English responds to Hubbard and supporters
Finance Minister Bill English has responded to claims made by Allan Hubbard that placing him into statutory management dealt a body blow to South Canterbury Finance.
Mr Hubbard, the founder and major shareholder of the failed finance company, said today in a statement that he had been sidelined from working to save South Canterbury.
But Mr English said this afternoon that, over the past 12 months, there had been a “lot of discussion” with Mr Hubbard about his own affairs, those of South Canterbury and how he could contribute to sorting out the situation.
“There’s been ample opportunity for the owners of the business to save it," he said.
“Mr Hubbard himself has made considerable personal commitments which I think have been widely respected in the community and in the financial community – however the options have simply run out.”
Mr English made it clear that the decision to place Mr Hubbard’s assets into statutory management was made purely according to statutory requirements.
He hoped that today’s decision to bankroll the receivership would be received with gratitude by depositors and supporters of the company.
“Whatever your points of view about how South Canterbury has been run or the personalities, taxpayers are ending up with a bill of $600 miliion and there are a lot of other things we could have used that $600m for.”
“Without that support, Timaru and South Canterbury could have ended up $600m out of pocket.”
Mr Hubbard, as a shareholder rather than a depositor of South Canterbury Finance, will not receive a payout under the government’s retail deposit guarantee scheme.
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Comments and questions11
Well said Bill. The Hubbard supporters should recognise that SCF and whole Hubbard empire has been mismanaged.
Too many insurance salesmen selling money on commission for big bonuses and without supervision.
That was SCF's problem.
Provincial had the sdame problem.
Got their money too easily and looked around as to who they could give it to.
And many people preached that the value of land would never go down,and that you had to be in to win.
Haven't seen too many property seminars advertised recently.
What happened to Richmastery ?
Was reading a story earlier from Max Hastings the UK about Tony Blair's charitable giving. Thought people here might enjoy the following quote (Its about Tony Blair giving the proceeds of his book to injured British army):
"Yes, a lot of money is going to a very good cause. No, it should not change our minds in the smallest degree about Blair’s record as Prime Minister.
There is a long tradition of big crooks giving big to charity because they want to buy a ticket to respectability — and sometimes they succeed."
Just thought it was a nice quote raising questions about motives for charity.
To Hubbard and his supporters ... 600 too 700 million in bad debt ... well over 25% of the book!! Say what you like about the government and SFO but to me and others its like that capitan on the Titanic waiting until the boat had 1/2 sunk before calling out "mayday" GET over yourselves - its my and many other hard working tax payers on PAYE that are bailing you out here - and I've yet to hear a Thank you ... perhaps to much to ask and too many egos involved huh??
TO AH and supporters,
Some people liked the German guy in the 40's that road in a beetle, the majority of his victims have another less rosey story ... where is this going i hear you say, GO have another march and see how many hard working tax payers on very little spare cash come out in support - PULL your heads in show kiwi taxers some gratitude... !!
Bad loans were the main reason for its downfall, and Mr Maier revealed the high risk tactic in an interview on TV3`s Campbell Live programme.
Asked whether it had been cynically exploiting the government guarantee, Mr Maier replied: "It might have been cynical, it might have been merely incompetent... it probably violated a lot of prudent lending criteria."
He said he didn't know exactly why it had happened.
"Personal egotism, misreading, out of control... whatever it was, there's no real positive name for it," he said.
Rip off capital of New Zealand
A quick calc reveals Maddoff lost a net NZ$26M of investors money - thats NZ$84 per capita in the US. Hubbards much superior Ponzi scheme has lost $136 per capita - and that is assuming only the $600M is lost.
Add in preference shareholders and other Hubbard companies it could baloon to $1B - about $230 per capita! About 3 times Maddoff feeble effort - crowning Alan Hubbard THE NEW PONZI KING!!!!!
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