web analytics

What would you have done, Prime Minister?

Written By: - Date published: 11:36 pm, June 23rd, 2010 - 33 comments
Categories: national/act government - Tags:

A very strange statement from Timaru financier Allan Hubbard in this story from the Herald after his company had been put into statutory liquidation by Justice Minister Simon Power:

Power said on Sunday there was not adequate documentation of loans made on behalf of 407 investors who were owed NZ$98 million.

“I think if Mr Key, who knows me, was in New Zealand, he wouldn’t have done that,” Hubbard told Radio New Zealand.

Hubbard thinks  because Prime Minister Key knows him personally he would have overruled Simon Power, a member of Key’s cabinet exercising his statutory duty,  in Hubbard’s favour.

That was  after the Herald reported this from the Serious Fraud Office:

Earlier today, Serious Fraud Office director Adam Feeley says SFO staff have visited the offices of Allan Hubbard’s Aorangi Securities in Timaru and are satisfied an investigation into suspected serious or complex fraud is necessary.

Feeley said the SFO had started an investigation after careful consideration of information received from the Registrar of Companies.

“Based on the information we received from the earlier report, we were satisfied that, not only was it in the public interest to commence an inquiry, but that the inquiry should be conducted under Part 2 of the SFO Act – that is, it should be an investigation of suspected offences involving serious or complex fraud,” said Feeley.

John Key certainly knows the finance world inside out. But serious fraud is a serious matter. So is the publicly stated perception by a highly influential financier that the Prime Minister would corrupt the process of justice in his favour.

It’s not a good look.

33 comments on “What would you have done, Prime Minister? ”

  1. gingercrush 1

    Smile and Wave and I would have done but I never said I had but I can’t decide if I may and I will delay my decision and I’ll be happy with that decision but I won’t actually make a decision but I did not say that, well I might have said that and I’m all confused but I sure can smile and wave

    OK so I can’t do satire or anything like that but this post is screaming out for one of those. And I usually hate the whole “OMG John Key smiles and waves and do nothing Key”, but in this case it does seem appropriate.

  2. tsmithfield 2

    “John Key certainly knows the finance world inside out. But serious fraud is a serious matter. So is the publicly stated perception by a highly influential financier that the Prime Minister would corrupt the process of justice in his favour. ”

    John, this is a very dumb post. Sorry. Just because someone has an opinion about someone-else doesn’t make it evidence of anything.

    • IrishBill 2.1

      Be civil or you’ll get banned again. Hubbard clearly said John Key would have sorted the problem if he had been in NZ. Why do you think he would say such a thing?

      • joe bloggs 2.1.1

        please clarify – where does Hubbard “clearly say” that Key would have sorted this out?

        In the piece that’s quoted Hubbard speculates on what Key would not have done. That’s all.

  3. tsmithfield 3

    Irish, if we accept that the Serious Fraud office has a case, and at the very least Hubbard has been making some serious errors of judgement with respect to his finances. If he is making errors of judgement with respect to his financial management, might he not also be making errors of judgement about what action others might take? Who knows, he might have said exactly the same thing about the SFO before they moved in. As I said, just because he has an opinion, it doesn’t prove anything.

    • IrishBill 3.1

      No it doesn’t prove anything but it is an unusual enough assumption that it would be good to know what basis it was made on.

  4. tsmithfield 4

    So far as I am aware there is absolutely no evidence of Key trying to intervene in this situation. Therefore, Hubbard’s opinion seems fairly baseless. Perhaps he thought that since Key seemed a nice guy and had a chat with him one day he would also call the dogs off in this sort of situation. However, his opinion seems to be completely incorrect judging by the course of events thus far.

    • snoozer 4.1

      “So far as I am aware there is absolutely no evidence of Key trying to intervene in this situation. ”

      apart from one of the major palyers saying he would.

      “Perhaps he thought that since Key seemed a nice guy and had a chat with him one day he would also call the dogs off in this sort of situation”

      I love your ability to just invent actual events if it suits your purpose, argue from them, and conclude that you are right. Kind of the Right’s method in microcosm.

  5. Mark 5

    John Key was quoted yesterday in the Herald as saying he supported his ministers actions, that he was aware last week what was going to happen.
    End of story.

    • vto 5.1

      he has to say that doesn’t he. what else would he say Mark?

      … story just begun in fact …

  6. vto 6

    Hubbard, in saying that, exposes how things work at times, indeed.

