I didn't want to buy a finance company

[shrub]

It's very nice that Uncle John and Brother Bill have bailed out SCF using our money, but I'm not sure I wanted to buy a finance company. I didn't mind a rail network because that's useful, but we already have Kiwibank, so we don't need a finance company.

Oh well, it's ours now and the property developers and elderly investors have had their bacon saved, so it's all good.

[mashman]

yup, good news all round... I know I'm really pleased to be part owner of 2 financial institutions and am absolutely ecstatic about bailing out a bunch of people that gambled and put their money into failed investments ... can't wait to start receiving my dividends

[shrub]

yup, good news all round... I know I'm really pleased to be part owner of 2 financial institutions and am absolutely ecstatic about bailing out a bunch of people that gambled and put their money into failed investments ... can't wait to start receiving my dividends

I wonder how much of my money went towards Dave Henderson? Maybe you and I should stake a claim on his Mig for our share? I'd be happy to share it with you - do you want the pointy end of the noisy end?

[doc]

I'm going to wait till they have finished "Fluffing" it up and privatise it. Then I'm going to jump in and buy my share.

[mashman]

I wonder how much of my money went towards Dave Henderson? Maybe you and I should stake a claim on his Mig for our share? I'd be happy to share it with you - do you want the pointy end of the noisy end?

if it's fully loaded, the pointy end please luckily they had all of their money insured by the government... do we own an insurance scheme too?

[MikeL]

Further evidence of the capitalist creed: "Privatize the profits, socialize the losses."

My guess is that the government will recover no more than 700-800 million. That amount, invested in health or education, would still have made a real difference to the average kiwi.

Instead, it goes to protect the stupid, the greedy and the devious.

The stupid, who believed others who told them that their risky investments were safe.
The greedy, who put an extra few percent of return above any other consideration.
The devious, who, once their gamble was government-guaranteed, went ahead knowing that either way they couldn't lose.

And not only do they get their capital back, but with interest!!!

Shame on everyone associated with this scandal.

[Swoop]

Another big "thank you" for Labour's scheme.

[Littleman]

We financed their roads and their return on their investments.

You would think people down south would be a bit more grateful and show less animosity to people not from their little homogenous society.

[mashman]

I'm going to wait till they have finished "Fluffing" it up and privatise it. Then I'm going to jump in and buy my share.

that's certainly a concern... Key and English, on TV, look like the cats who've got the cream... I hope you're wrong

[shrub]

Further evidence of the capitalist creed: "Privatize the profits, socialize the losses."

My guess is that the government will recover no more than 700-800 million. That amount, invested in health or education, would still have made a real difference to the average kiwi.

On the bright side, if Brother Bill cuts the jobs of a few thousand government employees and cuts expenditure in services it won't affect the balance sheet. Much. Meanwhile Mr and Mrs Jones of Timaru who wanted to get a 9.5% return in a low interest environment, and invested with that nice Mr Hubbard rather than the risky sharemarket will get all their money and all their interest back.

Hurrah for you and I! We're so generous and kind.

[aprilia_RS250]

It's very nice that Uncle John and Brother Bill have bailed out SCF using our money, but I'm not sure I wanted to buy a finance company. I didn't mind a rail network because that's useful, but we already have Kiwibank, so we don't need a finance company.

Oh well, it's ours now and the property developers and elderly investors have had their bacon saved, so it's all good.

I am no SCF supporter but you'll find most of that money is invested in Dairy Farms.
Also I can guarantee you there would not have been any "property developer" type investors in there as clients. They'd be the ones on the lending book side who can't pay. SCF merely acts as a middleman, clipping the ticket between investor and borrower.

If you were smart you would have bough the SCF junk bonds 2 weeks ago, and now made a 30% return, given it's all guaranteed.

[Banditbandit]

What I can't believe is that the Government keeps telling us that we do not save enough ... but when Mom and Pop savrs put their hard earned money into corporations and groups liekt his . it all falls over and they lose everything (except in this case they won't) ..

Why the fuck should we save money if the banks and investment groups handling our savings just fuck it all up ... lose all our money and walk away scot free (see Cullen Investments)

How stupid do they (Government and capitalist overlords) think we are ? Telling us to Save Save Save and give them all our money so they can live off the hog and waste our money ...

And when it all turns to shit and the economy crashes us poor people put out of work are "collateral damage" ... while the rich fatcats are stilling living in their flash Paretai Drive homes ...

Post-script .. sorry the Above should read Hanover finance not Cullen Finance ..

[shrub]

Another bit "thank you" for Labour's scheme.

of course, I forgot that this was all Labour's fault, and I bet the Greens had a part in it too, evil mongrels with their obesession with tofu and hemp.

One question, how did Labour manage to rush SCF into the guarantee scheme in April when it was effectively in breach of its trust deed and had failed to file audited accounts.? I thought National were in power then?

[mashman]

Another bit "thank you" for Labour's scheme.

I wonder what new clients joined SCF on the day that that went through? I'd dearly love to know that...

[shrub]

I am no SCF supporter but you'll find most of that money is invested in Dairy Farms.
Also I can guarantee you there would not have been any "property developer" type investors in there as clients.

Not really, did you know that its single biggest loan was a huge $42.3 million "for a large commercial hotel refurbishment and redevelopment"? (http://www.nzherald.co.nz/business/n...ectid=10670235)