Further to a story I posted last week about the Securities Commission and the board's conflicts of interest and general all round ineffectiveness we had the head of the SEC Jane Diplock, being interviewed by Paul Holmes on Q & A last Sunday.
There were crocodile tears and sympathy from Jane for those that got ripped off by Finance Companies/fund managers/investment advisers, like Lombard, Hanover, Blue Chip, Five Star, ANZ, Money Managers, Glegg & Co, Capital & Merchant Finance, Strategic Finance, Nathans Finance and all the individual dogs associated with these companies and more.
But enough of the hand wringing. Those people want justice and that is what the SEC is there for. All we got was this wet dream:
"Paul, I think if you asked me what keeps me awake at night, it is precisely that people have lost this money, and that people's hopes and dreams have been destroyed and the fact that they've lost the capacity; very, very intelligent people who'd saved for their retirement are facing enormous challenges as a result of this disaster. And frankly that's the thing that motivates me and worries me more than anything, and that's why we need to take action to bring the people to book who actually cause these collapses. " Jane Diplock, Q & A April 18, 2010
Enough of the sympathy Jane, we actually want you to do something but instead you spend most of your time overseas when you should be here managing this mess in a more effective and timely manner.
Your public utterances are meaningless unless you back them up with evidence leading to prison sentences and reparations and so far you have failed on both counts.
Related
Transcript of Interview
Securities Commission
Q & A
Full list of finance failures
Related Share Investor Reading
Securities Commission needs a clean out
Are you experienced?
Sky City share offer confusing and unfair for small shareholders
Sky City CEO doubles down
More Moola Please!
Sweetheart deal for Fletcher Building's friends makes small investors sick
What 11 years of Stockmarket investing has taught me
Nuplex rights decision a dilemna for shareholders
NZX sneaks out embarassing carbon disclosure after dark
The NZX continues to lose ground with retail investors
Bruce Sheppard: Mark Weldon - "The Sherrif of Nottingham"
Discuss this topic @ Share Investor Forum - Register free
From Fishpond.co.nz
Buy Bird on a Wire: The Inside Story from a Straight Talking CEO & more @ Fishpond.co.nz
c Share Investor 2010
