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Cactus spot on

by Whaleoil on December 18, 2009

As usual Cactus Kate is spot on with her observations over some culpability for the Hanover fiasco. Watson and Hotchin were far too clever for the dimwitted gamblers who lent the company money as they nimbly skipped away without sanction and all the debt now resting with the shareholders of Allied Farmers.

By fronting the advertisements Richard Long became vicariously liable for the reputation of Hanover. If the gamblers have any money left they may as well have punt on suing Richard Long while they are frittering money away.

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  • John Boy

    Relying on a NZ TV “news” reader as a credible endorsment is ridiculous – if they had enquiring brains and real ethics they wouldn’t be presenting our crap “news” on TV. They patently can’t be trusted to be street smart in any form so will have a defence available. Sorry old(ish) folks. It will, however, be good to see him sweat.

  • Cactus Kate

    It was a little more than that JohnBoy. If you read my post you will see this wasn’t a usual celebrity fronting, the advertisements were clearly linked back to his function as an independent newsreader.

    Yes, no one should believe advertisements in which case however there would be no protection given under consumer legislation would there?

    If ever an advertisement was false/misleading etc then the Hanover Long ads were it.

  • bill

    Cactus Kate

    I take your point, however, let’s face it, messers Hotchin and Watson are shysters of the first order. We don’t know the discussions that went on between the Hanover management and Richard Long. But I suspect that he was given a snow job.

    Similarly, Greg Muir [I may have his surname wrong] who was brought in as Chairman, who is no putz, was also caught up in this mess. And if there was ever someone who should have ‘dug deeper’ there was one.

    I’ve always suspected that that organisation ran on two sets of books, ones for public consumption, and the other for private titilation.

    Anyone who put money into that organisation really needed their head examined. H&L ran Hanover as their personal piggy bank. They took $70M out a couple of years ago for themselves.

    An organisation that they bought, where I used to work, had to pay Hanover $500k a month ‘management & advice fee’. Hah!

  • mediatart

    Ahh the delights of capitalism. The share market has more in common with a Kazakstan horse auction than any sort rational way of raising money for business to grow and prosper, so the punters go to these flea ridden dogs to provide a steady cash flow.
    How much does the Treasury have listed in books to bail out these firms that are still breathing, $800 million!!!
    I think its Dalziel who must be held to account over the lack of action in the last 3 years of labour. AS well as the functionaries of the department who probably were paid off too do nothing as well- just like the dick heads at the just abolished Legal Services Agency

  • DONKEY

    just wait for the next installment – the boys will be back to mop up all the cheap allied shares – i reckon about the 3 – 5 cent range will do it – get 19.9 % and hello!! they are on the board, you and me as tax payers can guarantee the thing! smarter than the act!