Quote Originally Posted by Balance View Post
From some comments in NBR on Mark weldon :

"The NZSE used to be a vibrant place with many participants and players. Sure it had its faults but which industry does not?

The industry back then generated a lot of good and high playing jobs, especially for young graduates coming through the system.

Then came the NZX and Mark Weldon. He saw a monopoly and started cranking up charges, without providing any real incremental services or benefits back to the industry and the market, especially investors.

Meanwhile, the NZX struggled to keep executives. For example, how many CFOs in ten years?

Heck, the guy even wanted to charge for real time company's announcements! Just compare what the ASX provides to the industry versus NZX.

It took a rebellion by some listed companies for Mark to back off from continuously cranking up the (already) exorbitant charges.

Proof of the exorbitant charges - NZX's profits kept soaring even while the service to the industry deteriorated.

Net result - sure NZX is now worth $250m more than it was when Mark took over. Good for NZX shareholders, especially Mark Weldon.

The real cost to NZ though is the loss of hundreds of jobs as firms cut back to stay profitable, and a stock market and industry that has gone backwards in whichever way you care to measure.

Commerce and finance graduates now cannot find decent jobs in the industry in NZ. Just check with the broking firms, investment banks and employment agencies in NZ.

They now have to go across to Australia to get jobs.

And oh yes, how many broking and investment banking firms and staff were there in 2000 versus today? The flow on of this reduced capital market activity is less jobs for the other professions - law, accounting, media, etc.

Future generations will look back at Mark Weldon and those who supported Mark Weldon (Forsyth Barr especially, the Wellington business mafia, John Key and vested interest groups) as people who destroyed billions of wealth in NZ - all for a sack of silver.

Reflect on that, folks."
All because of Mark Weldon? I don't think so,the market is way bigger than one person,c,mon. And ... He is gone from the scene now so...