One of Parliament’s richest MPs, John Key, admits his fortunes have suffered as global share markets are battered over the international credit crunch.
“I’m worth less than I was,” Mr Key said.
The National leader would not be drawn on the amount carved out of his personal fortune by falling share prices, but said it was not a huge loss. “I wouldn’t describe it as material.”
Mr Key built his wealth as a top trader and then as head of global foreign exchange for investment banker Merrill Lynch in London, which offered key staff big “guarantees” in the form of stock options.