About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Tuesday, May 23rd, 9:13PM
rss
Latest Headlines

Why so much time on Hubbard?

Thursday, June 23rd 2011, 8:30AM 1 Comment

by Philip Macalister

Was I surprised that Alan Hubbard has be charged with 50 counts of fraud relating to the way he ran his investment vehicles? No. I was surprised though by the number of charges? 50. Yes. Do I think he deliberately set out to defraud investors? No. Did he do it for his own personal gain? No, as long as you don’t consider the reward for helping other people personal gain. I guess it is personal gain in an old fashioned, South Island way, not an Auckland, bling, bling way. While the charges relate to the “funds management” and investment companies he ran, they have been compared to the finance company situation. The poison in most of these finance companies has been the related party loans. Many of these companies have been used as the personal banks of the owners and managers. There are plenty of examples of this happening. If Hubbard has done something wrong he deserves to face the consequences. He can’t be given “special treatment” because he is old. Or because he helped lots of people or because he is on dialysis. On the other hand he shouldn’t be made a scapegoat for all the wrong doings of finance companies. It is quite amazing that the authorities can take so much time and effort over the likes of Aorangi and Hubbard Funds Management and yet the people behind some of the truly dodgy finance companies still live the life of Riley. If Hubbard did anything wrong it was that he thought he could run things as he wanted and as he had done for many decades. He, for whatever reason, didn’t notice that the way things were being run in world of finance was evolving to better and higher standards. PS: You have to wonder whether Hubbard will get a fair hearing on these charges. There is an excellent piece on this by Fran O’Sullivan over at the Herald.

You can read Philip's blog here: http://www.goodreturns.co.nz/blog/

« More regulatory madnessHot air bubbles »

Special Offers

Comments from our readers

On 24 June 2011 at 3:40 pm 6ftndr said:
Of course he will get a fair trial, then he will be sentenced and sent to jail. The only reason he is old and still doing it is because if he had stopped any earlier he would have been found out earlier. He had to keep working to keep hiding the problem.

This is just our very own "special madoff", taking money from new investors and giving it away to anyone else who asked for it.

Whilst a lot of people will see him as some sort of Robin Hood, if the government hadn't stepped in to guarantee things, there would be plenty more angry south island investors knocking on his door.
Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • Life-Info founders want industry to take it over
    “Just to emphasise that we would like this to be regarded as an INDUSTRY resource as per the headline. We receive support...”
    1 day ago by dcwhyte
  • FMA acknowledges regulatory 'burden'
    “Very good and relevant points Brent, and you have been around well long enough to know. The GFC was 'hatched' from the largest...”
    4 days ago by Winka
  • FMA acknowledges regulatory 'burden'
    “Mr Gregory forgets the most important “cost” of regulatory burden and that is lower profitability of the finance sector....”
    4 days ago by Brent Sheather
  • Look twice at insurance applications
    “I couldn't agree more, this area of advice is lacking and is a massive contributor to non-payment of claims. Clean skins...”
    5 days ago by RiskAdviser
  • Wholesale rules a missed opportunity
    “Can someone tell me what the problem is about having a number of definitions for "wholesale" as far as advisers are concerned? Is...”
    5 days ago by Murray Weatherston
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.79 4.99 5.35 5.59
ANZ Special - 4.49 4.85 -
ASB Bank 5.80 4.85 5.14 5.49
ASB Bank Special - 4.45 4.74 5.09
BankDirect 5.80 4.85 5.14 5.49
BankDirect Special - 4.45 4.74 5.09
BNZ - Mortgage One 6.50 - - -
BNZ - Rapid Repay 5.95 - - -
BNZ - Special - 4.59 4.79 5.09
BNZ - Std, FlyBuys 5.90 4.99 5.19 5.49
BNZ - TotalMoney 5.90 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 5.95 5.10 5.25 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 5.00 5.20 -
Housing NZ Corp 5.79 4.99 5.14 5.49
HSBC Premier 5.79 4.09 4.29 4.89
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.70 4.59 4.69 5.09
Kiwibank 5.70 5.09 5.19 5.65
Kiwibank - Capped - - - -
Kiwibank - Offset 5.70 - - -
Kiwibank Special - 4.69 4.79 5.25
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 5.10 5.45 -
Resimac 5.00 4.86 4.75 5.30
Lender Flt 1yr 2yr 3yr
SBS Bank 5.79 4.99 5.19 5.49
SBS Bank Special - 4.59 4.79 5.25
Sovereign 5.90 4.85 5.14 5.49
Sovereign Special - 4.45 4.74 5.09
The Co-operative Bank - Owner Occ ▲5.75 4.59 4.85 5.25
The Co-operative Bank - Standard ▲5.75 5.09 5.35 5.75
TSB Bank 5.65 4.80 5.15 5.45
TSB Special - 4.55 4.75 5.15
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.84 4.99 5.29 5.59
Westpac - Capped rates - 5.15 5.25 -
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.84 - - -
Westpac Special - 4.59 4.85 5.09
Median 5.80 4.85 5.14 5.38

Last updated: 19 May 2017 9:26am

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com