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I was an investor in MFL property fund.
An ex-MP (Burton) got involved.
ING took MFL over (against the wishes of most MFL investors, who were never asked).
ING and ANZ (regularly rated as the worst trading bank in NZ) became a duet.
They sold all of the MFL property to Symphony Group, in exchange for a pile of paper (again, the MFL investors were never asked).
I took one look at Burton, the Chase/Symphony people, and ANZ and worked like the devil to be able to get my investment out in cash. Which I did.
Thank God for that - look where ING is now!
Personally I wouldn't trust these people with a used condom.
I think what they do is pay themselves very high salaries (they're very experienced and important people after all), have lots of lunches, dinners, meetings etc. Blow lots on getting plans drawn up etc. all the while renting offices, hiring pretty secretaries and so on.
And then you blame it on the GFC. And look for some other cushy number to tide you over the hump.
All in all quite different to private investment/development.
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