Update on Part 1: John Key and the 1987 attack on the NZ dollar.

While preparing for Part 2: John Key and the Asian crisis, I came upon some interesting information that makes in impossible for John Key to have worked hand in glove with Andrew Krieger at the time he says he did. In fact it makes it abundantly clear that either John Key had a serious memory lapse, the NZ Herald journalists made a grave mistake in their timeline or we have not been told the whole truth.

John Key claims to have left Elder to start working for the NZ Bankers Trust in 1988. The Bankers Trust, so we are told bought him out of his three years contract with the condition he was not to start in his new job for three months.

John Key claims he started to work with Andrew Krieger and through him Andrew Krieger bought and sold millions of NZ dollars. The relationship was an enduring one and went on for a fair amount of time. Since he started working with Krieger after he attacked the NZ $ the NZ Herald claims he can not be associated with the damage done to the NZ economy as a result of the attack and he comes through as squeaky clean in what was notably a brutal attack on a small currency. The Bankers Trust made some $300 million and the economy recovered but  it could have ended up like the Asian crisis and it could have pushed the NZ economy into a massive recession.

Well in turns out that John Key is not as squeaky clean as we are let to believe. It is all those registrations and online data bases that make it so difficult to keep a story straight so let’s have with the facts.

Andrew Krieger attacked the NZ $ in the Autumn of 1987. Andrew Krieger left the Bankers Trust New York head quarters were he had served as the Global head for foreign exchange in February 1988. (See the previous post for links to original news paper article) This is all on record because it was a move that set Wall street mouths wagging because Andrew Krieger had become a legend as a result of his daring attack on the NZ $.

John Key claims he went to work with Andrew Krieger in 1988 while working for the New Zealand branch of Bankers Trust. However the Bankers Trust was not registered at that moment with the Federal Reserve until June 21, 1988 when it registered as a Holding with an amendment as a bank open for business until August 22 of that same year. A quick telephone call to the NZ Federal Reserve confirmed that anyone can start banking activities but if you want to be an official Bank and carry that name you can only do so after registration. Andrew Krieger (see initial post for links) started to work for George Soros in March 1988 and left again in June 1988 to start his own business as consultant. He does not trade in currencies until he re enters the Forex market with his own business until September 1990 More then 2 years after he left Soros.

If John Key worked with Andrew Krieger he must have been working for the Bankers Trust Australia and he must have left Elders a full year earlier that he says he did. He may well have started work in 1988 in New Zealand when the Bankers Trust opened a Branch here in June 1988 but his work with Andrew Krieger can only have been done if he went overseas to Australia to work for Bankers Trust Australia.

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