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Hanover Finance stops repayments
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Hanover Finance stops repayments
Jo Birch
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I have been listening to this news on the radio today.
It seems to be being spun as a move to stop investors fleeing and ruining an otherwise fine company.
As someone put it this afternoon, "we don't want a situation where someone yells "fire", everyone runs to leave the building and someone gets killed". (Not an exact quote, but close I think.)
So it seems they are locking the doors instead. Hopefully everyone trapped inside doesn't die of smoke inhalation.
Paul.
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Eric Watson and Mark Hotchin paid themselves $41 million either this year or last . The company obviously couldn't afford to pay them that, so why did they do it? I hope they are forced to put it back into the company. I think the government should be stepping in here urgently, because mum and dad investors have clearly been ripped off, and it is going to cripple NZ's economy.
Funny thing is that Bernard Hickey of interest.co.nz spoke on TVNZs business program, telling us that Hanover were one of the quality finance companies.
Now I wonder if banks will be next to lock in funds. ANZ bank looks a little dodgy, according to newspaper reports. Some of these PIE systems could be next. ING which manages some of them for banks, has had to lock down some in the past.
Should we begin taking out our money from banks to lock in safes in our homes? It looks like very shakey times ahead.
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Originally posted by robbyp. View PostFunny thing is that Bernard Hickey of interest.co.nz spoke on TVNZs business program, telling us that Hanover were one of the quality finance companies.
In an article of his in the Herald on 6th July, Hickey argued that Hanover had none of the 5 "survivability factors" he identified.
In other words, they were guaranteed not to survive.
See the article here.
Paul.
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It was a good year ago at least, but I certainly remember him saying it. I might have a backup of the podcast of the story in itune, although I think I have probably deleted it now.
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Originally posted by robbyp. View PostIt was a good year ago at least, but I certainly remember him saying it. I might have a backup of the podcast of the story in itune, although I think I have probably deleted it now.
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Funds
Now I wonder if banks will be next to lock in funds. ANZ bank looks a little dodgy, according to newspaper reports. Some of these PIE systems could be next. ING which manages some of them for banks, has had to lock down some in the past.
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Hi Dan,
I have some money in RaboPlus and would be interested to know what factors you think make them and KiwiBank safer? I know Rabo have a good credit rating but I believe that they did get hit by the sub prime crisis in Europe. The local RaboPlus website says that they have been servicing the NZ rural sector for the last 10 years, which I guess is better than financing property developers(!). The Govt is unlikely to let Kiwibank crash. Anything else?You can find me at: Energise Web Design
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Originally posted by drelly View PostHi Dan,
I have some money in RaboPlus and would be interested to know what factors you think make them and KiwiBank safer? I know Rabo have a good credit rating but I believe that they did get hit by the sub prime crisis in Europe. The local RaboPlus website says that they have been servicing the NZ rural sector for the last 10 years, which I guess is better than financing property developers(!). The Govt is unlikely to let Kiwibank crash. Anything else?
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