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Wednesday, September 01, 2010

South Island Mr Magoo screws us all for romanticized hokey myth

Risky loans followed guarantee
South Canterbury Finance ramped up its risky real estate loans after it signed up to the Government's scheme that protected its investors' money, the company's chief executive Sandy Maier said last night. SCF went into receivership yesterday and the Government is paying out $1.6 billion under the Retail Deposit Guarantee Scheme. Bad loans were the main reason for its downfall, and Mr Maier revealed the high-risk tactic in an interview on TV3's Campbell Live programme.

So let's get this straight, Mr Magoo who didn't bother with silly old paper work embarked on risky deals once he knew we would all pay for them and then fucked it all up costing us $1.8 Billion? And we went through all this bullshit to prop up South Islanders romanticized view of themselves as humble, modest living, salt of the earth types?


Since when the bloody hell did we bail out self imposed myths? I'm sure Mr Magoo is a nice chap and those South Islanders who have tied their sense of identity directly into his 'uncomplicated' ways are all pleasant people, but we don't have $1.8billion to piss against the wall so that South Islanders can feel chipper about themselves.

Where the living fuck was the due diligence here folks? How could 'I keeps dem numbers all up in me head' be considered a financial report?

Wouldn't a group hug and some session time with Dr Phil and Oprah to prop up Mainlanders self esteem have been a hell of a lot cheaper than allowing Mr Magoo to drive his cheap little car and most of the wealth of the South Island off a cliff?


At 1/9/10 11:33 am, Anonymous AAMC said...

I thought the idea of the Free Market was that it was self regulatory. Shouldn't this failed business then be left to.....fail? Oh no that's right it's 'too big to fail'. More Americanisms, surprise surprise.

At 1/9/10 9:17 pm, Blogger dave said...

Well the business has failed.
The ones who are getting bailed at our expense are the rich investors who saw a killing was on and piled in with their investments plus interest.
The winners are the corporate farmers like Key and Co who will buy up the assets at rubbish prices, and the losers are the working farmers, South Canterbury small business, and of course the NZ working class that not only creates the wealth, but mortages its future living standards to gigantic welfare handouts to the rich.

At 1/9/10 9:26 pm, Anonymous Anonymous said...

It angers me that whenever we talk of huge finacial institutions 'going bad' and that seems to be all we talk about. No one dare digs out the greedy bastards pushing the limits of sane finacial judgement. There doesnt appear to be judgement or measure or control. I gorged myself at a free buffet on the weekend. Then threw up all over the rest of the food, lucky me old mates English and Key was there to clean up while i chugged more beer hiding under the table

At 2/9/10 3:54 pm, Anonymous Simon said...

Mmm wonder if our exalted leaders did the numbers on how many of these poor stricken South Island investors were National voters? Just wondering that's all.


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