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
Whatever happened to? Muriel Dunn
Bothered by Simon Botherway
Allied Farmers: Prosecutions should be on the cards
Allied Farmers Fraud passes with little fanfare
Allied Farmers: What's it Worth?
Hanover, Allied Farmers deal more of the same
Jane Diplock Q & A Interview
Hanover's "White Knights" are really daylight robbers
Hanover collapse: It was just a matter of time
Money Managers Saga: 3 Story wrap
Money Managers gives First Step investors the middle finger
Greed is bad: Geneva Finance Folds
Financial 101: Learn before you leap
Kevin's Blog
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I cant see why others would still support Hubbard?
ReplyDeleteI can see it and I am not the smartest tool in the toolbox.
Hi Darren, I would love to know what gives you the right to name people personally on your blog page and post links to their facebook profiles.
ReplyDeleteI would like to question your qualifications to comment and your qualifications in the Finance Industry and whether or not you will be standing after the FMA checks your qualifications and your abilities as a member of the finance industry.
It is fair to say that reckless people who have over inflated positions of themselves tend to have no basis for making any comment what so ever.
Anon, these people already have their names on the internet and furthermore are making claims about Mr Hubbard that are just false.
ReplyDeleteMy aim is to inform my readers of such falsehoods.
I like Liam Dann's article suggesting that Mr Hubbard owes taxpayers a big apology:
ReplyDeletehttp://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10669903
I don't like losing money, especially if I have no say in it.
What a hopeless piece of crap this turned out to be.
It's kind of sad really, they seem to think they really have evidence, when it's obvious all they have is conjecture and some tenuous links.
ReplyDeleteAnd they say the statutory managers report won't stand up in court, do they think those shareholder flowcharts will do any better?
I think EUFA may be doing more harm than good these days.
The Facebook response to this case is really quite strange. The comments from the core group of supporters are bordering on cultish. I don't understand if these are people are investors who are trying to convince themselves they won't lose any money as there's really nothing to worry about - it's all a big sham! - or if they think a kind and generous man isn't also capable of making some dodgy deals or poor business decisions. It adds a whole new angle to the case! These people have lost the plot.
ReplyDeleteI don't know a lot about finance or investing but borrowing short-term and loaning long-term sets off alarm bells for me.
Button, Paul Carruthers from Help Allan Hubbard has been vociferous in his criticism of me for pointing out the obvious flaws in Mr Hubbard's business practices.
ReplyDeleteIt smacks of head in the sand stuff and has no place in investing.
Your last point is important and has been a practice of all of the previous finance companies.
When I pointed out this to Mr Carruthers and his mates they had no answer and got personal about me for daring to point it out.
Go figure.
His SCF company has just gone bust. Could things get worse?
ReplyDeleteWhy should we have to bail out investors who lost money?
ReplyDeleteWere they going to share their profits?
Don't think so.
Anon & On Topic,
ReplyDeleteWe live in a society where few are willing to take responsibility.
As long as this continues we will see blind support from people like those who support Hubbard and we will continue to see risky behaviour - financial and personal.
Time to make all of us responsible for our mistakes.
On the Facebook page Help Allan Hubbard, Founder Paul Caruther's answer to me when I pointed out that SCF has folded and the Taxpayer will be bailing it out, which he latter removed but I saved:
ReplyDeletePaul Carruthers Darren: Carry on with your tirade. History will record you as a despicable individual with no shred of compassion. No wonder you have a Taiwanese wife. No self-respecting Kiwi girl would even touch you with a cattle prod. Paul Caruthers
If this is the kind support that Mr Hubbard is getting I would suggest he doesn't need racism on top of ignorance.
Ironically my wife is from South Africa and not Taiwan as Mr Caruthers has somehow gleaned.
Oh dear it just gets worse. I have never been personal about Mr Caruthers:
ReplyDeletePaul Carruthers also commented on Leave Allan Hubbard alone's wall post.
Paul wrote:
"Ok Darren: Truce. We stop getting personal (which is hard to do because you are sticking the knife in on the very day when emotionas are heightened), but you prove that you have a genuine point to make, with facts, and a fair and balanced argument to support your claims, with solid evidence (not just your opinions).
If you really, genuinely have point to make, and you are not just being spiteful for the sake of it - then how about scrolling down and answering all of the questions I posted last night, in detail, with your solid evidence to justify your views in response?
If you can not, or will not do this......then please just fuck off."
Hey Darren,
ReplyDeleteYour wife is just lovely, I have met her and apart from being a babe she has her own intelligent opinions too!!
Fancy that, someone with a dark skin that is attractive and intelligent too!
Shame on Caruthers , he does his cause no good.
I guess it just shows the intelligence level of these people.
ReplyDelete"You just made me SO MAD I was incredibly racist and offensive it just slipped out"
These people are not prepared to communicate with open minds, they have chosen their version of reality and are sticking with it no matter what new evidence comes to light.
Seriously, a government asset-stripping exercise? That's just retarded.
Don't know where Paul is coming from Darren. I support Allan Hubbard and Paul's cause but abhor this sort of stuff.
ReplyDeleteThink I might remove myself from his Facebook page just the same though.
You are a tosser mate. Your wife should be sent back to where she came from.
ReplyDeleteHolly crap, who the hell gives a rats where your wife came from.
ReplyDeleteThe intelligence of some of those who support Allan Hubbard seems to know no bounds.
Racism, ignorance of fact and poor grammar and spelling.
Are they married to their first cousins as well?
This comment has been removed by a blog administrator.
ReplyDeleteIncredible the amount of vitriol that comes when you point out that your hero is a crook.
ReplyDeleteI had to delete a rather nasty one above.
This comment has been removed by a blog administrator.
ReplyDelete