A Goldman Sachs-organised, ‘risk-free’ loan of $200 mill Kiwi Savers’ funds is now LOST after the bank collapses – still trust your government?

Seriously do you still trust your government which really is a corporation, to swan around the planet investing your hard earned cash in foreign banks? A ‘risk-free’ loan TO a bank that’s subsequently crashed … really? Check out our previous articles on Kiwi Saver. This is not the first time things have run amok. Kiwis funds have disappeared from their accounts folks by the thousands. Not a few cents …. thousands of dollars. It’s fast coming time the only safe place to put your hard earned cash is in your sock or under your mattress … sadly. The banks already have the right to hair cut your savings should they go bust (Open Bank Resolution – google it) and it appears they haven’t circulated that information to well because few seem to know about it. Your representatives tax themselves at 2.8% while middle income workers are taxed 28%. See whose nests they are feathering … it isn’t yours.
Time to wake up Kiwis.   EnvirowatchRangitikei

Search for other banking articles in ‘categories’ (left side of page).


 

NZ Super Fund’s $200m loss

Matt Nippert   (Herald Business)
(Matt Nippert is a business investigations reporter)

Almost $200 million of taxpayer money invested through the Kiwi Superannuation Fund has been lost after a Portuguese bank where the money was invested, supposedly as a “risk free” loan, collapsed.

The Super Fund, set up with public money to cover partly the retirement costs of baby boomers, has revealed it had been caught up in last year’s collapse of Banco Espirito Santo (BES) and a US$150m (NZ$198m) investment made in July had been completely wiped out.

The investment was a contribution to a Goldman Sachs-organised loan to the Portuguese bank, but only weeks after the money was injected it imploded, with president and founder Ricardo Salgado arrested as part of a criminal investigation into tax evasion.

After disclosing billions of Euros in losses, and facing a run on funds by depositors, the bank collapsed in a heap and was broken up in August.

Goldman Sachs, described by Rolling Stone as “the great vampire squid” for their sharp business practices in the run-up to the global financial crisis, today said it would “pursue all appropriate legal remedies without delay” in an attempt to recover the loans to BES.

READ MORE: http://m.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11404653&ref=NZH_FBpage

Advertisements

2 thoughts on “A Goldman Sachs-organised, ‘risk-free’ loan of $200 mill Kiwi Savers’ funds is now LOST after the bank collapses – still trust your government?”

  1. Well they are all chasing their tail as the redress, is not going to be in the UK as expected, but all claims are being dealt with in Portugal. You Loose! Good luck to all those trusting Kiwi Savers out there. Perhaps I could give some advice to those investors. If the government is involved, RUN! If the banks are involved, RUN! Get the picture?!

    Liked by 1 person

Your comments are welcomed

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s