Memo to Dalziel: Give investors protection

Hi Phil

If I was asked to grade or mark your article I would have to give it a 10 out of 10.

Your suggestion that the recent collapse of NZ finance companies may become an election issue is very close to the mark. When some people were asked why they voted NZ First back in the 1990's - Wine Box was often mentioned.

It is difficult to be sure what Dalziel will achieve to promote the sorely needed confidence required in the finance company sector. I guess at the end of the day we may be looking for actions instead of words - the ordinary "public" may be getting a little tired of "the spin and presentation".

Are you aware of how many NZ finance companies have crossed the Tasman to present their wares and to have been quickly shown the exit door - closer relations or not.

I must confess the following I did not write but it seems very appropriate as I sit and I reflect on one or two of the recent finance company collapses and the money that may have disappeared -

"Whatever laws we pass there will always be opportunities for withholding information from the authorities or working through corrupt or naive politicians in third world countries. In poor countries, hoodwinking others out of a share of the economic pie is tempting as a route to wealth, but it is not wealth creation. Developed nations have no such excuse of poverty. Milan’s cardinal Martini told an Australian business audience recently that business ethics “requires great interior strength”. Sometimes, he said, markets are so corrupt that a person who wants to act fully ethically is ruled out of the game. When business people play the game by unacceptable rules, it’s inevitable government will respond, however clumsily."


Geoff Birss
EUFA Chairperson

All parties (including NZ First) had the oportunity (since the sharemarket crash) to prevent what has happened in the Financial Collapes. In particular with allowing Financial product sales people to call them selves Advisors. We will be watching out for shallow promises this year.

On live TV in 1990 - election year ( I still have the tape) both National and Labour went head to head on the issue of White collar Crime and Unscruplous financial dealings. Winston Peters was a key player on this topic also. They all made rash promises about money laundering etc etc.

AND here we are picking up the pieces again, because for 2 decades the industry has been free to run a muck.