    You may want to then extrapolate that to Central Plains Water, Hubbards stake in that and many other schemes, Ecan theft, Water Conservation Order deletion and the meeting late last year (edit: year before) at the Sudima Hotel at Christchurch Airport between Smith and Carter and irrigator reps and stakeholders such as Hubbard.

    This is exactly what I have been getting at recently. There has been a well planned assault on water resources for the purposes of dairying in Canterbury. That plan is currently being executed.

    Hubbard has let the cat out of the bag.

  7. jcuknz 7

    Another field day for the conspiracy theorists ?

    • vto 7.1

      No jcuknz.

      Follow the news. Follow the goings-on. Follow the resource consents. Follow the money. Follow the people. It is so bloody clear. I would love to give David Carter some truth serum and see what spews forth from his twitching tongue.

    • I’m not sure .its all a mystery to me .I realise Hubard has given millions to charity ,but I have difficulty to understand how a man makes 100s of millions of dollars. Perhaps one of our subscribers in the know will inform me.
      Because I have always believed that whilst one is hard at work they do not have time to make money. I also believe that that sort of money is made by either screwing the workers or with a well concealed fiddle.

      ,

  8. tsmithfield 8

    It must be a really slow news day at the standard for this item to be gaining any traction at all.

    It might be mildly interesting if there was a “because” that could be pointed to.

    E.g. “I think if Mr Key, who knows me, was in New Zealand, he wouldn’t have done that.” Hubbard was able to say this because Key had stepped in previously for him in similar situations such as this instance when Key…

    However, there is no “because” to back up the speculation from Hubbard. The evidence is quite the contrary in that the government is taking action and there is no indication from Key that he will intervene. So there is absolutely no story here. Period.

    • vto 8.1

      So tsmithfield you think Hubbard is simply day-dreaming when he expresses this? That he has perhaps lost his marbles? That is the basis of your post.

      Perhaps Hubbard expresses that opinion because he has very reasonable cause to believe that is the case. And he has not lost his marbles at all.

      So which is it – lost his marbles? Or not?

  9. tsmithfield 9

    The problem is vto, that Hubbard could have said anything and I guess you would believe it, given your earlier comments:

    For instance, “I think if Key, who knows me, was in New Zealand, he would wipe my bum for me if I needed a carer.”

    Without any evidence, statements are meaningless, especially when the evidence goes completely the other way. Hubbard might strongly believe that Key wouldn’t have taken this action. However, there is no evidence at all to back up this belief.

    Show some evidence that Key has been trying to interfere in the process at the moment to help Hubbard out. Then there might be a story. As it stands the government is taking action against Hubbard. I am sure that Key is very sad that Hubbard has ended up in this situation, as many probably are. However, there is absolutely no evidence that any personal feelings he has about this situation is having any effect on the process.

    All that is happening here is that Key is being smeared without any evidence to back it up at all.

    • vto 9.1

      You didn’t answer the question tsmithfield.

      And I did provide evidence as to why Hubbard may have such a belief that Key may exercise some influence.

      You say “Show some evidence that Key has been trying to interfere in the process at the moment to help Hubbard out.”. But that is not the evidence needed, nor the proposition to be proved. It is evidence around why Hubbard may have such a belief.

      So I ask you again, slightly differently to make it a little easier – Is Hubbard lying when he expresses this belief? Or not?

      • Bored 9.1.1

        VTO, dont expect answers from TS, especially about who is losing their marbles. You do very well pointing out the complicity of Hubbard and the Nats in what has become the Great Canterbury water larceny.

    • Pascal's bookie 9.2

      nah. What’s being done is people are wondering why Hubbard might say such a thing, given that it’s a fairly strange thing to say.

      Do you think that Hubbard would say such a thing without reason/ Do you really think that Hubbard would think that just because he had a nice chat with Key, then that would be enough to make him believe this?

      Hubbard could well be wrong in his belief, but that doesn’t explain it. Something though, must. What that something is, is what people are wondering.

    • Armchair Critic 9.3

      In short, there’s nothing to see here, move on, ts? Yeah right, Mr Hubbard just gave a quick glimpse of how things really work in Canterbury. There is no lack of evidence, this is yet another piece of evidence to back up the circumstantial evidence we have had over the last six months or so.

  10. Tigger 10

    Key has cultivated this pretence of availability when he’s not. It’s celebrity culture, people expect him to be their friend or, if he is known to them, intercede for them even inappropriate.

