Its not Greed, Naive, Trusting, Stupid - Its regulatory neglect

What type of New Zealanders are we? Where is the New Zealand patriotic attitude when it comes to White Collar Crime and abuse of power. Why don’t our government face reality?.

Media reporting of the finance crisis of Bridgecorp, Blue Chip and the numerous others has been exceptional. The media continue to uncover the truth albeit that some get some of the minor detail a little wrong. Yet the Government and the ill-informed have taken the stance that investors were “greedy" “naive” “ trusting” “stupid”. How dear they.

This is insulting to those facing years of debt for useless professional financial advice. Where is our compassion and understanding as a nation? We have to blame the victim. Ignoring the emotion being felt by those cheated by greedy untrustworthy individuals whose own greed created this enormous disaster. Corrupt company directors and naive and stupid financial advisors who have destroyed the industry with the help of sleepy governance.

Prudent Company Directors and highly skilled Financial Planners and Financial Advisors have also fallen victims to these idiots. The ramifications are hitting New Zealand like a stack of dominos falling. We cant blame the rest of the world for our own neglect of governance and deception.
The critics and the power base have appalling minds as they choose to divert the responsibility away from those responsible.

Directors of failed companies and greedy financial advisors have rearranged the demographics of the finance industry, the financial markets, the banking industry, the financial planning industry, the property market and the economy. The government and their agencies took a long holiday whilst the financial advisers and company directors pushed their products through individual meetings and group seminars and puffery advertising, convincing thousands of ordinary New Zealanders to be sucked into their scams.

These New Zealanders are salt of the earth people – our mothers, fathers, families, neighbours and friends. These parasites convinced the cream of the hard-working New Zealanders that the products were the key to making life better for themselves and their families. Something we are all encouraged to do by our government.

The key to wealth for the perpetrators was to put fear of insecurity into the hearts of people that they would never afford retirement – and the investors believed this as it is being drummed into us every day. They sucked people into massive debt and/or financial dependency.
People thought they were doing things with highly skilled advisors or sophisticated and secure companies. There is no doubt that in NZ we would be justified in believing we would be protected. The Security Commissions approved literature that didn’t protect victims." The victims believed that the regulators were watching out for New Zealanders. When complaints surfaced the deceit was realised. This debacle of regulatory neglect is about the collusive nature of the villains and the lack of enforcement of current and efficient laws.

Why do some people see getting Financial Advice as a sin called greed? Why do we not respect the right of every member of our society to seek out ways to better ourselves. Why are we wrong to trust Financial Planners and the governing system?
The critics should go into the lounge rooms of these decent people and hear their tragic stories and perhaps then, we may develop a little more compassion to permit a true New Zealand spirit to come shining through.

Consumer Protection costs taxpayers millions and we do not get anything value for money.

The individuals who use the greed/ naive/ trusting/ stupid labels should hang their heads in shame.