Since when has John Key been involved with the Subprime Mortgage debacle? Sure he was at Meryl Lynch as the head of Foreign Exchange, not mortgage or debt related investments. But you know, if we are going on the same analogy, perhaps we could say Helen Clark was involved with the sale of the BNZ, oh wait, she was.
Jared you would be a moron if you thought this clip was only aimed at such a specific aspect of the finance industry or if you thought foreign exchange speculation was somehow more noble, honourable or sensible than the mortgage dealing described in the clip.
Do enlighten me as to how Foreign Exchange is related to Mortgage related debt financing. Id be interested to know. You would be a moron if you considered all financial trading the same. Oh wait, you are.
According to JK’s own website he was Global head of Forex, European head of bonds and Derivatives and he was an upon invitation only advisor to the Federal reserve of New York from 1999 until he left Wall street (Funny how he never mentions that in his interviews, eh) in March 2001.
He was one of only 4 advisors and the others were someone from Lehman brothers, Citicorp and UBSWahrburg. Together with his bank Merrill Lynch that makes 4 of the banks most hit by the Subprime crisis. In this speech Key tells his audience that he had an Office in Wall street and that he lived on and off in New York from1995 until March 2001.
According to JK himself he was heading the department that was developing all these great new products.
He states in the next page of that interview that the products causing the subprime market were only developed in 2004-2005. While this may not immediately prove John Key’s complicity, the fact that he distances himself from Wall street and lies about the subprime timeline should be cause for worry and it should send journalists into a feeding frenzy because it is a ludicrous and dishonest statement as the rise in subprime mortgages sales started to rise considerably in 1988 because the US government basically ordered Fanny mae and Freddy mac to start lending mortgages to every Tom Dick and Harry and their dog without any regards as to their credit history and Warren Buffet already said in 2002 that derivatives were weapons of mass destruction.
1988 was also the year in which the Glass Steagall act was unofficially repealed
(officially in November 1999) allowing Commercial banks and Investment banks to merge. This was something the Wall street bankers had been lobbying for for some 10 years and which had cost them something like a $ 100 to $ 200 million dollars.
This is what changed a relatively robust banking system into a free for all and an investment bankers wet dream.
John Key worked from 1995 until 2001 at the epicentre of the banksters feeding frenzy in Forex (Currency derivatives are as dangerous as the subprime derivatives), bonds and derivatives for a bank which was one of the most aggressive derivatives traders, he made it all the way to the top and he’s is lying through the teeth about it . What are the chances of him being a squeaky clean choirboy you reckon?
Again, all of this puts John Key smack bang in the middle of not only the subprime crisis but also in the a href=’http://en.wikipedia.org/wiki/Long-Term_Capital_Management’>Asian crisis, the Russian crisis in which Merrill Lynch was involved through the LTCM (long term credit management hedge fund) which collapsed spectacularly in 1988 causing John Key to have to fire so many of his colleagues and finally in the subprime crisis.
At this moment Alan Greenspan’s legacy while once hailed as the magician of Wall street is being revised. For John Key to have been this close to the fire should surely warrant some caution especially since he lies in interviews about is time lines and where he worked.
Thats strange, heres me thinking you were going to tell me how forex was linked to mortgage related derivatives, like I asked. What we are trying to ascertain here is whether or not John Key was involved with H-Fee and/or the Subprime collapse. He wasn’t and that is very clear. For you to suggest otherwise is simply scaremongering and misleading.
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The Government is making progress on its goal to integrate te reo Māori into education by 2025, with over 500 teachers and support staff already graduating from Te Ahu o te Reo Māori, Associate Education Minister Kelvin Davis announced today. Kelvin Davis made the announcement at an awards ceremony in Waikanae today, for ...
Statistics Minister James Shaw has welcomed the first release of 2018 Census data. The first release of data today, 23 September, includes key data on population, regional growth, the number of homes and the size of different ethnic groups in New Zealand. Data from the 2018 Census will support the ...
Minister for Statistics James Shaw today announced a public consultation on a proposed algorithm charter for government agencies. The charter has been developed by the Government Chief Data Steward in response to growing calls for more transparency in government use of data. Computer algorithms – procedures or formulas for solving ...