  11. freedom 11

    like most of you, i only believe my friends will help in a particular circumstance because they have done so in the past.

  12. vto 12

    In Canterbury, National Party people, farming leaders, and local finance people (PGGW, Kerr, SCF, Hubbard) are as thick as thieves.

    Only a fool thinks otherwise.

    • tsmithfield 12.1

      The only “evidence” I see here to back up the “claims” by Hubbard is more speculation.

      And to answer VTO, yes it wouldn’t surprise me if Hubbard is losing his marbles. Happens to old people all the time. Ever heard of dementia?

      • vto 12.1.1

        Ok, good for you.

        Regarding “speculation” you clearly have a deficient knowledge of events that are known to have occurred already and a further deficiency around the Canterbury region and its various ‘cultures’.

        You’re entitled to your opinion but in my opinion in aint worth a speck of loess on this issue.

        • tsmithfield 12.1.1.1

          Actually I live in Christchurch. From what I have seen (letters to the editor, local radio talkback etc) most people were sick to death of ECAN and glad to see them go. They didn’t get the nickname “ecan’t” for nothing.

          The problem you have with respect to Key is that you are implying very serious allegations against Key. Given such substantial allegations, I would expect to see substantial evidence. What has been put forward is a million miles from that.

  13. Jum 13

    A comment suggested John Key knows the finance world inside out. If that is the case he would have warned NZ when he became an MP and had House privilege that we were to be to be hit by a recession, because that is the reason I suspect that he came back to NZ to escape the political fallout that would have attached itself to him with his speculative help on gambling with NZ’s dollar and the many diverse ways he made his millions of paper money from paper creativity. He knew very well that we were in trouble because of American financial activities and his American contacts and intended to cynically use that knowledge to his advantage to gain power in NZ.

    If he did not know any of this then he is lying about his financial acumen and has had to rely on the fact that Clark and Cullen had built up reserves to pay down debt and protect New Zealanders from a worse recession.

    Which is it JKeyll? What are you hide-ing from us?

    • Damian 13.1

      This is absurd. Reality is not a stick that you can put into a bowl of spinning sugar-assumptions. It’s not a candyfloss fantasy-land, as much as you may want it to be.

    • joe bloggs 13.2

      Are you channelling Phil U after a big weekend?

      And if Key were black and female … then he’d be Ella Fitzgerald…
      And if he were short, bald and heavyset … then he’d be Rodney Hide…
      And if he knew more about quantum physics than Einstein … then he’d be Stephen Hawkings…

      Absurd doesn’t scratch the surface of your conspiracy theories

  14. randal 14

    HE WOULD HAVE FIRST KIcKED THE TYRES.
    then made him an offer he couldnt understand but with which he would be the loser.

  15. Jum 15

    Damian and Joe Bloggs (Captcha you are talking ‘garbages’)

    The fact remains. Either Key is the great moneyman who understands the financial world or he doesn’t. He either knew about the coming American blowout because he understood the financial world he was moving in or he didn’t know which means he is the great pretender telling NZers that he can lead them through the mire and that would be a lie. Which do you prefer? He is a liar? He doesn’t know about the financial world? He did know that New Zealand was going to be hit by a recession that his fellow moneytraders helped cause? Which?

    Another fact; in Bubble Man by Peter Hartcher “the US abandoned the gold bullion standard in 1971, its dollar has not been backed by any precious metal but rests on a common faith that the greenback is something more than a piece of paper.” Money is created, trillions of it and we are expected to trust that when we need to withdraw it, the money will be there for us.

    Quote from Jim Anderton’s budget speech 2010
    “I remember he helped people make a pot of money speculating against the New Zealand dollar in the 1980s, at a cost to New Zealand of $700 million. Guess what? At the same time, New Zealand’s increasing rate of income inequality became one of the worst in the OECD.”

