I heard Allan Hubbard's animated spokesman on RNZ yesterday talking of a media "character slaughter" (surely worse than the usual character assassination) and that all he needed to fix things up "is another $250 million". Yeah... and another $250m and another... If the only way to maintain solvency is several hundred million dollars of capital then Hubbard's profusion of companies and interconnected layers of related party transactions really does start to resemble a pyramid scheme.
The Finance Minister can bail out the greedy, gullible, wealthy Southern Tory white folk - and foreigners - because his Treasury officials rubber-stamped Mr fucking Magoo's pyramid scheme as eligible for the Crown's mega-generous, ultra-distortionary deposit guarantee. And he can pay out that $1.6 billion in cash by the close of business on the day that Mr Magoo's vehicle has finally finished its long plummet off the cliff. Just like that - in a matter of hours it's all tidied up - because:
"Ensuring all depositors in South Canterbury Finance get their deposits back as quickly as possible will ensure a minimum of disruption to the economy.
Because it is vitally important that the wealthy Tory Southern white folk get all their money back - plus the ridiculous junk-bond yield interest - for the sake of the economy? Or for the sake of the personal fortunes of the wealthy Tory Southern white folk? If only every section of society was deemed worthy of such Crown largesse for their claims.
Maori claims for being ripped off and fucked over by the Crown for generations take decades to complete - not hours. And the amounts paid out under the Treaty Settlement process are not 100% of value plus interest they are never more than 2%. The total government payments for the Crown's own wrong-doing stand at less than $1 billion to date. But there's no racism in NZ, eh.