kiwi super oops, we only lost 200 million.....

[Damap]

NZ Super Fund loses $200m after 'risk free' loan to Portuguese bank

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11404653

[speights boy]

Three words.
Goldman Sachs organised.

Another reason to be so proud we let overseas funds buy Meridian from us at $1.00, as it now trades at $2.04 and has paid 19c in dividends.

BTW; nothing to do with Kiwisaver.

[Damap]

Sorry my bad, kiwi super I meant to say.....

[PTILoveYou]

Why the hell did they invest in Portugal.........

[Damap]

Because it was no risk HAHAHAHAHAHAHAHAHAHA!!!

[Wayne]

They invest all over the place.
In the overall scheme of things this probably isn't a big deal.
The super fund has done very very well since inception.

They return far more than the govts cost of borrowing - make me wonder why the govt isn't borrowing to keep filling the coffer.
If you or I could borrow at 2-3% and earn 15%+ we'd do it!

[speights boy]

They return far more than the govts cost of borrowing - make me wonder why the govt isn't borrowing to keep filling the coffer.
If you or I could borrow at 2-3% and earn 15%+ we'd do it!

One reason.

Because English wants to trumpet a "budget surplus"
For purely political purposes...ignoring the longer term economic investment aspects.

Exactly the same as when they sold parts of the power companies to foreigners.
The immediate gratification of "a number"; ignoring the long term benefits to us all as taxpayers.

[Wayne]

You mean ideology!

[elguapo]

All investments have risks. A risk free investment is also return free too.

[Wayne]

Why the hell did they invest in Portugal.........

It would pay to read and think a bit more before you get indignant.

[PTILoveYou]

It would pay to read and think a bit more before you get indignant.

Well it doesn't take a genius to figure that investing in the PIIGS countries is a bit risky.

[Wayne]

Well it doesn't take a genius to figure that investing in the PIIGS countries is a bit risky.

You did read the article didn't you?
You read about the insurance?
You read that it was 0.7% of the total portfolio?
You read how they feel they were screwed over by the central bank?

You should send them your CV - they may welcome someone with such great foresight.
Maybe they should just 'invest' in Auckland property?

[PTILoveYou]

You did read the article didn't you?
You read about the insurance?
You read that it was 0.7% of the total portfolio?
You read how they feel they were screwed over by the central bank?

You should send them your CV - they may welcome someone with such great foresight.
Maybe they should just 'invest' in Auckland property?

Calm down man.

Good on you for reading everything, well done.

Besides, I would take the 'guarantees' from any of the PIGGS central banks (or any insurance company) with a large grain of salt.

[Wayne]

Calm down man.

Good on you for reading everything, well done.

That's the second time (at least) you have said you comment without reading.
Verbal garbage!

I don't read everything but I do try to read before I make a comment - makes it an informed comment then.

[PTILoveYou]

That's the second time (at least) you have said you comment without reading.
Verbal garbage!

I don't read everything but I do try to read before I make a comment - makes it an informed comment then.

Well the government just lost $200mil of tax payer money (some are ours and the gains are from other foreign tax payers probably), but anything I can do won't help would it?

So why do I even bother looking into how they stuffed up?