South Canterbury Finance Limited

[GTM 3442]

Amongst today's news feeds: Labour has promised that if elected they will open a new enquiry into the South Canterbury collapse.
Further interesting entertainment to look forward to?

More depressing than entertaining, I should have thought.

But, looking forward, what's going to be the Next Big Thing which will end with tears and The Punters Separated From Their Money ?

[Lizard]

More depressing than entertaining, I should have thought.

But, looking forward, what's going to be the Next Big Thing which will end with tears and The Punters Separated From Their Money ?

Kiwisaver?

[Pumice]

Fraud charges laid.

http://www.stuff.co.nz/business/indu...-Finance-probe

[whirly]

$1.7 billion thats a hell of a lot of beneficiary fraud needed to be exposed to not make these white collar crims not look like the biggest fraudsters in NZ. Time to get our priorities right and stop these rich w@nk3r'5 ripping us all off. John Key - your mates are in the firing line. I'm looking foward to seeing these lot convicted and some real consequences spelled out to those who have more than most already - Don't rip off NZ or we'll fight back. Makes beneficiary bashing small change surely.

Thanks for letting me get that out.

[iceman]

$1.7 billion thats a hell of a lot of beneficiary fraud needed to be exposed to not make these white collar crims not look like the biggest fraudsters in NZ. Time to get our priorities right and stop these rich w@nk3r'5 ripping us all off. John Key - your mates are in the firing line. I'm looking foward to seeing these lot convicted and some real consequences spelled out to those who have more than most already - Don't rip off NZ or we'll fight back. Makes beneficiary bashing small change surely.

Thanks for letting me get that out.

This allaeged fraud represents around 1% of GDP, not very insignificant. Makes Bernie Madoff in the US look like an amateur on a per capita basis !!

[Beagle]

I wish that Alan Hubbard hadn't died in that car "accident" that way he could now face the music.
Where there's smoke there's fire, they wouldn't be laying those charges if there wern't very good grounds.
It will be good to see justice served.

[Marilyn Munroe]

Todays Christchurch Press has a statement from Lachie McLeod saying he has not been charged.

Boop boop de do

Marilyn

[GTM 3442]

This allaeged fraud represents around 1% of GDP, not very insignificant. Makes Bernie Madoff in the US look like an amateur on a per capita basis !!

Anybody got a figure on beneficiary fraud so we can compare ?

[whirly]

National says there were 690 benefit fraud prosecutions in 2010/2011 involving more than $22 million. A further $183 million was counted as overpayment because it fell below the prosecution threshold.

National party social development spokesperson Paula Bennett says increased data-matching will cost about $700,000 and save an estimated $200 million over four years.

Council for Civil Liberties chairman Batch Hales says that wasn't the case the last time this method was used - and it turned out that rather than people abusing the system, the system itself was to blame.

"Some of them had been trying to pay back this money which they kept on getting, and couldn't get it back," he said.

"Most people aren't trying to abuse the welfare system, most people are trying to get off welfare. This is beneficiary bashing."

http://www.radionz.co.nz/news/election-2011/91198/critics-say-national's-plan-to-stop-benefit-fraud-flawed

[Misc]

Have to laugh at Sam Kelts 'Sargent Schultz' mumblings over his roll in this.. including the doozey..

"""You have to remember that at that time there was never any inkling of trouble at SCF," Mr Kelt said.""

http://www.stuff.co.nz/business/mone...m-fraud-charge

Perhaps he was asleep in 2009??

http://www.nbr.co.nz/article/marac-s...ed-junk-107458

This reminds me of the European Pacific debacle after the 87 crash where all the execs had 'memory loss' !!

Misc