Promotion of Accounting Reform as the most effective Pathway to a Fairer Safer and more Prosperous Society. Comment and Support from all quarters is Sought to straighten out NZ's problem
August 2016 Edition
To peruse our extensive evidence that the Feltex IPO was a Government sanctioned robbery of hard working but modestly educated New Zealanders to raise funds to enable the country’s athletes to cheat Olympic gold medals click here.
Well the Rio Olympics are over and NZs relative heap of silver medals remains. We say that is the result of illegal manipulation by officials. NZ’s 4-9-5 compares with countries of similar population size and physique like this: Switzerland 3-2=2; Greece 3-1-2; Denmark 2-6-7; Sweden 2-6-3; Belgium 2-2-2; Czech Republic 1-2-7; Norway 0-0-4; Israel 0-0-2; Portugal 0-0-1. NZ continues to have an excess medals to population ratio that can only be explained by cheating. Australia, we think, might be slowly backing its way out of this crooked cheating practice. Nevertheless we think it conned several hundred million out of amateur invertors via the Dick Smith scam for the purpose of Olympic cheating despite moving down the medals per capita scale. Britain however is rapidly going the other way. Part of these movements might result from scaring nations without British links to think that any cheating is likely to be detected. Some traditional heavyweights just failed to perform. Canada has moved up the medals table as well as less rich countries with British connections such as Grenada, Jamaica and Fiji. Brexit might have something to do with all this.
The lawful support of Olympic athletes is now getting some consideration. For NZ its $200m for 4 years or about $100 per disadvantaged person. But legal support alone does not produce much of the desired goods.
Clearly NZ’s medals have been bought with money stolen from the New Zealand Superannuation Fund. On page 82 of the Fund’s Annual Report to 30 June 2015 the fund presents a “case study” concerning $US150m that it purports to have deposited in the Portuguese bank Banco Espírito Santo (BES), through the questionable investment bank Goldman Sachs. The funds were merged with other funds in an investment known as Oak Finance. It seems that Oak Finance only deposited in BES. What was so special about BES to these investors one might ask. Anyway this investment was purported to have been made on 3 July 2014.
The Fund doesn’t say exactly when it became clear to it that BES was in trouble but they say that in August 2014 the reserve bank of Portugal took action which would indicate that that was the case.
The Fund says that it insured this investment against default by the borrower but it does not say who it took the insurance with or the reason the insurer has not paid out. It suggests that this insurance is different from the guarantee by the reserve bank of Portugal which it says it expected.
Most Governments or reserve banks guarantee deposits of their citizens in banks in the country concerned. They don’t want citizens having to spend time and money considering the security of their local bank deposits. But generally they are not interested in protecting the private owners of banks or foreigners who see fit to support these owners.
We say this $US150m payment by the NZ Superannuation Fund was not a genuine bank deposit. It was a Government sanctioned payment for Olympic cheating pretending to be an unfortunate bank deposit. It says it is taking legal action in the UK to try and get the deposit back. What UK would have to do with such a deposit were there one we do not know but the UK is tied up in this joint Olympic cheating racket (it is no. 2 on the medal table) so is offering its courts to drag out matters and help stop anyone else from taking action.
This fake investment loss follows a practice run in year 2000 when the ACC who had an extensive investment portfolio illegally gave half a million to some Government cause by pretending to buy National Mail shares about a week before National Mail said it was going out of the mail business causing a drastic drop in its share price. National Mail had not reported for a considerable time and there would be no excuse for ACC not being able to guess what was going on. Credit Suisse was the side kick on this occasion. It represented the ACC under the name of Credit Suisse F B and the vendor Cliff Cook (who knew a National Mail director very well and would know what was going on) under the name C S First Boston. Credit Suisse went on to be a major player in the Feltex IPO whereby a worthless company Feltex Carpets was sold to 8000 amateur investors for about $200m to fund NZ cheating at the 2004 Athens Olympics. Close to $250m of shares were sold but $9m was an illegal gift by ACC who again claimed it was making a genuine investment and an Australian company Hunter Hall who put in about $39m and was held up as a private company who had seen Feltex’s IPO claims to be genuine. But we say it has close ties to the Australian Government and it was somehow rewarded for its costly “subscription”. First NZ Capital a close associate of Credit Suisse was one of the two lead brokers of the Feltex IPO. The vendor and promoter of the Feltex IPO had the words “Credit Suisse” contained in their name. The Feltex IPO is linked to Olympic cheating through Eion Edgar being chair of the other lead broker for the IPO, Forsyth Barr, as well as being chair of the ACC investment committee who “subscribed” $9m, the only NZ institution or company to put in anything, and also he was chair of the NZ Olympic Committee at that time. Joan Withers became the only female board member of Feltex a week or two prior to the launch of the IPO. She quit Feltex as soon as a profit downturn was announced and is chair of Mighty River Power which sponsors the “incredibly successful” NZ rowing squad which “won” two golds and at least a silver at the Rio Olympics. But more than that the Clark Government appointed Australian females to the Securities Commission, scrapped the country’s appeal rights to the Privy council and appointed a great number of females as judges in the new system. The Securities Commission and various judges have willfully and most unjustly and improperly defended the Feltex IPO theft of subscribers. The Court of Appeal has yet to rule in the case Houghton v Saunders in which secret Government agents have pretended to take a case on behalf of disgruntled Feltex subscribers but have grossly understated it.
