MP urges finance collapse inquiry

MP urges finance collapse inquiryAct 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.

  1. They borrowed short and lent long
  2. The Directors were bent
  3. Lack of shareholder equity
  4. Lack of Industry governance from Trustee companies
  5. 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”.