South Canterbury Finance Limited

[Morpheus]

Allan Hubbard quote from a september 2008 article in The Independent ...

"There wouldn't be many people like me, but that's just the way I am. I don't regard the money I've got as being mine, so I don't have any trouble giving it away.

"We were born with nothing and we leave with nothing - I think it belongs to God."

[Enumerate]

"Mr Hubbard has used his weekly allowance from the statutory manager to support those investors who are in financial distress."

[Alan3285]

Alan and Percy seem to have gone to ground .... they were your allies mate

Still here, just been rather busy in the last couple of days.

Its hard work catching up on the posts in this thread!

However, I still have a huge issue with the lack of transparency in the process of putting AH into Stat Mgt.

In a democracy, we should be far more careful of infringement of other's rights by the state, lest we are next.

I think some of you are showing a very naive trust in authority - authority that should be challenged and made to demonstrate that it is being handled properly, irrespective of whether you like the 'victim' or not.

I might disagree with you, but I would defend your right to speak freely, as I am defending everyone's rights, not just yours.

The partiallity which some of you seem to be backing is quite disappointing.

Alan.

[minimoke]

"Mr Hubbard has used his weekly allowance from the statutory manager to support those investors who are in financial distress."

Why not quote a line higher:
"There are a number of elderly people who rely on this interest in order to purchase food and pay living costs and power etc." This was a travesty in Mr Funnell's view."

Here we have more elderly people just like the Hanover investors prepared to put their all their money somewhere other than the bank. How long has the GFC been around; how long as SCF been under pressure - are these people living down Hobbitt holes? Do I have any sympathy for them. No I don't. They entered into a No Doc (jeez - it wasn't even a Low Doc) environment and again I'm expected to bring out the hanky. Not this time!. And if they think its bad now the kneelers in the Timaru churches are going to get worm out hoping SCF doesn't go under. They'll really know financial distress then.

And give me a break - they probably can't put cream on the scones this week.

[minimoke]

... irrespective of whether you like the 'victim' or not.

Ah - but now we are begining to learn who the victims are. Its not AH who still gets his $1k a week. Its the old grannies that got suckered into putting all their savings into some "old boys" club. Where was the impartial professional advice to diversify your investments into portfolios conducive to your risk profiles. Wheres the integrity if you are shoehorning people into your own investment vehicles. Even Forsyth Barr has the decency to distribute cash amongst a range of dodgy finance companies and not just into one place.There was none of that - it was just "trust Uncle Alan"

[Enumerate]

Mini, you think SCF is a finance company. I think it is a community of hardworking, backbone New Zealanders.

If we lose this ... we lose much more than money.

[Balance]

where is Balance ?
well I'm just a Business student in the first week of 2nd semester and I cant keep up with this thread on top of my necessary reading so I wouldnt be surprised if actual working people cant keep up!!

Matey - here and nice to be distracted with some of the rantings here whilst I try and make sense of some numbers I am working on!

Not SCF or AH, dare I add - they are beyond human comprehension as only AH has got them all - in his head!

"Now did I lend that loan interest free and was it secured or did I take a few eggs as interest?

Shudder!

[Beagle]

Ah - but now we are begining to learn who the victims are. Its not AH who still gets his $1k a week. Its the old grannies that got suckered into putting all their savings into some "old boys" club. Where was the impartial professional advice to diversify your investments into portfolios conducive to your risk profiles. Wheres the integrity if you are shoehorning people into your own investment vehicles. Even Forsyth Barr has the decency to distribute cash amongst a range of dodgy finance companies and not just into one place.There was none of that - it was just "trust Uncle Alan"

lol, classic post, well said.

[minimoke]

Mini, you think SCF is a finance company. I think it is a community of hardworking, backbone New Zealanders.

If we lose this ... we lose much more than money.

Your forgetting many of those hard working people in SCF will get their money back. It's the community of hard working tax payers who are the backbone of NZ and its these "victims" who will be supporting SCF depositors in their folly if it goes belly up.

[Balance]

Your forgetting many of those hard working people in SCF will get their money back. It's the community of hard working tax payers who are the backbone of NZ and its these "victims" who will be supporting SCF depositors in their folly if it goes belly up.

I cannot for one second understand how lending hundreds of millions to speculative property developers by SCF constitute hard-working, backbone NZers!

SCF has $1.8b in deposits - other NZers have got $96 billion with the banks?