Agriculture Minister Damien O’Connor, Climate Change Minister James Shaw and visiting Dutch Prime Minister Mark Rutte co-hosted a business roundtable in Auckland this morning focused on working together to address climate change. “The Netherlands is an important partner for New Zealand. We share a strong agricultural history. Sustainable agribusiness and ...
The Government is taking action to build an inclusive economy where more of us receive our fair share at work and businesses can compete on great products and services, not undercutting wages and conditions, Immigration and Workplace Relations and Safety Minister Iain Lees-Galloway says. Two consultations launched today seek feedback ...
The future for New Zealand’s threatened indigenous freshwater fish looks brighter with the passing of the Conservation (Indigenous Freshwater Fish) Amendment Bill in Parliament today said Minister of Conservation, Eugenie Sage. “Until now, our freshwater fish legislation has been 20 years out of date. We have lacked effective tools to ...
At 1.30pm tomorrow, hundreds of thousands of Kiwis will join about 65 million people around the globe in ShakeOut, the world’s biggest earthquake drill. The annual drill is to remind people of the right action to take during an earthquake which is to Drop, Cover, Hold, and to practise their ...
Kiwis are benefiting from higher wage growth and low inflation under the Coalition Government. Stats NZ data out today shows the rise in the cost of living remains low, as annual Consumers Price Index (CPI) inflation fell to 1.5% in September from 1.7% in June. “The low inflation comes as ...
New Zealand’s economic strength and resilience has been recognised in a major update on the state of the global economy. The IMF’s latest World Economic Outlook released overnight shows a reduced global growth forecast over the next two years as issues like the US-China trade war and Brexit take hold. ...
Justice Minister Andrew Little has today introduced a new Bill to prevent terrorism and support the de-radicalisation of New Zealanders returning from overseas. The Terrorism Suppression (Control Orders) Bill gives the New Zealand Police the ability to apply to the High Court to impose control orders on New Zealanders who ...
A Bill that proposes targeted changes to simplify the processes for Māori land owners when engaging with the Māori Land Court has had its First Reading today. “The approach taken by the Government is to ensure that the protection of Māori land remains a priority as we seek to improve ...
Let me first thank all the new unionists and members in the room. There is nothing more important to improving people’s working lives than people making the decision to care, to get on board and help, to take up the reins and get involved. Congratulations to you. You bring the ...
Minister of Defence Ron Mark has signed a certificate exempting the activity of engine testing at Whenuapai Airbase from the Resource Management Act 1991. The Act gives the Minister of Defence the power to exempt activities for the purposes of national security. The certificate will mean the recent Environment Court ...
Finance Minister Grant Robertson has announced New Zealand will join the Coalition of Finance Ministers for Climate Action while attending APEC meetings in Chile. The objective of the 39 member Coalition is to share information and promote action to tackle climate change. It was formed in April this year, in ...
Feedback sought– Lyttelton commercial zone parking The Associate Minister for Greater Christchurch Regeneration, Poto Williams, is seeking feedback on a proposal to remove on-site car parking requirements for new developments in the Lyttelton commercial zone. The proposal, by Christchurch City Council, asks that powers under section 71 of the Greater ...
Hon Minister Poto Williams Associate Minister for Greater Christchurch Regeneration MEDIA STATEMENT Tuesday 15 October 2019 Feedback sought – Hagley Oval The Associate Minister for Greater Christchurch Regeneration, Poto Williams, is seeking feedback on a proposal about Hagley Oval. The proposal was developed by Regenerate Christchurch ...
Ladies and gentlemen, NZCTU President Richard Wagstaff, members of respective unions – thank you for the invitation to speak to you today. This might be preaching to the choir, but the importance of trade unions in New Zealand’s historical arch is difficult to understate. And it is my belief that ...
"Let’s start by acknowledging that it has been a huge year. " Police Association Annual Conference James Cook Grand Chancellor Hotel Wellington Nau mai, haere mai. Tēnā koutou, tēnā koutou, ka nui te mihi, ki a koutou katoa. President of the Police Association, Chris Cahill; Members of the Association and ...
Minister of Foreign Affairs Winston Peters and Minister of Defence Ron Mark have announced the New Zealand Government’s decision to again deploy a Royal New Zealand Air Force P-3K2 (P-3) maritime patrol aircraft to support the implementation of United Nations Security Council (UNSC) resolutions imposing sanctions against North Korea. New ...
