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November 2011 Edition ----

We are back, hopefully with gusto. No, we have not gone "under a bus". Not yet at least but that is the danger faced if ones tries to expose a widespread political crime.

The crime we are talking about is our hobby horse of the robbing of amateur investors of $250m by way of selling a near worthless company, Feltex Carpets Ltd, for $250m by way of that company's 2004 IPO.

We are satisfied that this crime would not have gone ahead without the support and "nod" of the leaders and others senior politicians of NZ's two major political parties. It was so obvious that the company was not thriving. And decorations and public sector appointments galore were heaped upon certain of the participants. We set this out in our web page www.justaccounting.co.nz/sp.htm The broad motive for the crime was obviously to keep the two major political parties dominant in the light of MMP, in this case by financing cheating to get the country gold and silver medals at the Athens Olympic Games, held about 3 months after the IPO. It would be difficult to apply funds from the public purse for such a purpose.

They, the political leaders, would have undertaken that this proposed IPO would not be genuinely investigated and would have "promised" that no participant in the venture would get into trouble. It should be away beyond the capability of such politicians to effect such a promise but sadly as the 1990 Bank of NZ profit and a few other cases would indicate that is not the case. The rich accounting fraternity see it as "logical" to collude with politicians to keep wealth in their hands at the expense of the non accounting classes.

We are convinced that a whole series of following finance company and listed company failures can be attribruted to copy cat action following the Feltex IPO and to a virtual close-down of accounting and fraud regulators to ensure that the Feltex case did not get caught up. Also the credibility of the Stock Exchange fell drasticly such that it has been begging for new listings rather than setting high stantards for participating companies. This has cost the country, especially its rank and file citizens billions upon billions of dollars.

Well it is hard for the public to get motivated enough to piece it all together if it is just losses of money no matter how colossal. We think a more human consequence such as the deaths of young people as a result of the IPO needs to be demonstrated.

We believe we have found such a connection with the deaths this year of Paul Wilson and David Gaynor. Both have a parent who has a close connection with the Feltex IPO. These two parents we believe are likely to have been standing in the way of the Feltex IPO plan and we think would have needed some "education" in the matter in the "finest" tradition of extreme political regimes of last century. We think this treatment is likely to have rubbed off in a most drastic way on these named young men when they were in their late childhood. We think the possibility of this should have been known to the perpetrators of the crime and hence they are responsible for the deaths. That they probably both died following the partaking of alcohol and/or illicit drugs. Acceess to drugs will have affected the timing of the deaths but not the deaths themselves.

We have no confidence in the chief coroner who appears to dismiss the possibility that politicians are involved in crime. Well power corrupts as the saying goes and hence politcians have a far greater chance of going off the rails than the average citizen.

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