Posts Tagged ‘allan hubbard’

Of train sets and stuffed companies

Written By: - Date published: 8:52 am, April 6th, 2011 - 29 comments

The saga of South Canterbury Finance just keeps getting worse and worse, with news yesterday that the taxpayers’ bill for the bailout rose by a further $300 million due to the costs of “insider loans”. Why are we spending $1.2 Billion (and climbing) on a stuffed company?

Key: we were told SCF would fail

Written By: - Date published: 2:45 pm, March 31st, 2011 - 68 comments

In a raucous public meeting in Timaru last night, John Key said “The entire time I’ve been Prime Minister I’ve had Treasury in my office week after week, month after month telling me South Canterbury Finance was going bankrupt”. So, why did National sign SCF into the scheme and renew its deed three times?

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