Recent Comments

Recent Posts

  • Project protects jobs and nature
    A Waitomo-based Jobs for Nature project will keep up to ten people employed in the village as the tourism sector recovers post Covid-19 Conservation Minister Kiri Allan says. “This $500,000 project will save ten local jobs by deploying workers from Discover Waitomo into nature-based jobs. They will be undertaking local ...
    BeehiveBy beehive.govt.nz
    19 hours ago
  • Minister Shaw speaks with U.S. Presidential Envoy John Kerry
    Minister for Climate Change, James Shaw spoke yesterday with President Biden’s Special Presidential Envoy for Climate John Kerry. “I was delighted to have the opportunity to speak with Mr. Kerry this morning about the urgency with which our governments must confront the climate emergency. I am grateful to him and ...
    BeehiveBy beehive.govt.nz
    20 hours ago
  • Minister of Foreign Affairs makes three diplomatic appointments
    Foreign Affairs Minister Hon Nanaia Mahuta today announced three diplomatic appointments: Alana Hudson as Ambassador to Poland John Riley as Consul-General to Hong Kong Stephen Wong as Consul-General to Shanghai   Poland “New Zealand’s relationship with Poland is built on enduring personal, economic and historical connections. Poland is also an important ...
    BeehiveBy beehive.govt.nz
    22 hours ago
  • Major redevelopment of Wainuiomata High School underway
    Work begins today at Wainuiomata High School to ensure buildings and teaching spaces are fit for purpose, Education Minister Chris Hipkins says. The Minister joined principal Janette Melrose and board chair Lynda Koia to kick off demolition for the project, which is worth close to $40 million, as the site ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • New expert group appointed to advise Government on Oranga Tamariki
    A skilled and experienced group of people have been named as the newly established Oranga Tamariki Ministerial Advisory Board by Children’s Minister Kelvin Davis today. The Board will provide independent advice and assurance to the Minister for Children across three key areas of Oranga Tamariki: relationships with families, whānau, and ...
    BeehiveBy beehive.govt.nz
    1 day ago
  • COVID-19 vaccine slated for possible approval next week
    The green light for New Zealand’s first COVID-19 vaccine could be granted in just over a week, Prime Minister Jacinda Ardern said today. “We’re making swift progress towards vaccinating New Zealanders against the virus, but we’re also absolutely committed to ensuring the vaccines are safe and effective,” Jacinda Ardern said. ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • New ACC Board members announced.
    The Minister for ACC is pleased to announce the appointment of three new members to join the Board of ACC on 1 February 2021. “All three bring diverse skills and experience to provide strong governance oversight to lead the direction of ACC” said Hon Carmel Sepuloni. Bella Takiari-Brame from Hamilton ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Economic boost for Southland marae
    The Government is investing $9 million to upgrade a significant community facility in Invercargill, creating economic stimulus and jobs, Infrastructure Minister Grant Robertson and Te Tai Tonga MP Rino Tirikatene have announced.  The grant for Waihōpai Rūnaka Inc to make improvements to Murihiku Marae comes from the $3 billion set ...
    BeehiveBy beehive.govt.nz
    2 days ago
  • Celebrating the Entry Into Force of the Treaty on the Prohibition of Nuclear Weapons
    [Opening comments, welcome and thank you to Auckland University etc] It is a great pleasure to be here this afternoon to celebrate such an historic occasion - the entry into force of the Treaty on the Prohibition of Nuclear Weapons. This is a moment many feared would never come, but ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Supporting disabled people to stay connected
    The Government is providing $3 million in one-off seed funding to help disabled people around New Zealand stay connected and access support in their communities, Minister for Disability Issues, Carmel Sepuloni announced today. The funding will allow disability service providers to develop digital and community-based solutions over the next two ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Voluntary saliva testing offered to quarantine workers from Monday
    Border workers in quarantine facilities will be offered voluntary daily COVID-19 saliva tests in addition to their regular weekly testing, COVID-19 Response Minister Chris Hipkins said today. This additional option will be rolled out at the Jet Park Quarantine facility in Auckland starting on Monday 25 January, and then to ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Next steps in firearms buy-back
    The next steps in the Government’s ambitious firearms reform programme to include a three-month buy-back have been announced by Police Minister Poto Williams today.  “The last buy-back and amnesty was unprecedented for New Zealand and was successful in collecting 60,297 firearms, modifying a further 5,630 firearms, and collecting 299,837 prohibited ...
    BeehiveBy beehive.govt.nz
    6 days ago
  • Jobs for Nature projects target iconic ecosystems
    Upscaling work already underway to restore two iconic ecosystems will deliver jobs and a lasting legacy, Conservation Minister Kiri Allan says.  “The Jobs for Nature programme provides $1.25 billion over four years to offer employment opportunities for people whose livelihoods have been impacted by the COVID-19 recession. “Two new projects ...
    BeehiveBy beehive.govt.nz
