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Ungrateful Pricks

by Whaleoil on September 1, 2010

Even after having their “investments” saved by the rest of New Zealand bailing out their dodgy Mr Magoo finance company, investors in South Canterbury Finance still aren’t grateful. Instead of bending their knees in grateful appreciation to the rest of New Zealand for saving their “investments” they are flipping us all the bird.

There’s less sympathy for Finance Minister Bill English’s comments yesterday to those investors who will get their money back, thanks to the scheme.

“I would hope that the depositors of South Canterbury and those who are supporting the company are grateful for the support of the New Zealand taxpayer,” said English.

Timaru resident John Fahey said he didn’t think it was fair comment.

“I don’t think the people involved with Mr Hubbard will agree with that at all,” he said.

Helen Henderson, another preferential shareholder, isn’t covered by the government’s guarantee either and she’s not impressed with English’s advice.

“Despite the white knight comments of Mr English that he has saved all of the investors, there has been a downside for me,” she said.

Ask depositors in Blue chip, Hanover and the plethora of other finance companies who had the mis-fortune of being based anywhere but in the South Island and see how they think about it all. Investors in SCF are just bloody lucky that some very powerful National party connections were able to strong arm “Blinglish” (what else can you call him after flinging the bling all over South Canterbury).

With such displays of utter arrogance and gracelessness there is really only one thing for it. Nuke Timaru, with ground zero at 19 Sophia Street, Timaru. The only question for me is the size of the bomb. My thoughts are that we should burn the whole place to the ground completely and start afresh so I’ve picked the B61 (USA, in service, 340 Kilotons), This variable-yield bomb is the mainstay of the US arsenal and can be deployed by jet fighters.

Once the dust settles then we can sell the rest of the South Island and finally be rid of the leeches.

Nuke Timaru and sell the South Island

Nuke Timaru and sell the South Island

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  • titanuranus

    “I’ve picked the B61 (USA, in ser­vice, 340 Kilo­tons), This variable-yield bomb is the main­stay of the US arse­nal and can be deployed by jet fighters.”

    Yes, but you forget Whale, we don`t have any jet fighters anymore.Thanks to that cunt Clark and her minions.

  • abjv

    Deliver it by rail.

  • abjv

    Some comments.

    1. Not all of the bailed-out investors are from South Canty. There was also some North Island money chasing the high rates at nil risk. Branding this as solely a bail-out of South Canty rich pricks does the rest of the rich pricks investing there a dis-service, and the suggestion is that up to a third of the investors are in the rich prick category.

    2. I have zero sympathy for shareholders. i) Aren’t they the ones who appoint the directors to run the company? ii) They are able to sell at any time and there have been plenty of stories in the news going back 2 years about sagging credit ratings and the need for cash injections. The smart thing to have done would have been to flick the shares and put the $ into a SCF deposit.

    3. The value of the loan book, and shareholder’s funds, seems to have vanished in short order, assuming previous utterances from the company can be believed. Where was the continuous disclosure regime – what is NZX doing about this? Why should we invest in NZ companies and help make money for NZX if this is the quality of their oversight? Who are the auditors? How did they manage to sign off the last balance sheet? Isn’t it an offence to knowingly trade an insolvent company, or was the guarantee part of the solvency calculation?

    4. How much did the ring-fencing of Hubbard accelerate the failure – even if his involvement was only symbolic? At what stage was it obvious to the Treasury snoops in there that failure was inevitable and it was only the Govt subsidy of the interest rate risk premium via the guarantee that was propping it up? Was a decision made to bring that failure point forward from, say, election year, by ring-fencing Hubbard?

    5. Smile and Wave (who I have also heard called ‘DonKey’) will get out of this not too bad if there’s a sale of the whole lot, and soon, for a decent price – particularly one that makes the full loss well less than $800M or whatever it was they’d provided for – quantity the full loss to the taxpayer, get the whole thing wrapped up and gone before election year. But not to Chinese interests.

    But I suspect the DonKey needs a quick win here – crisis handled well to date but a load of fallout coming unless he gets a big portion of the $ back soon. Just look at Allied to see how quickly the alleged value of a failed finance company loan book dissipates into what it is really worth.