As long as David Cunliffe keeps defending foreign private ownership of our credit and currency - in which the wholesale credit liquidity provider - at the end of the discount interest chain - is foreign private owned institutions - we will remain in chronic historical balance of payments crisis and remain being absolutely screwed mo matter where we turn; https://youtube/watch?v=6yrkSMfBYDo John Key and many National Party MPs keep bringing up the global financial crisis of 2008 as a reason as to why they are not achieving certain things - when it is clearly documented for all to see that John Key - as head of Merrill Lynchs European Derivatives was himself a large part of the cause of the 2008 global financial crisis; publiccreditorbust.blogspot.co.nz/2013/03/john-key-new-zealand-prime-minister.html Article by Fran O’Sullivan titled – Key chases luck o’ the Irish – published New Zealand Herald July 20 2005; Key is clearly on a roll as he lists the options New Zealand could explore if it decided to abandon outdated ideology and take a more pragmatic approach to growing the economy. The former investment banker knows what he is talking about. As head of global foreign exchange for investment giant Merrill Lynch he shifted a considerable amount of his business to Ireland in the mid-1990s to take advantage of a 10 per cent tax rate for foreign investors. The investment was a runaway success. “We transferred across the aircraft leasing business, the complex interest rates derivatives business, the entire back office for global foreign exchange and a huge chunk of private clients’ business,” says Key. John Key – The Unauthorised Biography - Weekend Herald Sat July 19 2008 Merrill Lynch Senior Executive Steve Bollotti said of John Key “He revolutionised the blue blood investment banking sector.” We had this beautiful thing going because we were the first to supply margin trading to big hedge funds. We had the capability to cross-sell them several products using one bit of margin. Key explains: “I had a whole lot of people working for me who were at the cutting edge of delivering quite complex and new and innovative products. They tended to either be a new product or into a new market, usually the emerging markets, Russia, Brazil, Argentina. I wasn’t the guy sitting there dreaming it all up, but I was the guy who was responsible for those people.” Did he foresee the problems which resulted in the sub-prime crisis? “Was it hard to predict? Not really.”
Posted on: Sun, 02 Feb 2014 07:50:03 +0000
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