Foreign Affairs Minister Winston Peters says New Zealand continues to have serious concerns for peace and stability in north-east Syria. “Recent reports that hundreds of ISIS-affiliated families have fled from a camp are deeply concerning from a humanitarian and security perspective”, Mr Peters says. “While we acknowledge Turkey’s domestic security ...
Biosecurity Minister Damien O’Connor is warning travelling Kiwis to be vigilant as the high-season for the crop-eating brown marmorated stink bug (BMSB) is under way. “We’re on high alert to stop BMSB arriving in NZ. The high season runs until April 30 and we’ve strengthened our measures to stop stink ...
The Government is moving swiftly to change the law to improve the welfare and pastoral care of students living in university halls of residence and other tertiary hostels. Cabinet has agreed to several changes, including creating a new mandatory Code of Practice that sets out the duty of pastoral care ...
The Minister for Conservation Eugenie Sage has launched a new comprehensive trapping guide for community trappers to help them protect our native birds, plants and other wildlife, at Zealandia in Wellington today. ‘A practical guide to trapping’, has been developed by the Department of Conservation (DOC), and was launched during ...
Associate Health Minister Julie Anne Genter welcomes PHARMAC’s move to improve access to long-acting reversible contraception (LARCs). PHARMAC has today announced it will fund the full cost of Mirena and Jaydess for anyone seeking long term contraception, lifting previous restrictions on access to Mirena. “I welcome women having greater choices ...
The Government has approved the next stage of a major redevelopment of Taranaki Base Hospital, which will deliver new and improved facilities for patients. Health Minister Dr David Clark has announced details of a $300 million dollar project to build a new East Wing at the New Plymouth hospital. It ...
Extra funding will allow Rural Support Trusts to help farming families, says Minister for Rural Communities and Agriculture Damien O’Connor. “I know that rural families are worried about some of the challenges facing them, including the ongoing uncertainty created by the Mycoplasma bovis outbreak. “Those concerns sit alongside ongoing worries ...
Thank you for the opportunity to be here to present certificates to the 16 graduates who have completed a beekeeping course delivered by the Howard League. Let us start by acknowledging Auckland Prison’s Deputy Prison Director Tom Sherlock, and Acting Assistant Regional Commissioner of Corrections Northern Region Scott Walker - ...
Finance Minister Grant Robertson leaves this weekend to attend the APEC Finance Ministers meeting in Santiago, Chile. Discussions between APEC Finance Ministers at the meeting will include the effects of the current global economic uncertainty, risks for APEC economies and sustainable development of the region. While at APEC Grant Robertson ...
The Minister for Pacific Peoples Aupito William Sio says for Pacific people, language can be a source of strength. It can help ground us and give us confidence. When we speak them, our languages provide us with an immediate and intimate access to our identity and our story - and ...
The Coalition Government has announced an action plan to improve the wellbeing of disabled New Zealanders by addressing inequalities in play, active recreation and sport. The initiative includes training to develop a workforce that understands the needs of children and young people with a range of impairments, advocacy for fit ...
The construction sector is being freed up to allow more homes to be built more quickly as the Government cuts through some of the red tape of the Building Act. “Every New Zealander deserves a warm, dry, safe home and old inefficiencies in the Building Act make building slow and ...
US justice reform activists Deborah Small and asha bandele say white supremacy and colonialism are at the heart of punitive drug laws. They spoke to Teuila Fuatai about how drug reform can reverse their effects on minority communities. Deborah Small sees Donald Trump as the US Dorian Gray. “He’s the physical ...
Madeleine Chapman spent a day learning about Christchurch through its most famous dishes.What is there do with with a day in Christchurch? Thanks to the inexplicably early check-out times at hotels all over the world and a 7pm flight back to Auckland, I had a full day to wander the ...
Winston Peters says his party is a handbrake on bad ideas and a "supercharged turbo" for good ones - but will it be in the driver's seat come 2020? ...
Our former prime minister secured a meeting with Chinese premier Xi Jinping outside all normal diplomatic channels. Interest’s Jenée Tibshraeny asks what it means for New Zealand’s evolving relationship with the superpower.Former prime minister John Key secured a meeting with Chinese President Xi Jinping this week without the involvement of ...
David Robiecontinues his three-part series about travelling in Iran. I stumbled on the scene by chance. Our host family in Iran’s second city Mashhad, a modern and beautiful metropolis that would comfortably fit in New Zealand’s entire population, was taking us on a drive to the outskirts to ...
