Monday, August 30, 2010

Allan Hubbard: Ignorant Supporters Blissfully Unaware

The support from individuals for Allan Hubbard and his failing financial and personal empire in the facing of damning disclosure in the latest Grant Thornton Report is either blind loyalty or extreme ignorance.

Groups on Facebook like Paul Carruther's (see Paul's racist comments to me)Help Allan Hubbard and Leave Allan Hubbard Alone seem to be embroiled in some sort of conspiracy that someone is "out to get him" and have a practiced mantra that there is no evidence of Mr Hubbard's wrong doings, so why go after him?

Well, if you read the Thornton Report you will come to a different conclusion. It points out Hubbard's financial misdemeanors in plain, clear English. There is more detail to come on this but because of the complex nature of his business; the inter-party lending and inadequate bookkeeping, it may take many more months for this sorry saga to unfold.

What is also clear is that the Serious Fraud Office is investigating him and his businesses and the South Canturbury Finance Company that he used to head is close to collapse at the risk of $1.5 billion of taxpayer money due to a Government Guarantee put in place by the outgoing Labour Government in late 2008.

Much of the support Hubbard has received has waned in the face of the Thornton Report but the very small core group left behind are adamant that Mr Hubbard has done nothing wrong.

This kind of ignorance is the kind that got investors putting money into the finance company sector in the first place, including Allan Hubbard's various companies. Those people didn't do their homework, were greedy for higher returns and took big risks and have or will lose money as a result of that ignorance.

These people want you and me to bail out their ignorant backsides!

It is time to face the reality that Mr Hubbard has been found out and while he is not as bad as most of the fraudsters who have taken investors money and run, the outcome of his business dealings have had the same effect on people.

Many investors have lost their life savings and a desperate for help.

As a supporter of Hubbard, putting your head somewhere where you feel better about him and yourself isn't going to make the situation any better.

Face the music, if you don't your blinding ignorance will lead us back down the same path sometime in the future.

That is unacceptable to us all.

Related Share Investor Reading

Download Grant Thornton Report 1
Download Grant Thornton Report 2

Market Alert: South Canterbury Finance to be placed in receivership
Thornton Report 2: Allan Hubbard Guilty as Charged
Allan Hubbard: Full TV3 Interview - July 16 2010
Thornton Report: Allan Hubbard's Aorangi Securities
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