Update: The deal was the result of the AMI, IAG and the Crown negotiating with each other and the Government taking the claims over. What is the distinction between the two and why was this distinction described in the newspaper?
Was that because the Reserve Bank was involved in the negotiations and if so was there a huge conflict of interest with one of the members of the board?
I would be very interested in hearing your opinions about this?
This week the first of the New Zealand bailouts came to pass. IAG Australia bought the still functioning bits of AMI Insurance while you, the tax payer, where dumped with a $ 1.8 billion in bad bits.
That is what it means if the “Government” promises to pay out claims for an insurance company.
That this would happen was predicted by none other than Gordon Duff. Senior editor of Veterans today stated in a recent email to me in the aftermath of an interview I was able to conduct with the intervention of Vinny Eastwood from the Vinny Eastwood show. In the email he stated that:
but also…there will be “off the books” debt which will be migrated into the public sector… this would be his “tasking”
And so it begins. Be prepared for more banks all of a sudden needing bail outs and getting rid of their Derivatives gambles.