This is a repost of an open letter I send to Eugene Bingham in December 2008. Rather than suing me for defamation or libel the NZHerald removed 5 pages of the internet version of the interview I’m referring too. The pages contained all the references to John Key’s banking career!
have the hard copy of the original interview and a pdf which I will post on this blog this weekend.
Eugene Bingham is a journalist for the New Zealand Herald and he has been the writer of most of the articles about John Key and has repeatedly interviewed him. He wrote amongst others the Unauthorised biography which appeared in the 19 July 2008 New Zealand Herald edition and is well worth reading.
I have stuck this post to the top and you will find the new postings appear below this one.
“You have sold your soul to the Devil and wrote the article as a PR stunt for the man who is now our Prime Minister but who is in fact one of the Arsonists of the perfect firestorm about to hit this poor small Nation.” Evelyn Gilbert
I have been thinking about writing this open letter to you for a while and today I felt was the right moment to tell you what I think about you and the way you have helped John Key get elected.
I will not beat around the bush. I’m not build that way, so here goes.
You are an insult to what was once a noble and very necessary profession in order to take our politicians to task if found wanting (thanks to the internet people like me can do our own research and we are no longer depending on frauds like you for our information).
You are either incredibly bad at your job because it appears that either you did not double check John Key’s story, something every self respecting journalist should do, or you have slipped over to the dark side and you willingly lied and allowed John Key to lie to your readers.
Either way you ought to be ashamed of yourself and resign today.
Why, you ask, is this blogger so crass in her accusations?
We have a government in which John Key is the Prime Minister. He has been elected based on information available and let’s not forget the much hyped need for “Change”.
In a functioning Democracy the press as the fourth estate is responsible for making sure that all the relevant information is available for the public to be able to vote in their best interest.
In the run up to an important election it is of the utmost importance that the public knows all about their politicians there is to know and if it means that a politician is not voted in because it turns out that said politician is a liar or a criminal than so be it.
In a time such as this when the entire global economy is crashing because of Wall street manipulations it is of the utmost importance to know everything there is to know of the most important opposition leader especially if that politician has made his money through parasitical speculation in the international finance world. That same world which is now collapsing due to it’s own irresponsible financial speculations.
Eugene, you failed to do that job so spectacularly and in doing so you helped put in power a man who has no business governing us in these times and the future will tell that you were instrumental in keeping information away from us that would have surely changed the out come of this election.
Let me give you but three examples of your failure to supply us with real information.
- The true relationship John Key had with Andrew Krieger and the attack on the NZ dollar in late 1987.
- The role John Key had in the Asian Crisis, the Russian collapse and the collapse of the LTCM hedgefund.
- The role John Key had in the Subprime trade and the real timeline of the Subprime crisis and the subsequent collapse of the global economy.
1. The true relationship John Key had with Andrew Krieger and the attack on the NZ dollar in late 1987.
You have in multiple articles told us that John Key only went to work with Andrew Krieger after Andrew Krieger in 1988. In fact you even give a specific date in this article. In it you state that John Key starts to work for the Bankers Trust on 29 August 1988. If this is true than John Key could not have worked with Andrew Krieger. Not for the bankers trust or any other bank. Because Andrew Krieger left Forex on 30 June 1988 and did not return to that trade until September 1990.
How do I know? Because Eugene, I did what you should have done.
I googled the name Andrew Krieger and Bankers Trust and found 3, that is three, (here, here and here) articles in the New York Times online archive (Especially put on line for journalists like you Eugene) written by three different journalists at three different times and each of those articles Chronicles Andrew Krieger’s career at that very crucial time. It turns out that Andrew Krieger (who because of his spectacular attack on the NZ dollar was a bit of a Wall street celeb) left the Bankers Trust in as early as December 1987 but no later than February 1988. He then went to work for George Soros as a senior manager from sometime March or April and left that position in June 1988. An interview with him in September 1990 reveals that he didn’t trade in the Foreign Exchange business beyond some very limited trading conducted solely for himself.
Other than that, the trade that made Andrew Krieger famous was conducted in mere hours only seven days after Black Monday (while New Zealand was still reeling from the worst crash in recent history) and if John Key was the sole manager of the hundreds of millions of dollars he traded in for Andrew Krieger as you state in your 19 July “Unauthorised” biography, it can only have been during that famous attack.
Eugene, if John Key traded with Andrew Krieger during what was the first speculative attack on a currency ever and which was followed by several world crisis provoking super attacks in which John Key partook don’t you think it would have been essential for us to know?
If John Key willingly engaged in behaviour that risked his country’s economy and he is prepared to lie or let you lie about it 20 years after the event I thought it would have been paramount that you let the public know especially in an “Unauthorised” biography. It sets after all a precedent. If he was prepared to collapse his own countries currency in a speculative raid than he would have no qualms about doing it to other countries either.
2. The role John Key had in the Asian Crisis, the Russian collapse and the collapse of the LTCM hedgefund.
Totally lacking in your “Unauthorised” biography is one of the most important periods in recent banking history other than the mere mention of how John Key came through the Asian crisis relatively unscathed and how John Key had to fire hundreds of colleagues earning him the nickname “the Smiling Assassin”.
