Key refuses to speculate over South Canterbury's future - Video

Well, sometimes bailouts are better than ordinary people losing their savings.

Finance companies are built on confidence. stat managers and the SFO sharing the taxi shattered the confidence in SCF. Maybe it has to go so we can start again. Call it "phoenix finance" or something equally purile.

Risk taking activity should not be supported with Govt bailouts. Investment return is based on companies taking on a certain amount of 'risk'. Govt approving support for risky investments sets a standard for other companies to demand taxpayer bailouts when their investments to bad. Anyway where did all the money go and what is stopping SCF from throwing more money in the same hole? It seems as though 'accountability' may become an ethical being of the past.

@lightseed
The fact that the stat managers were appointed to manage the other interests destroyed any confidence any investor might have had in investing in another business managed by Hubbard.
So yes the stat manager takeover has affected the running of this business and its ability to trade itself out of trouble.

When big money goes out it must be replaced and we the average Kiwi and the bank manager aka John Key in all honesty must foot the bill with an xtra $1000 p/p tied to our silver chords- (wallets) Just another bad investment in a failed scheme and like it or not we must support the South Isand the same as they have supported us NI in the past Thats the way the cookie has crumbled...

Fully agree with you Simon

no Kim there is not. SCF has nothing to do with hubbard's other interests and have been in financial trouble, looking for further investors since long before SFO got involved with hubbard. Might want to learn what you are talking about Kim.

There is a suggestion that the finanial difficulties have been compounded by the govt's intervention. The stat managers when in with a brief of "find a problem any problem"
I mean how dare this man operate with integrity and put his customers/investers first. He should have ripped the company to shreads and pocketed multimillion dollar bonuses like the rest of his breatheren instead of actually doing the best for his investers.....Makes the rest of em look bad and National cannot have that can they.

How come we get treated to all these bad imports? Things and systems brought in to the country that have failed elsewhere, but some idiot (or greedhead) wants to bring the same failure here. Another bad import, like kiln dried timber. Bank bailouts haven't worked in America, except to take money from hard working people and give it to people who gambled and lost. Let these people eat their mistakes and stop increasing my taxes to cover fools!

Have to agree totally with Simon on this one.