Kiwis are asking a lot of serious questions about about the SCF debacle.
Down South, Cantabrians think their favourite financier was royally shafted by an at best uncaring or incompetent, and at worst cunniving and self-interested Government.
Elsewhere around Godzone, Kiwis are gobsmacked by the scale of the mess, how it could have been left to fester for so long, and the huge bill that they have been left to pick up.
All are left wondering how come “moral hazard” means hard up uninsured home owners cannot be covered, but senior debt holders in SCF can be paid out millions of interest, fees and profits. They want to know just who gained and who lost, how and how much.
For goodness sake the Government even widened the payout retrospectively to include non-residents and non-citizens! Kiwis want to know for whom, and at what cost, and why?
Make no mistake, this is the biggest bailout in NZ corporate history. It dwarfs, for example, Treaty settlements that were agonized over for years.
Others have contacted me to ask how come Hubbard was treated (they perceive) more harshly than other finance company heads that appear more self-interested.
Kiwis are fair minded. They want to know this kind of catastrophe can never happen again. They want reassurance their hard earned taxes have not been wasted through either incompetence or competing agendas.
As they are now paying the bill, they are entitled to real answers.