New Zealand First leader Winston Peters has lashed out at the media, in particular, MediaWorks, just a day after the company announced it was selling off its television arm. ...
About a hundred disgruntled licensed gun owners have descended on the New Zealand First conference to tell the party leader Winston Peters that they feel like victims. ...
New Zealand First members will vote on a policy today that would allow businesses of all sizes to enforce 90-day trials when they employ people straight out of prison. ...
"Each time she held her lighter underneath the pipe and sucked the smoke into the back of her throat, the promise was there": a New Zealand tragedy by Alice Tawhai. ...
With the future of Mediaworks’ TV business hanging in the balance, Al Jazeera news presenter Kamahl Santamaria reflects on what the imperilled channel meant, and continues to mean, to him.I always liked the logo. The fresh bright colours, the nod to a koru in its shape, and just the fact ...
There are still many barriers preventing people from voting in local elections. Laura O’Connell Rapira proposes some social solutions.The Spinoff local election coverage is made possible thanks to The Spinoff Members. For more about becoming a member and supporting The Spinoff’s journalism click here.To vote in the local elections, I cast ...
What’s really stood out for me being back in Tokyo is the unique qualities of Japan’s spectators, writes Richard Light, professor of sport coaching at the University of Canterbury.The Rugby World Cup has thrown a global spotlight on Japan over recent weeks. Not just the rugby: the distinctive culture and ...
As the New Zealand First Party gathers for its annual conference, the question swirling in the year is how it can carve out a path to avoid electoral defeat in 2020, writes Jo Moir for RNZ. It’s not you, it’s me. It’s a familiar break up excuse that’s used ...
To the early intervention therapists, to the teachers, to the speech therapists, the occupational therapists, music therapists, diabetes nurses and all: you change the world.When I was married almost a decade ago we had the following reading at our wedding:You are holding up a ceilingwith both arms. It is very ...
The faces said it all. The smiles of the European leaders crowded round Boris after the Brexit deal was struck. The deal his opponents – no, pretty much everyone – said was impossible.So what’s in it? The detail is still opaque, but subject to gremlins in the fine print, ...
Iran attracts an onslaught of negative media in New Zealand and Western media. But is it fair or deserved? David Robie has spent several weeks travelling in the country on sabbatical and finds the media negativity far from the reality of the “most friendly” country he has ever visited ...
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra [embedded content]University of Canberra Deputy Vice-Chancellor Professor Leigh Sullivan discusses the week in politics with Michelle Grattan. They talk about Alan Jones accusing Prime Minister Scott Morrison of failing the immediate needs of drought-striken farmers, ...
Source: The Conversation (Au and NZ) – By Anita Parbhakar-Fox, Senior Research Fellow in Geometallurgy/Applied Geochemistry, The University of Queensland Last month, scientists uncovered a mineral called Edscottite. Minerals are solid, naturally occurring substances that are not living, such as quartz or haematite. This new mineral was discovered after an ...
The Auckland-based collective talk origins, ambitions and making the rave accessible to everybody.Friendly Potential is an outfit that defies easy summary. They’re among the country’s most ambitious and prolific club promoters. In their almost five-years of operation, they’ve been responsible for the local debuts of electronic music icons including Detroit ...
Analysis: Two polls show support for Labour sliding, the government is accused of breaking another promise and the Greens's refusal to back a bill forces Labour to rely on National to get it through. ...
Source: The Conversation (Au and NZ) – By Kiera Lindsey, University of Technology Sydney One spring morning in 1850, over 8,000 Sydneysiders marched through town to protest the resumption of transportation – the act of sending British criminals to Australia. It was the largest protest in Australia thus far, an ...
Two shareholders of failed insurance firm company CBL are leading a class action against the firm's former directors seeking compensation for financial losses. ...
Sam Brooks recaps the third episode of RuPaul’s Drag Race UK, and wonders why some of these queens don’t know how to sew.This episode asks, and sort of answers the main question that millions of people across the world: why would you come on Drag Race and not know how to sew?!There ...
Source: The Conversation (Au and NZ) – By John M Clarke, Team Leader, Regional Projections, CSIRO Last month we lost Dr Penny Whetton – one of the world’s most respected climate scientists and a brilliant mentor to the next generation of researchers. Penny will also be remembered as a passionate ...
