Marie Hazledine-Barber

NEW ZEALAND COAT OF ARMS

Regulation in the NZ Financial Market?

Ponzi schemes alive and well. Is  the NZ Government sudden urgent sense for regulation like the old saying  ‘shutting the door after the horse has bolted’?

The following article by Brian Gaynor New Zealand Herald in the business section dated Tuesday March 9th  2010

titled  ‘Hanover house of cards doomed to fall’

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10630196

Every New Zealander should read this.

Has the government gone mad allowing ex board of directors from Hanover that lost millions of dollars of ordinary New Zealanders start up again. To continue the same pattern not unlike a Ponzi scheme. They are Eric Watson and Mark Hotchin doing the same thing with FAI Money (formerly FAI Finance)

Regulation should be such that these failed Board of Directors of Hanover should be barred from access to operation taking Kiwi Saver funds etc..or any managed funds of any sort.

This includes Don Brash and Auckland Mayor John Banks involved / are on the Board of Directors of Huljich Wealth Management a Kiwi Saver Fund for the following events :

During the Securities Commission probe, discovery finds Mr Huljich Managing Director of Huljich Wealth Management, rewrote its investor statements for retirement fund returns after previous returns did not show Mr Huljich had made two payments in periods ending March 2008 and March 2009 as compensation for investment decisions he made. A Ponzi act.

Mr Don Brash and seemingly Mr John Banks say in that time, a whole years worth of time, they were not informed and did not know. Lame excuse as one would think as a Board of Director of ANY company one would make it their business  TO KNOW WHAT IS HAPPENING IN THE BUSINESS …….. and not take a year to find out.

The untidy behaviour like a ragged military flag the torn fabric represent the many New Zealand people who struggled, worked hard whose savings/ retirement funds are at risk and or have been lost: one example by Hanover.

So why bother is the question to save as the two examples given in this article.