This is rich coming from John Key and what’s more he is lying through his teeth. John Key has worked with some of the most reckless and irresponsible traders and banks in functions that can only be described as predatory.
This crisis has been 20 years in the making and John Key has been fully aware of the build up and was one of the bankers instrumental in the set up a process that what will end in disaster.
I dare John Key and his lawyers to call me on this one. I’ll be waiting to make good on the following:
Either John Key was the most ignorant, incompetent man to have ever been involved in investment banking or,
John Key is a lying piece of shit.
He lied for starters about his career timeline in the late eighties. If he dealt in many hundreds of millions of dollars as is told in the NZ Herald in this interview he must have done so while dealing with Andrew Krieger in late 1987 while Andrew Krieger was attacking the New Zealand dollar in a purely speculative and predatorial attack. At no other time ever was there such a huge traffic in NZ dollars by one trader. Ever!
John Key states multiple times in the MSM that he worked with Andrew Krieger when he “started” with Bankers Trust in late August 1988. This link, this link and this link prove him a liar.
These links, to the New York Times online archive written in Februari 1988, June 7 1988 and September 1990 chronicle Andrew Krieger’s departure from the Bankers Trust in Februari 1988 and Andrew Krieger’s departure from the Forex trading floor in June 1988. He did not return until September 1990.
If as both John Key and his then boss state he worked with Andrew Krieger he could not have done so in September 1988. So either he lies about working with Andrew Krieger or he lies about the time he worked with Andrew Krieger. If John Key worked with Andrew Krieger he was working with Derivatives. More particularly with a speculative derivative called an Option.
Speculative trading in derivatives are what is causing the current crisis. In 1987 when Alan Greenspan came to power it was he who dusted these speculative instruments off and allowed bankers to start trading in the again. Why had they been banned? Because they were the very speculative instruments that caused the first “great depression”.
Prime Minister John Key has hit out at his former money trader colleagues, accusing some of helping trigger the global financial crisis with a “reckless” attitude to risk.
In his first formal address since being sworn in as Prime Minister on Wednesday, Key told a gathering of some 500 business leaders from 21 countries at the Apec meeting in Lima, Peru, that financial regulation was urgently needed to haul the world out of the credit crisis.
Key said the global economy had been fuelled by an unprecedented amount of credit obtained through “huge amounts of leveraging” by hedge funds and other financial institutions.
“These forces were in turn fuelled by excessive optimism in asset markets and a more relaxed, and in many case, recklessly complacent attitude to risk,” Key told the chief executives.