Ten moose were upended into the Dusky Sounds in 1910. Now, their descendants are getting their day in the sun.The climate crisis is affecting wildlife all over the country: rockhopper penguin populations are in drastic decline, tuatara eggs aren’t hatching females, and the ice walls keeping predators away from kea ...
Security footage of NZ First MP Clayton Mitchell being thrown out of a Tauranga bar looks unlikely to ever be aired - despite his leader Winston Peters promising a screening. ...
Amnesty International is concerned that Justice Minister Andrew Little's Terrorism Suppression (Control Orders) Bill could have the potential to undermine human rights in New Zealand. The Bill would give the New Zealand Police the ability to apply to ...
Expect the old campaigner Winston Peters to be at his belligerent best as he gears up for another election. He’s kept his party alive for 27 years and he shows no sign of quitting. The omens may be bleak—polls this week showed his party below the 5% threshold– but Peters ...
The National Party has agreed to take down any videos breaching the current rules around the use of parliamentary TV footage, as all parties try to reach consensus. ...
Recently the Health Promotion Agency released a report into hazardous drinking in New Zealand. The report shows that Māori who drink alcohol and live in deprived circumstances are less likely to have a harmful relationship with alcohol if they ...
Turkey-US joint-statement on military ops within Syria’s territory.The Turkish Embassy in New Zealand issued Evening Report this unabridged United States of America-Republic of Turkey joint-statement detailing what both sides agreed to regarding Turkey’s military operations within the so-called security zone within Syrian territory near Turkey’s southern border. It is ...
Fisheries Minister Stuart Nash didn’t mention what winners will receive, when he proudly called for entries for a new public award “to celebrate innovation in our seafood sector”. Nor did he mention the cost to taxpayers of this initiative. Point of Order’s checks with the website where more details have ...
Source: The Conversation (Au and NZ) – By Fiona R Martin, Senior Lecturer in Convergent and Online Media, University of Sydney One of the basic tenets of the ABC Act is independence from government. Yet once again, in contravention to that principle, the federal government is trying to push through ...
A new poem by Auckland poet Lily Holloway.modernity to globalisationwhen I get there as still life and landscape and also portraitureseeking the cacti in small pots who dot the globeslices of pie offer up the vision after the sermonexpressing emotions without coherent narrative supportbecause no artist responded to this callemploying ...
The New Zealand Taxpayers’ Union is calling on Broadcasting Minister Kris Faafoi to rule out any taxpayer-funded purchase or bailout for Mediaworks’s channel Three. Taxpayers’ Union spokesman Louis Houlbrooke says, “For the last few months Mediaworks ...
The Police Commissioner's announcement that squadcars of officers with automatic rifles will patrol New Zealand's streets is dangerous and unnecessary, according to the criminal justice community organisation People Against Prisons Aotearoa. The ...
News broke this morning that Mediaworks is seeking to sell off, and even contemplating closing, its TV division. What might that mean for journalism?For journalism in New Zealand, the loss of Three’s TV division is a devastating blow. It is not yet known whether any of the news properties will ...
In our defence of our coalition Government policy on climate change, we fully support Government plan to use rail funding for rail infrastructure upgrades to promote use rail infrastructure for freight around NZ. ...
The billions of tonnes of plastic in our oceans isn’t going away any time soon, but innovative companies here and abroad are working together to find silver linings to this daunting problem.Fishing boats head out to sea and set their nets. They go back to shore. They head back out, ...
An EveningReport.nz investigation by Kevin ListKiwibank services. Image by Kevin List.Evening Report looks into the separation of Kiwibank from New Zealand Post, and considers the impact on the public’s access to banking services in their communities.Kiwibank. What’s going on? Kiwibank and New Zealand Post are in the ...
Local Government New Zealand today confirmed what many local election commentators have observed; that more of the voting public cast their ballots in favour of women candidates than ever before. ...
The only published and available best-selling indie book chart in New Zealand is the top 10 sales list recorded every week at Unity Books’ stores in High St, Auckland, and Willis St, Wellington (this week we totted up the data a day early, on Wednesday, to let our books ed. ...
New Zealand's mineral manufacturing sector is expected to face some testing times, with softer prices, tighter margins and sluggish export markets. ...
