Ain't Globalization Grand?

Two familiar names from the US deleveraging debacle are spreading their joy to little ol’ New Zealand. Where the wise virgins (OK, maybe not so wise; those yields were probably a clue) have taken it in the privates over the last year or so with the collapse of a dozen or so finance companies caught with, among other things, failed real estate developments and dodgy consumer loans.

But at least some of the crooks are already getting their day in court. To put things in perspective, Bridgecorp’s loss of $NZ 460 million affecting 14,500 investors would, in the U.S., be roughly equivalent to just over 1 million investors being taken for roughly $26.5 billion (based on the mid-2007 exchange rate of NZD=USD 0.77). Just a flesh wound. 

Car dealers’ finance company laying off workers in NZ

 

GE Money pulling the pin on NZ market

NZ Press Association via The NZ Herald Oct. 24 2008

Comments

[notsosmart:]

2g's.globalization & greed.

2008 Oct 28 02:02 PM