Whether that is because John Key just fluttered over it while he spoke to you or you choose not to go into the subject it is never the less another gross dereliction of duty on you part.
The Asian crisis 1997 and the collapse of the Russian currency in 1998 were closely connected.
They were both the result of the actions of several hedgefunds. One of them being George Soros’s hedgefund and the other the Long Term Credit Management hedge fund also known as LTCM.
This hedgefund collapsed so spectacularly as a result of speculative Forex and derivatives trading it had to be bailed out by the Federal Reserve of New York in order to protect the entire global system from collapsing. John Key may or may not have been involved in the trading that lead to the collapse of the fund but you picture him as firing hundreds of his colleagues at Merrill Lynch, earning him the endearing nickname of the “Smiling Assassin” but the only time Merrill Lynch was forced to fire that many people was in the aftermath of the LTCM scandal putting John Key right in the middle of yet another major Forex scandal. In fact in 1999 John Key is introduced as the managing director of Debt in 1999 in this article.
How do I know? Because unlike you I did the research and a couple of simple google searches wielded al this information. So once again Eugene you either are bad at your job or you and John Key willingly lied to us, the punters.
3. The role John Key had in the Subprime trade and the real timeline of the Subprime crisis and the subsequent collapse of the global economy.
In what is perhaps either the most blatant show of ignorance on your part or perhaps the most blatant lie you state unequivocally in your “Unauthorised” biography that the subprime products were only hatched in 2004 and 2005.
That is outrageous. In fact it’s so outrageous that for this remark alone you should resign.
Why is this outrageous? Because it is common knowledge that house prices started to rise in the late nineties.
Not just in the US but around the world, including New Zealand.
This rise had nothing to do with higher wages, more prosperity or more production. In fact jobs in the entire Western world had been disappearing for years to China, wages were either stagnant or falling and more and more people had to take on debt to make ends meet.
That alone is a sign of bubble building.
But once again if you had taken the trouble Eugene to google subprime timeline you would have found this interesting Subprime timeline (just one of many) and this little graph telling you that as early as the beginning of 1998 the subprime markets exploded from less than 1% market share to a whopping 14%.
The years 2004 and 2005 was merely the time the bubble started to show it’s first cracks.
And if you had done your job and you would have spend another 5 minutes googling you would have found this graph as well.
And to top it off you would have found what enabled the subprime crisis and why it will inevitably collapse our economy together with the entire world’s economy, thanks to scumbags like John Key and his ilk aided and abetted by people like you.
What enabled the subprime crisis were three factors
- Easy CreditProvided by the Federal Reserve bank of New York and the City of London.
- The order given by the US Congress to Fanny mae and Freddy mac to give mortgages to every Tom, Dick and Harry and their dog. Yep, the US congress actually started the subprime mortgage selling. I suggest you read the timeline I linked to above.
- The repeal of the Glass Steagall act, unofficially in 1997 and officially in November 1999.This act put in place in 1933 to prevent Commercial banks from merging with investment banks to stop them from acting like the right side of the second graph had been promoted by Alan Greenspan since 1987 and had cost the Wall street investment bankers between $ 100 to $ 200 million dollars.It would have been inconceivable for John Key not to have known about the 1997 beginning of the subprime housing bubble build up because the repeal of this law was literally like giving the fox the key to the hen house and was greatly anticipated by every single Wall street/ City of London banker because it would strip every single bit of regulation away.In fact it was signed the same month John Key was invited to become one of only four advisors to the Federal Reserve bank of New York. He represented Merrill Lynch. The others represented Citibank, Lehman Brothers and UBSWahrburg. All those banks are either gone or in the process of going as a result of the subprime crisis.
These three items alone are enough to expose John Key as at least a liar and as the financial collapse progresses he will perhaps even be called a criminal as the mechanisms of the crisis will be exposed for what they are; The wilful manipulation of the money market by a small group of private banksters.
I said I would only take three issues on which you have been either ignorant or wilfully dishonest and I have shown comprehensively that you could have given us all the relevant information but you didn’t.
I could have added to that the derivative trade which has been building up another bubble about to collapse and in which John Key was a Key operator for Merrill Lynch or the collapse of the Bankers trust bank as a result of fraudulent Derivative trading or the fact that Andrew Krieger traded not in actual currency but in a Derivative called “options” connecting John Key to the Forex derivatives trade in as early as 1987. In fact in 2006 the Chinese government suspended the Forex Derivatives trade on the grounds that it was way to dangerous. The list is simply too long but rest assured Eugene, the information you refused us is out there and available to us.
In ending this open letter to you Eugene, I have to conclude that either you are staggeringly ignorant and therefore undeserving of your job as a journalist for a major newspaper in such a position to be tasked to investigate and write an “Unauthorised” (let’s face it there was nothing Unauthorised about the whole stinking article) biography of the man poised to become the next Prime Minister or you have sold your soul to the Devil and wrote the article as a PR stunt for the man who is now our Prime Minister but who is in fact one of the Arsonists of the perfect firestorm about to hit this poor small Nation. Either way the only honourable thing to do is to resign.
If you sold your soul to the Devil I hope he paid you handsomely because you are going to need every cent in the next 10 years as you find that less and less people can buy the rag you call home.
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