Portugal has been painted by pro-cannabis legalisation groups as a model to follow. Yet just last month, the mayor of Porto contradicted his previous pro-harm reduction position and endorsed reintroducing criminal penalties for drug use in public spaces. ...
Chief of Defence Force Air Marshal Kevin Short announced today the inclusion of six Cook Island First World War soldiers in the New Zealand and Commonwealth War Graves Commission’s official rolls of honour. ...
The latest statistics released by the Health Promotion Agency showing a dramatic fall in the numbers of cigarettes being sold in supermarkets, service stations, and liquor stores are being welcomed by the Vaping Trade Association of New Zealand (VTANZ). ...
Editor’s Note: Here below is a list of the main issues currently under discussion in New Zealand and links to media coverage.New Zealand Parliament Buildings, Wellington, New Zealand.Today’s content by Dr Bryce Edwards.NZ First Thomas Coughlan (Stuff): Where to from here? How NZ First will win in ...
Aotearoa Climate Emergency (ACE), a climate change network, will host a conference in Wellington on 11 November (Armistice Day) to promote holding a Citizens Assembly in 2020, as a way of breaking the current political deadlock on treating climate ...
MediaWorks’ owners have called time after years of losses from its TV division. Sources say the company will announce it is for sale – if no buyers emerge, it will close within months.Three is facing the biggest crisis in its three decade history today, as its ownership will soon announce ...
Sam Brooks reviews Amazon Prime’s Modern Love, an anthology series based on the New York Times column dedicated to ‘love in all its forms’. A first date that ends up in the emergency room. A flagging marriage that finds new energy through tennis. The founder of a dating app who doesn’t ...
If we want to grow support for New Zealand’s aid, we need to get better at partnering with the ‘unlike-minded’ as well as the ‘like-minded’, and much better at telling people what we do with the money they give, says Josie Pagani, Executive ...
Source: The Conversation (Au and NZ) – By Orsola De Marco, Astrophysicist , Macquarie University If you have a question you’d like an expert to answer, send it to curiouskids@theconversation.edu.au.How are stars made? –Zali, age 8, Karkoo, South Australia. How are stars made? Well, stars are not ...
Source: The Conversation (Au and NZ) – By Gita Mishra, Professor of Life Course Epidemiology, Faculty of Medicine, The University of Queensland All women know to expect the time in life when their periods finish and they reach menopause. Many might even look forward to it. What many women don’t ...
Source: The Conversation (Au and NZ) – By Paul McGreevy, Professor of Animal Behaviour and Animal Welfare Science, University of Sydney Since ancient times, horse behaviour, and the bond between horses and humans, has been a source of intrigue and fascination. The horse-lore that has accumulated over the centuries is ...
Source: The Conversation (Au and NZ) – By Rachael Wallis, Lecturer and Honorary Research Fellow, University of Southern Queensland A move to the country is often presented in popular culture as an idyllic life, a place where you can escape the pressures of the city. It’s in television shows such ...
Source: The Conversation (Au and NZ) – By Richard Holden, Professor of Economics, UNSW The just-announced inquiry into Australia’s retirement income system ought to be anything but run-of-the-mill. Taking place 25 years after the introduction of compulsory superannuation, it provides an opportunity to either fix a broken system, or discard ...
Source: The Conversation (Au and NZ) – By Allan McCay, Law Lecturer, University of Sydney The rise of artificial intelligence has led to widespread concern about the role of humans in the workplaces of the future. Indeed, Israeli historian, futurist and publishing sensation Yuval Noah Harari warns in his most ...
Source: The Conversation (Au and NZ) – By Jen Saunders, Phd candidate, University of Wollongong Aboriginal and Torres Strait Islander readers are advised this article contains images and names of deceased people. You leave Sydney and head for holidays on the South Coast. You plan to catch a quick surf, ...
Good morning, and welcome to The Bulletin. In today’s edition: Clayton Mitchell denies accusations around a night out, food insecurity on the rise, and UK PM Boris Johnson secures deal with dubious prospects.NZ First MP Clayton Mitchell has got himself in a spot of late night bother in a Tauranga ...
As the rugby world wrestles with the new reality that players can, and will, be dismissed for accidental contact with an opponent’s head it's worth pondering the fate of three All Blacks not selected for the Ireland quarterfinal. ...
