An angry saver who followed an ANZ Bank financial adviser's advice to put half his savings into ING's failed Diversified Yield Fund, and saw over 70 percent of it go up in smoke, has turned to YouTube.
http://www.stuff.co.nz/4822469a13.html
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An angry saver who followed an ANZ Bank financial adviser's advice to put half his savings into ING's failed Diversified Yield Fund, and saw over 70 percent of it go up in smoke, has turned to YouTube.
http://www.stuff.co.nz/4822469a13.html
Thu, Jan 15 2009, 15:17 GMT
http://www.fxstreet.com
ODL Securities, the leading independent FOREX, derivatives, equity, spread betting and commodity trading house has sold the US division of its profit making US Forex business to Forex Capital Markets LLC (FXCM).
http://www.fxstreet.com/news/forex-n...c-cb706e07fb77
Wednesday Jan 21, 2009
By Maria Slade
The ANZ bank and fund manager ING are being investigated over potential breaches of the Fair Trading Act in their marketing of a troubled investment fund.
http://www.nzherald.co.nz/business/n...ectid=10552791
Trouble Ahead for MG Forex? Last year Rosenthal Collins bought MG Forex just as the first capital requirement was set to kick in. RCG then announced that MG Forex was a subsidiary of Rosenthal Collins Securities, which is regulated by FINRA, not the NFA. Thus MG Forex was able to avoid the $20 million capital requirement since FINRA members need only $250,000 in capital.
more......................
http://www.trade2win.com/boards/fore...tml#post641594
Dominion Finance Holdings (DFH) has been placed into liquidation in line with a recommendation from the administrators appointed to the company.
The decision was made at a watershed meeting of creditors held yesterday in Auckland.
DFH is a holding company that no longer trades. Its main subsidiaries are property finance companies Dominion Finance Group (DFG) and North South Finance (NSF).
Full Article
ING has delayed a unitholder meeting originally scheduled to be held before March 31 to determine the fate of its two major collateralised debt obligation (CDO) funds.
by David Chaplin
The news comes at the same time as the group has decided to close another fund managed on behalf of a group of advisers – the $6.5 million Private Portfolio Service (PPS) Diversified Trading Fund.
Goodreturns.co.nz
Monday 2nd March 2009
The government's deposit guarantee scheme is set to have its first test-run, as of today.
Mascot Finance will be the first company to test the scheme since its inception in October last year, after the company was placed into liquidation today, owing $70 million to 2,558 investors.
All eligible Mascot investors will get 100% of the money they are entitled to under the crown's scheme, Treasury secretary John Whitehead says.
More here................................
http://www.sharechat.co.nz/news/scne...e.php/c986abb6
yes thats a serious worry that the guarantee is getting tapped so quickly. it was always just going to be an easy way out for lesser-rated finance institutions. Seems their loan portfolio wasnt too well diversified and when the major customer defaults its all over goodnight nurse. except its not coz they are indeed A Lucky Mascot
2558 people with 70mill all up. u tell me - are they idiots? or are they actually pretty clever? i believe that they still get all their interest payments. so they are losing time but not really money and they'd possibly already given time.
and its safe as houses ah no , a lot safer than houses
Tax payers money being using to pay these defaults.
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The Government says it had no reason to believe that Mascot Finance would fail when it granted it a taxpayer-funded deposit guarantee in January. Questions over whether the Crown should have given Mascot Finance a guarantee arose after if it went into receivership seven weeks after getting a guarantee.
A total of 72 deposit takers have been granted the Crown guarantee.
More here on Stuff.co.nz
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A former Blue Chip managing director has bought a South Island finance company and wants to raise $50 million in term deposits.
Nick Wevers and his associates bought Priority Finance, a Christchurch business founded by Noel and Kent Gillman, which has since had its name changed to Viaduct Capital. A new prospectus has been registered for the term deposit issue.
The money would be backed by the Government's deposit guarantee scheme, Wevers said.
The full ariticle from NZ Herald