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| Thread ID: 112182 | 2010-08-26 22:35:00 | Alan Hubbard | Digby (677) | PC World Chat |
| Post ID | Timestamp | Content | User | ||
| 1132086 | 2010-08-31 02:47:00 | Magic, the Dorkland wide boys manufactured this situation, but now poor old Mr Hubbard & his wife will cop the blame. |
KarameaDave (15222) | ||
| 1132087 | 2010-08-31 02:58:00 | An update:- tvnz.co.nz The Govt seems to have magically found $1.6 billion dollars from somewhere. Do not expect the tax payers to be really happy. They had already budgeted for 900,000. Don't know where the other $700000 came from, however there has been some bad reporting of this as usual by the NZ media. A lot of that will be able to be recovered by receivers, as long as their fees are too high. There will have to be some forced farm sales. You do have to rememberthat there is now a lot of money floating around the economy looking for somewhere to invest, which is good. I guess this whole thing shows that even putting the best person in charge to fix the problem with SCF, often makes no difference. |
robbyp (2751) | ||
| 1132088 | 2010-08-31 03:50:00 | Also New Zealand needs a mortgage market like the US. In the US they can just walk away from their mortgage and not owe any money. Everyone in NZ with negative equity could then just send the bill to the government. Yes the Bubble burst for our son, on transfer he bought at the Top of the real estate boom and sold this year, another transfer with a 10% loss of equity in that home. In the Olden Days New Zealand was always 10 years behind every other Nation, but this time we were right up there with them all. Today's The Press says the Economy is about to go backwards again, but that's understandable with a country of our size, just milk powder to keep us afloat, lol. Lurking. |
Lurking (218) | ||
| 1132089 | 2010-08-31 10:12:00 | Magic, the Dorkland wide boys manufactured this situation, but now poor old Mr Hubbard & his wife will cop the blame. Unbelievable statement - it's 'poor old' Hubbard that drove the company into the ground. He's supposed to be a business genius (and a qualified accountant) - yet he was loaning money to some businesses interest free - while at the same time promising investors high rates of return. Basic accountancy 101 says that will never work! Doesn't take a rocket scientist to realise who the real problem is. It's not the Gov't, it's not Sandy Maier - it's the guy who's been pulling the strings when he should have retired. But the blind will keep defending him ..... Anyone else think the self imposed title "President for Life" by Hubbard may be a sign of delusions of grandeur - or delusions full stop? Lucky the Gov't stepped in when they did. Would hate to have seen the mess if this carried on for another 6 months :eek: He may have been looking after the people he loaned money to, and may have put a lot of money into charities etc - but his JOB is to look after the investors. That is something he seems to have actually forgotten quite a few years before Maier was given the hospital pass to try and save what was essentially the titanic approaching one very large iceburg. There was only ever going to be one result. I have no sympathy for him - he conned investors into thinking he was safe, while taking bigger and bigger risks to try and hide the fact that he was way out of his depth. |
Brooko (8444) | ||
| 1132090 | 2010-08-31 20:06:00 | Magic, the Dorkland wide boys manufactured this situation, but now poor old Mr Hubbard & his wife will cop the blame. This is why those Sth Island investors should have been left to rot and lose their money. Sheer stupidity. |
pctek (84) | ||
| 1132091 | 2010-08-31 20:53:00 | Unbelievable statement - it's 'poor old' Hubbard that drove the company into the ground. He's supposed to be a business genius (and a qualified accountant) - yet he was loaning money to some businesses interest free - while at the same time promising investors high rates of return. Basic accountancy 101 says that will never work! Doesn't take a rocket scientist to realise who the real problem is. It's not the Gov't, it's not Sandy Maier - it's the guy who's been pulling the strings when he should have retired. But the blind will keep defending him ..... Anyone else think the self imposed title "President for Life" by Hubbard may be a sign of delusions of grandeur - or delusions full stop? Lucky the Gov't stepped in when they did. Would hate to have seen the mess if this carried on for another 6 months :eek: He may have been looking after the people he loaned money to, and may have put a lot of money into charities etc - but his JOB is to look after the investors. That is something he seems to have actually forgotten quite a few years before Maier was given the hospital pass to try and save what was essentially the titanic approaching one very large iceburg. There was only ever going to be one result. I have no sympathy for him - he conned investors into thinking he was safe, while taking bigger and bigger risks to try and hide the fact that he was way out of his depth. Uhhh he wasn't the only one at SCF, there was a whole board of directors who made some retarted investments. |
xyz823 (13649) | ||
| 1132092 | 2010-08-31 22:03:00 | Agree - the board also contributed. But the point is that Hubbard is not the saint everyone's painting him out to be. He made a lot of those decisions - or at the very least ticked them off. He is responsible for where SCF is now. |
Brooko (8444) | ||
| 1132093 | 2010-08-31 22:23:00 | Can someone help me out here please? I’m sure I heard on one of the many news items that Alan Hubbard wasn’t even on the Board. He’d been dumped a couple of years ago in favour of some Wizzz’s. Now it couldn’t be that some "High Flyers' sunk a perfectly sound ship surely. :confused: |
B.M. (505) | ||
| 1132094 | 2010-08-31 22:28:00 | NZ is borrowing 250 million a week to pay interest on debt. 1.6 billion is a drop in the bucket | Gobe1 (6290) | ||
| 1132095 | 2010-08-31 22:42:00 | Can someone help me out here please? I’m sure I heard on one of the many news items that Alan Hubbard wasn’t even on the Board. He’d been dumped a couple of years ago in favour of some Wizzz’s. Now it couldn’t be that some "High Flyers' sunk a perfectly sound ship surely. :confused: He was Chairman of the SCF board until around the time the managers went into his other companies. Sandy Maier was possibly put in as CEO to try and sort the deals the previous managers had done. How much was Hubbard's fault as Chairman and how much rests on previous CEOs is anyone's guess. |
PaulD (232) | ||
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