A new exhibition in Raetihi offers a rare opportunity to see early, colonialism-focused works by Wellington artist Barbara Strathdee, writes Pat Baskett. ...
Italy's Ambassador to New Zealand Fabrizio Marcelli responds to Newsroom stories - and The Detail podcasts - questioning the price of imported tinned tomatoes in light of reports of slave labour in the industry in his home country. ...
A measles outbreak in Samoa suspected to be responsible for the death of a one-year-old was “inevitable”, according to an expert who thinks NZ could have prevented it. ...
John Key’s business experience 
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That’s a brilliant clip.
The link is not so brilliant though.
Here’s a good link for ya
http://www.nzherald.co.nz/politics/news/article.cfm?c_id=280&objectid=10539975
Since when has John Key been involved with the Subprime Mortgage debacle? Sure he was at Meryl Lynch as the head of Foreign Exchange, not mortgage or debt related investments. But you know, if we are going on the same analogy, perhaps we could say Helen Clark was involved with the sale of the BNZ, oh wait, she was.
Jared you would be a moron if you thought this clip was only aimed at such a specific aspect of the finance industry or if you thought foreign exchange speculation was somehow more noble, honourable or sensible than the mortgage dealing described in the clip.
Oh wait, you are.
Do enlighten me as to how Foreign Exchange is related to Mortgage related debt financing. Id be interested to know. You would be a moron if you considered all financial trading the same. Oh wait, you are.
“Id be interested to know.”
Freudian slip.
Jared,
According to JK’s own website he was Global head of Forex, European head of bonds and Derivatives and he was an upon invitation only advisor to the Federal reserve of New York from 1999 until he left Wall street (Funny how he never mentions that in his interviews, eh) in March 2001.
He was one of only 4 advisors and the others were someone from Lehman brothers, Citicorp and UBSWahrburg. Together with his bank Merrill Lynch that makes 4 of the banks most hit by the Subprime crisis. In this speech Key tells his audience that he had an Office in Wall street and that he lived on and off in New York from1995 until March 2001.
According to JK himself he was heading the department that was developing all these great new products.
He states in the next page of that interview that the products causing the subprime market were only developed in 2004-2005. While this may not immediately prove John Key’s complicity, the fact that he distances himself from Wall street and lies about the subprime timeline should be cause for worry and it should send journalists into a feeding frenzy because it is a ludicrous and dishonest statement as the rise in subprime mortgages sales started to rise considerably in 1988 because the US government basically ordered Fanny mae and Freddy mac to start lending mortgages to every Tom Dick and Harry and their dog without any regards as to their credit history and Warren Buffet already said in 2002 that derivatives were weapons of mass destruction.
1988 was also the year in which the Glass Steagall act was unofficially repealed
(officially in November 1999) allowing Commercial banks and Investment banks to merge. This was something the Wall street bankers had been lobbying for for some 10 years and which had cost them something like a $ 100 to $ 200 million dollars.
This is what changed a relatively robust banking system into a free for all and an investment bankers wet dream.
John Key worked from 1995 until 2001 at the epicentre of the banksters feeding frenzy in Forex (Currency derivatives are as dangerous as the subprime derivatives), bonds and derivatives for a bank which was one of the most aggressive derivatives traders, he made it all the way to the top and he’s is lying through the teeth about it . What are the chances of him being a squeaky clean choirboy you reckon?
Again, all of this puts John Key smack bang in the middle of not only the subprime crisis but also in the a href=’http://en.wikipedia.org/wiki/Long-Term_Capital_Management’>Asian crisis, the Russian crisis in which Merrill Lynch was involved through the LTCM (long term credit management hedge fund) which collapsed spectacularly in 1988 causing John Key to have to fire so many of his colleagues and finally in the subprime crisis.
At this moment Alan Greenspan’s legacy while once hailed as the magician of Wall street is being revised. For John Key to have been this close to the fire should surely warrant some caution especially since he lies in interviews about is time lines and where he worked.
bugger, caught in purgatory again. help.
Captcha: pastor Jones. LOL
Thats strange, heres me thinking you were going to tell me how forex was linked to mortgage related derivatives, like I asked. What we are trying to ascertain here is whether or not John Key was involved with H-Fee and/or the Subprime collapse. He wasn’t and that is very clear. For you to suggest otherwise is simply scaremongering and misleading.