Investigators swoop on Hanover

Investigators swoop on Hanover
Within hours of receiving complaints yesterday, the Commerce Commission took the unusual step of announcing an investigation into whether Hanover Finance had misled its investors and the public. "The investigation is into whether Hanover Finance has breached the Fair Trading Act by making misleading representations to prospective investors and/or the public generally," the commission said yesterday. A finance company expert yesterday told the Herald he was "not optimistic" about the level of likely returns to Hanover's debenture investors but it was far too early to make estimates. The expert, who did not wish to be named, said Hanover's lending was not "top notch".

Okay, put aside my numerous complaints about the merging of the Serious Fraud Office (SFO) into the Police and my criticism that this smacks of the Police trying to take the no right of silence power, put aside my point that if you really want to hurt gangs go after their financial structures with the original version of the SFO, put aside the fact that the new Organised and Financial Crime Agency will mostly be warped into pointlessly chasing gangs and letting white collar criminals off the hook oh and also put aside the fact that the former SFO Director David Bradshow told Parliaments law and order select committee that the SFO was being used as a sacrificial lamb for the Government gang crackdown – let’s just forget all those very salient points for a second – answer me this – why would we be dismantling the only specialized financial forensic investigation department just as the 25th financial company has been announced collapsing with another set of shady allegations against filthy rich corporate elite who live in mansions while the investors get cents on the dollar. Why dismantle the department that specializes going into complex financial deals constructed by very clever people and how come this decision has been made with so little debate?