No doubt similar scams funded the excessive NZ medals in 2008 and 2012.
A major link between the Feltex IPO robbery and the Banco Espírito Santo deposit robbery of superannuation funds is that Matt Whineray (not a son of Wilson) is General Manager, Investments, at the NZ Superannuation Fund and has been since 2008. Before that he was with Credit Suisse and before that with First NZ Capital. Most likely he was with these firms during their Feltex IPO deceit. He has been a vice president at Credit Suisse. Lots of people seem to have had that title. To give them status no doubt. A minister of the Crown and former minister of commerce Craig Foss also worked for Credit Suisse around that time.
In our February 2006 edition we expressed our concerns about the then management of NZ Superannuation Fund. It that year took on Tore Haywood
This cheating has had a terrible effect on the NZ economy. Cheats rule the roost. Young men such as Paul Phillip Wilson and David Patrick Gaynor have died because they have got caught up in the scam and been unable to cope with the consequences. The same applies to the coroner Ian Smith who died in office aged 68.
At time of writing this bit NZ had two medals at the Rio Olympics. Both Silver. We say this is likely to be a deliberate correction to the relative dearth of silvers at recent if not most or all summer games. Such a dearth we have claimed is evidence of cheating. But there is certainly no dearth of silvers this time so how has the giveaway been fixed up. Well as we have previously stated NZ is in a cheating regime in conjunction with Australia. So they have decided to fix up this statistical tell-tale sign. So they have bought exemption from drug or other testing for both countries in the same events. Australia has taken the biggest dose or happens to have the better athlete and so taken the gold medal and NZ has got its needed silvers. There might have been an attempt at a third silver in that in the team equestrian eventing after two of the three phases NZ was lying second and Australia was first also. Well a few more days have passed and NZ’s silvers have gone up to five with only one gold with a good prospect of another gold very soon. The gold medal winners of the NZ’s five silver events have been citizens of Australia (two), Great Britain (two) and Spain. We don’t say our espoused scenario applies in all cases but we extend the scenario and say that Great Britain as well as Australia are inside this cheating tent. Britain (self-proclaimed as great) has also a very high Olympic medals to population ratio. It is the home of Harbour Litigation Investment Fund LP which has been required to pay the costs of the various defendants in the Houghton v Saunders case in which Houghton and 3000 other subscribers to the Feltex IPO were purported to have taken this case against the various $250m Feltex IPO robbers. Few or none of the subscriber knew they were taking such a purported action. The purporting was done via Tony Gavigan and some mates who were waiting to “assist” the subscribers when Feltex collapsed. Harbour Litigation knew funding this shareholder action was a lost cause and never attempted to fund it. They were paid to pretend to fund it by the NZ Government sanctioned people who received much of the $200m to fund Olympic cheating. Britain also seems to have an association with Hunter Hall an Australian “ethical investment” company who was the biggest subscriber to the Feltex IPO at $39m and was really the only institution to subscribe other than NZ’s Accident Compensation Corporation ($9m) who’s investment chairman was Eion Edgar who may have masterminded the whole scam. HH is obviously effectively controlled by the Australian Government to engage in various mischievous/fraudulent operations. HH has considerable interests in Britain or is trying to have. Peter Hall the managing director always seemed to be there. Naomi Edwards of Tasmania, a daughter of NZ broadcasting guru Brian Edwards was on the board of some Hunter Hall companies for a short while but seems to have resigned from them soon after we pointed the matter out.