MP urges finance collapse inquiry – Act MP John Boscawen wants to set up a parliamentary inquiry into the spate of finance company collapses to avoid “such massive losses” occurring again. Mr Boscawen said that after 46 finance industry failures and with $6 billion… [NZ Herald Politics]
I don’t think we need an inquiry. It isn’t rocket science with most of these dodgy finance companies that have tipped over.
- They borrowed short and lent long
- The Directors were bent
- Lack of shareholder equity
- Lack of Industry governance from Trustee companies
- We sure don’t have an equivalent regulatory body like APRA, ASIC, or even an AUSTRAC
It is the fricken wild west and as I say there isn’t much we need to do except model our system on the Australians. An inquiry is simply a politicians suggestion of how to waste money talking when we really need to be “doing”.
