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90 seconds at 9am: SFO called in to First Step funds; GDP due; Greece downgraded
December 23rd, 2009Bernard Hickey details the key news overnight in the final 90 seconds at 9am for 2009, including news from the New Zealand Herald that that the trustee for the First Step funds set up by Money Managers and Doug Somers Edgar has referred evidence of ‘improprieties’ by borrowers from First Step to the Serious Fraud Office for investigation.
Around 7,000 investors are owed NZ$457 million and NZ$170 mln has already been lost. Investors have only received NZ$223 mln back so far from their frozen funds.
Meanwhile, New Zealand GDP figures out today are expected to show GDP growth of 0.3 to 0.4% in the September quarter from the June quarter. The housing market recovery and higher export prices are helping.
The US revised down its September quarter GDP growth to 2.2% from 3.5% in annualised terms.
In Europe, Moody’s has downgraded Greece’s credit rating but less than expected, triggering a rally on European markets.
Alex Tarrant will present the first 90 at 9 for 2010 from January 11. I return on January 18.
Tags: 90 seconds at 9am, Bernard Hickey, Doug Somers-Edgar, First Step, GDP, Greece, Money Managers, new zealand
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December 23rd, 2009 at 9:50 am
Dougie taking his first step toward summers in a mezzanine financed unit with no key . If you’re double bunking with Terence or Warren , it’s them that’ll shriek yippeeeeeeeee !
December 23rd, 2009 at 12:46 pm
Bernard, this is a little early in the day for stating the OBVIOUS.
I am sure you may not be able to print this but here goes…….ANYWAY.
…a minor rant and short for the attention deficit readers.
Here GOES….
You need a new script writer and new spell checker for the Christmas humour.
NO SERIOUSLY…..
The SERIOUS FRAUD SQUAD …..are actually doing something.
A flight of fancy.
Unbelievable.
Readers will never believe that….not even funny.
A mere whimsy.
A misnomer if ever there was one…… SERIOUS FRAUD OFFICE…
OFFICE….must have been be closed for the CENTURY from my perspective.
SERIOUSLY.
I think they need a few staff. Some of those 1.7 million layabouts in make work schemes, would do.
By the way….I am serious…..it is strangely un- FUNNY from a TAXPAYER perspective all this is.
I am sorry to be so picky today,……..BUTT.
IMPROPRIETIES is spelt…..PONZI…
or the alternative spelling is FRAUD,
could even use the term THEFT,
BUTT it seems there is nothing on the Law or Statute books for the magnitude of this type of SHELL GAME….. in the SHAKY ISLES.
PS….
Improprieties infer something like the POLITICIANS stealing warrants….Hardly worth a mention.
And by the way…… I would have made out a few warrants there over the past year.
PPS…
BUTT…..I digress….
MONEY what….I think it is spelt….TAKERS….not…MANAGERS…..
PPPS…
FIRST STEP…..find 7000 MUGs and keep pouring on the PONZI charm, can get it in a bottle at CHRISTMAS….The mugs may need re-filling. I am sure most are EMPTY.
TRUSTEE……….. what…there is no such word….you made it up….
Implies trust…….
A little bit late….TRUST….that HORSE has already bolted.
The starting money has been lost on the also rans, that also RAN before…..MANY MANY TIMES.
Same JOCKEYS and OWNERS.
TRUSTEES…what will you THUNK of next.
ROGER….I hope the improprieties you allude to…. come a calling.
BUTT….we can HOPE….I hope they get it in the END..
ALEX…you might have a job to do today…
Follow that rant…and publish it……PLEASE.
Have a super duper day.
December 27th, 2009 at 2:21 am
Fantastic news that the Serious Fraud Office has finally being brought in to investigate Somers-Edgar and his shonky Money Managers organisation. The truth will finally come out – and in the appropriate forum – the High Court !
No doubt about it – investors are going to be mortified when the full facts are revealed at the conclusion of the SFO investigation. No doubt the Money Managers advisors will be ducking for cover as well !
Justice is about to be done – isn’t it Doug? And were all watching – just can’t wait !