Lombard director seems unashamed

That to most people would be a matter for regret. Of course you’ve said you’re sorry investors lost the better part of $ 100 million. Aren’t we all?

But the way you tell the story, the Kiwi finance company collapses were all to do with those big bad American investment banks playing fast and loose with the global financial system, and very little to do with those in charge of running the firms.

Curious, because it wasn’t the impression I got sitting on the press bench at the High Court as a seemingly endless stream of finance company litigation played out.

Low quality and often- related party loans on property developments of dubious value, coupled with desperately tight liquidity, were hallmarks of a sector which was caught starkers when the tide went out.

Once one fell – and Bridgecorp, Nathans Finance and Five Star Consumer Finance had all gone in the months before you signed off on the offending Lombard prospectus – they pretty much toppled like dominoes.

Hooker says she teaches her children to apologise and to try to put things right when they err. That’s called taking responsibility for your actions. Your answer when you were asked if you’d taken enough personal responsibility over Lombard – that it was ‘‘ for others to judge’’– shows you haven’t quite grasped the concept.

You’re very big on New Zealand learning lessons from the finance company sector collapse. It’s hard to learn lessons if you don’t own what happened, Bill.

‘‘ Disingenuous’’ is the polite term for what you’re being. Yours sincerely, A journalist who covered far too many finance company collapses. Maria Slade is editor of

magazine. maria. slade@ fairfaxmedia. co. nz