“I think they should acknowledge that taxpayers across New Zealand are putting their hands in their pockets to the tune of $1.6 billion to honour a promise made with a business that’s actually gone broke. There’s a lot of other things we could have used that $600m for and I would hope that the depositors and the people who are supporting the company are grateful for the support of the New Zealand taxpayer because without that support Timaru and south Canterbury could have ended up $600m out of pocket. I would expect to hear a bit more from that community about their acknowledgement of that taxpayer support.”
Finance Minister Bill English, on the Hubbard supporters who seem to think that SCF’s business plan of taking investors money and lending it at zero interest to people who didn’t qualify for bank loans would have been a winner if the government hadn’t stepped in and ruined everything by paying them all their money back plus 8% interest.
The good people of the mid to deep south with their sifisticated thunking
Comment by Thomas — September 1, 2010 @ 8:00 am
I expect to see a march in Timaru shortly, with lots of signs thanking Aucklanders for the bailout….
Comment by andy (the other one) — September 1, 2010 @ 8:21 am
Well old bill should have throught about that before extending the guarantee in April this year……seeing as how the government has been aware of the problems at SCF sometime.
Who cares…..i’d rather have hubbard as PM then the shonky money dealer we have now.
Comment by kerry — September 1, 2010 @ 8:39 am
Kerry revert to Timaru, your people are calling.
Comment by Thomas — September 1, 2010 @ 8:42 am
sorry I dont live in the south…..I just have a brain!
Comment by kerry — September 1, 2010 @ 8:44 am
Your spiritual homeland
Comment by Thomas — September 1, 2010 @ 8:47 am
“I expect to see a march in Timaru shortly”
Actually I expect they’ll just celebrate with some good old Canterbury binge drinking, and some drunken slurring into TV cameras telling JAFA’s to get fucked…
Comment by Grant — September 1, 2010 @ 9:53 am
Agree with you 100% – except the headline
I think this is some sort of Canterbury craziness – the Otago Scots would never put up with this nonsense.
Comment by scrubone — September 1, 2010 @ 1:18 pm
Not sure about your headline though – churlish ingratitude is usually a phenomenon of children who get whatever they want. Most large families I’ve heard of, if you don’t eat what’s on your plate, the person next to you will take it!
Comment by scrubone — September 1, 2010 @ 1:25 pm
“i’d rather have hubbard as PM”
We’ve done deluded and bankrupt: his name was Muldoon.
Comment by Clunking Fist — September 1, 2010 @ 1:34 pm
Amusing but best not to confuse Aorangi Securities for SCF, unless of course you are pitching for a job on talkback radio.
Comment by David — September 1, 2010 @ 3:36 pm
I wanted a CBD rail loop for Auckland. Would have fixed some of our congestion problems, been the first step towards a twenty first rail system, made our air cleaner and the central city a nicer place to be, cost – about $1.5 – $2 billion. I really thought the government might go for it. After all, it would make the construction industry happy and be a lot more sensible investment than many of the motorways they’re spending on. But now i have that sinking feeling… Expect to see me with a placard in Timaru – “You bastards stole my rail system!”
Comment by LucyJH — September 1, 2010 @ 10:24 pm
Actually, that’s not fair to the people of Timaru. They never decided the government should guarantee it..
Comment by LucyJH — September 1, 2010 @ 10:24 pm
Methinks the member for Dipton is busy doing fence maintenance for the National Party.
Comment by peterlepaysan — September 1, 2010 @ 10:33 pm
@peterlepaysan: You keep saying this, and it doesn’t get any less bat-shit crazy with repetition. Anyone who thinks this isn’t a political lose-lose for the Government isn’t worth taking seriously.
Comment by Craig Ranapia — September 2, 2010 @ 12:46 am