Wednesday, April 28, 2010

Super-regulator to the rescue

So Simon Power is to redesign the regulators: It's time for Super-regulator.

Here he is on the left.

As I pointed out here, there is stacks of regulation. But it seems that's not the problem. No. The problem is that investors' money fell "through the cracks between regulators".

Maybe the XT network was down when the Companies Office tried to phone the Securities Commission to see if Bridgecorp's audited prospectus, checked by lawyers and regulated by the Securities Commission, was correct.

Sure, neither Labour nor Winston did anything to stop the elderly in this country losing the "thick end of $3 billion of savings".

But no matter how hard you try, you cannot save people from themselves, despite successive governments trying their hardest to do so.

2 comments:

gravedodger said...

As a minor player in the investment scene, I hate "small investor' as I Don't think being vertically challenged has much bearing apart from finding it hard to see from the back of the room.
I digress, are the regulators picked from the cesspit for their idealogy, their intellect or do they just come from the local WINZ office because they are right place right time? Another group of "investors fell through the cracks today.
Why dont the "watchdogs" put out an advisory as soon as any of the parameters are breached, Banking covenants, missing a reporting date, failing an audit date, etc.
As soon as Frankie from Fiji sneezes we get a travel advisory from the MFAT if not within the hour then certainly by close of day however when some dodgy finance mogul finally crashes (note it is never in flames), they are often back rorting the market without pausing for breath while the many mom n pop suckers are left writhing in the wreckage.
Jane Dipstick should have been invited to leave office months ago and the cotiere of sycophantic oxygen consumers at the Investment Commission with her, to the dole queue.
We have so many examples of ripoffs that incur zero repercussions it is a wonder that any NZ citizen leaves a dollar with the Charlatans let alone the billions that have either gone up in smoke or in massive personal monuements to the empires among the Crooks.
When will we see our little Bernie Madoffs peering out through the bars of the pokie. This year next year sometime or as I suspect NEVER.
Not sure If I have been lucky or is it that I pay a little OTT for my moneymen and women and they are still fooling all the people all the time.

Adolf Fiinkensein said...

I suggest the new Super Regulator should enshrine in law the punishment meted out thus far to Petricevic. A compulsory visit to a Remmers eatery for the express purpose of having ones lights punched out by one's former investors.

This country is like the Arizona Wild West but with one difference. The Sherriff spends all day shooting the deputies instead of the outlaws.

This place really is a very sick joke.