i never thought i'd be linking to her (given our very differing views of the world), but this post by cactus kate on the south canterbury finance debacle is a must read:
John Key is expecting the damage to be around $600 million, but he’s a politician so let us double that and add the cost of cranking out the market for risk, we ask who has taken that hit?
Aucklanders have had to, low income families have had to, ask the Hanover “investors” who made the mistake of having men in charge of their companies not as favourable to the politicians eyes as the A.Hubb with a Finance Minister based in the South Island.
Today Bill English loses the Karori Bill tag forever. It is clear that this is a deal struck for South Islanders.
Or was it a deal struck for politicians?
Can we ask now how many of them have money (or their companies and trusts) directly or indirectly tied up in South Canterbury Finance and have benefited in this guarantee rort?
That's the only logical explanation I can think of to get a politician to do something that reading the legal documents, they probably did not have to do.
please do read the whole thing. hat tip to this commenter at the standard.