South Canterbury Finances magical golden money pyramid of eternal providence
So let's get this straight, South Canterbury Finance's Mr Magoo, Allan Hubbard, who didn't bother with silly old paper work embarked on risky deals once South Canterbury Finance was readmitted into the guarantee scheme because once it was readmitted, everyone knew their money was guaranteed by us, the tax payer.
Now I don't wish to be critical, who am I kidding, I love being critical, but how is a $1.7 billion bail out to the late Mr Magoo anything other than politically connected crony capitalism?
Wasn't the readmission of South Canterbury Finance prudent arse kissing for the wealthy and well connected who jumped in to greedily milk this guarantee for as much as they could?
We had to bail out National's well connected money mates for the 'National Interest', because Lord knows if well connected National Party chums are out of pocket, it's the most pressing issue that needs to be passed with as little scrutiny as possible.
Isn't it hilarious, $30 million is all we would have to pay per year to feed every child in poverty stricken schools, compared to the $1.7billion we will pay greedy investors.
The one question NZers should be asking Bill English now this Serious Fraud Office investigation is under way is 'Dude, where's my economy'?