    7 days ago
  • New Public Housing Plan announced
    The Government has released its Public Housing Plan 2021-2024 which outlines the intention of where 8,000 additional public and transitional housing places announced in Budget 2020, will go. “The Government is committed to continuing its public house build programme at pace and scale. The extra 8,000 homes – 6000 public ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Prime Minister congratulates President Joe Biden on his inauguration
    Prime Minister Jacinda Ardern has congratulated President Joe Biden on his inauguration as the 46th President of the United States of America. “I look forward to building a close relationship with President Biden and working with him on issues that matter to both our countries,” Jacinda Ardern said. “New Zealand ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Jobs for Nature funding will create training and employment opportunities
    A major investment to tackle wilding pines in Mt Richmond will create jobs and help protect the area’s unique ecosystems, Biosecurity Minister Damien O’Connor says. The Mt Richmond Forest Park has unique ecosystems developed on mineral-rich geology, including taonga plant species found nowhere else in the country. “These special plant ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Pre-departure testing extended to all passengers to New Zealand
    To further protect New Zealand from COVID-19, the Government is extending pre-departure testing to all passengers to New Zealand except from Australia, Antarctica and most Pacific Islands, COVID-19 Response Minister Chris Hipkins said today. “The change will come into force for all flights arriving in New Zealand after 11:59pm (NZT) on Monday ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Bay Cadets learn skills to protect environment
    Bay Conservation Cadets launched with first intake Supported with $3.5 million grant Part of $1.245b Jobs for Nature programme to accelerate recover from Covid Cadets will learn skills to protect and enhance environment Environment Minister David Parker today welcomed the first intake of cadets at the launch of the Bay ...
    BeehiveBy beehive.govt.nz
    1 week ago
  • Cook Islanders to resume travel to New Zealand
    The Prime Minister of New Zealand Jacinda Ardern and the Prime Minister of the Cook Islands Mark Brown have announced passengers from the Cook Islands can resume quarantine-free travel into New Zealand from 21 January, enabling access to essential services such as health. “Following confirmation of the Cook Islands’ COVID ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Supporting communities and landowners to grow employment opportunities
    Jobs for Nature funding is being made available to conservation groups and landowners to employ staff and contractors in a move aimed at boosting local biodiversity-focused projects, Conservation Minister Kiritapu Allan has announced. It is estimated some 400-plus jobs will be created with employment opportunities in ecology, restoration, trapping, ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Border exception for some returning international tertiary students
    The Government has approved an exception class for 1000 international tertiary students, degree level and above, who began their study in New Zealand but were caught offshore when border restrictions began. The exception will allow students to return to New Zealand in stages from April 2021. “Our top priority continues ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Tiwai deal gives time for managed transition
    Today’s deal between Meridian and Rio Tinto for the Tiwai smelter to remain open another four years provides time for a managed transition for Southland. “The deal provides welcome certainty to the Southland community by protecting jobs and incomes as the region plans for the future. The Government is committed ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • New member for APEC Business Advisory Council
    Prime Minister Jacinda Ardern has appointed Anna Curzon to the APEC Business Advisory Council (ABAC). The leader of each APEC economy appoints three private sector representatives to ABAC. ABAC provides advice to leaders annually on business priorities. “ABAC helps ensure that APEC’s work programme is informed by business community perspectives ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Govt’s careful economic management recognised
    The Government’s prudent fiscal management and strong policy programme in the face of the COVID-19 global pandemic have been acknowledged by the credit rating agency Fitch. Fitch has today affirmed New Zealand’s local currency rating at AA+ with a stable outlook and foreign currency rating at AA with a positive ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • Additional actions to keep COVID-19 out of NZ
    The Government is putting in place a suite of additional actions to protect New Zealand from COVID-19, including new emerging variants, COVID-19 Response Minister Chris Hipkins said today. “Given the high rates of infection in many countries and evidence of the global spread of more transmissible variants, it’s clear that ...
    BeehiveBy beehive.govt.nz
    2 weeks ago
  • 19 projects will clean up and protect waterways
    $36 million of Government funding alongside councils and others for 19 projects Investment will clean up and protect waterways and create local jobs Boots on the ground expected in Q2 of 2021 Funding part of the Jobs for Nature policy package A package of 19 projects will help clean up ...
    BeehiveBy beehive.govt.nz
    3 weeks ago