Saturday, July 7, 2007

When Trust Fails

This week has seen disaster piled upon disaster. First was the Bridgcorp collapse which has plunged 18,000 trusting Kiwis into fiancial dispair.

Now we see a reputable Hawkes Bay insurance broker has been taken for $3.5 million by its high flying manager and his even higher flying wife.

(The man is question seems to think his wife won't be around for long. So why the hell did he marry the gold digger in the first place?)

Adolf finds the excuse offered by the business's owners to be almost bizarre. They 'trusted him' ! !
Have they not heard of management and reporting systems designed to prevent fraudsters from stealing them blind? Where was their chartered accountant when he was really needed?

One wonders how the short arsed ex TVNZ news reader who spruiks for Hanover Finance is sleeping these days. Will he be sued by investors if Hanover topples over? Adolf can't quite remember the spiel but it was pretty syrupy and very much an enticement for people to invest because Richard Long (whose only financial experience is reading from an autocue) says everything will be fine.

Time for a very big shake up. Everybody has been focussing on life insurance and managed fund operators while finance companies have been getting away with murder under the noses of the very regulators who tout themselves as white knights.


pdm said...

I don't think this guy was too reputable.

The real victims in this are his parents who have apperntly been `hammered' financialy because of his greed and stupidity.

Adolf Fiinkensein said...

pdm, are you taking about the owners or the manager who bilked them?