2010

$1.5billion to bail out South Island Mr Magoo


Deadline looms on $1.5b collapse bill
Taxpayers are facing a bill for $1.55 billion unless South Canterbury Finance can be pulled from the brink of failure before tomorrow night.

How much? $1.5billion to bail out this funny old South Island Mr Magoo charctature who stands for all that is good and decent in the Mainland??? That's a fuck of a lot of cash to prop up a South Island self imagined myth. This bloke who is the richest man who drives around in a tiny car in a modest home whose name is as good as his word and doesn't need to bother with all that silly paper work is going to cost us all how much??? $1.5 fucking billion?

Jesus wept, look Hubbard seems like a decent bloke and many nice South Islanders seem to have tied their own sense of identity into his 'uncomplicated' ways, but $1.5billion is $1.5 fucking billion, Oprah Winfrey's self esteem Network costs less than that! Let's just start beaming her satellite TV station directly into the South Island for free to avoid this escapade again shall we?

In the wake of this implosion, can someone please have a bit of a sniff around and work out how this bloody 'I-keep-all-the-numbers-in-my-head' nonsense was allowed to build with such bubble and burst intensity?

7 Comments:

At 30/8/10 11:20 am, Blogger dave said...

I think youll find there is more to this than a Magoo. Hubbard is like a mum and dad operation that got too big for the banks in a rural downturn. They want to gooble up the asset backed rural business and shed the bad debts. The state will bail out the bad debts and infratil will scoop up the good debts with the old fashioned rural capitalism of South Canterbury deposited in the local museum like a clapped out VW.

 
At 30/8/10 12:26 pm, Anonymous anfield1973 said...

as a south canterbury man, I have never had dealings with any hubbard entity (which isn't easy) due to one simple question - never answered satisfactorily. "what happens if he dies?" it is all very well to have word as bond, but no paperwork, really!!

 
At 30/8/10 2:08 pm, Anonymous Anonymous said...

You've also fallen for the Herald's screamingingly inaccurate number. It'll be nowhere near a net $1.5B 'bailout', more like $300M, a still not inconsiderable sum but a fifth of the overstated sum you've used.

 
At 30/8/10 2:11 pm, Anonymous Anonymous said...

What's Oprah got to do with anything. Whatever joke you were trying to work in fell flat.

Its fascinating how different how the South Island venerates certain types of people - sober, unselfish, quiet, traditional and unmaterialistic - while Auckland and Wellington seem to worship the slick, extroverted, materialistic wankster types who embrace all kinds to bizzare beliefs and ideologies.

It truly s a different country.

 
At 30/8/10 11:01 pm, Anonymous Anonymous said...

Should the government help rescue South Canterbury Finance with a big capital injection?
Your vote was registered.
Monday, August 23, 2010 - 7:55am, Bernard Hickey

No. South Canterbury Finance doesn't have a long term future beyond the end of the guarantee at the end of next year. Wind it down in an orderly fashion.

67% (381 votes)
Yes. South Canterbury Finance is our own 'Too Big To Fail' Finance company. The South Island rural economy would be hit very hard by a collapse.

18% (100 votes)
Don't know. Hard to say what should be done until we're sure there's no independent White Knight. Let's wait and see.


HOW ELSE WOULD THE OLD COOT PAY FOR HIS DIALYSIS MACHINE HE IS HOOKED UP TO AT HOME EVERY NIGHT?

BUT ENGLISH BLEW IT CONFIRMING THERE WOS NEXT TO A BILLION ($900) MILLION IN THE KITTY.NOW KEY SAYS IT SHOULD BE ENOUGH.YEAH BUT FOR JUST ONE COMPANY OR TWO AS THE CASE MAY BE?

 
At 31/8/10 8:05 am, Blogger Bomber said...

What's Oprah got to do with anything. Whatever joke you were trying to work in fell flat.

That you didn't get the self esteem joke and how South Islanders have blindly tied themselves into Mr Magoo helps prove my point, cheers.

 
At 31/8/10 7:29 pm, Anonymous Anonymous said...

since when did we start bailing out finace companies? Does john have some money tucked away in it or something?

 

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