tag:blogger.com,1999:blog-4815867514277794362.post1798699248399653571..comments2024-03-08T06:18:28.125+11:00Comments on Bronte Capital: My proposed bet with Peter Johnston from the Association of Independently Owned Financial Planners: an Astarra follow upJohn Hemptonhttp://www.blogger.com/profile/03766274392122783128noreply@blogger.comBlogger17125tag:blogger.com,1999:blog-4815867514277794362.post-67139559933238873542010-03-04T10:25:13.464+11:002010-03-04T10:25:13.464+11:00I agree that ASIC at some stage have to make a sta...I agree that ASIC at some stage have to make a statement. The liquidators statement re ARP Growth and ASF as to not being able to verify the EXISTENCE of the assets is the best we have so far.<br /><br />I gather ASIC have legal restrictions here as to what statements they can make.<br /><br />I wish I had all the details myself... <br /><br />JohnJohn Hemptonhttps://www.blogger.com/profile/03766274392122783128noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-41462409394829833872010-03-04T09:57:31.437+11:002010-03-04T09:57:31.437+11:00John
If you read this section of the HK ordinance...John<br /><br />If you read this section of the HK ordinance:<br /><br />http://www.hklii.org/hk/legis/en/ord/571/s378.html<br /><br />Pressure should now be put on ASIC to reveal their interim findings to stabilise the fund in question and give some assurances/certainty to investors.<br /><br />http://www.smh.com.au/business/fund-money-gone-to-dodgy-dealer-20100301-pdjy.html<br /><br />It is clear that investigations are underway in Hong Kong, yet those involved cannot talk subject to Hong Kong law which prohibits such communications.<br /><br />The only people who can tell us what is happening is ASIC themselves. So far - silence. ASIC at some point have to make a statement about what they have found.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-48062145995655736682010-02-20T13:03:04.432+11:002010-02-20T13:03:04.432+11:00John, few questions
1. Can you please explain for...John, few questions<br /><br />1. Can you please explain for us any motive that Johnston and Seagrim would have for their obvious "corpse cuddling" of Shawn Richard?<br /><br />2. Also explain why ASIC haven't put out a statement to the market about the stage and interim results of their enquiry.<br /><br />I have heard rumours in the industry that ASIC were up in Hong Kong before Christmas and are going again very shortly. This being the case why haven't they reported back?<br /><br />3. Also your views on why Johnston front footed it in the media and told everyone IOFP were getting a private investigator? When it is something you would do without telling the world.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-2757901327448881682010-02-20T10:15:53.127+11:002010-02-20T10:15:53.127+11:00The AIOFP stance on this is must be unnerving to t...The AIOFP stance on this is must be unnerving to the Financial Planning industry. Surely they should be leading the way, on behalf of their members clients, to bring to justice those that have committed this fraud? Unless of course, they were so deeply in cahoots with the perpretrators that they are trying to save their own skin. If this is the case, then the AIOFP charter is untenable. What does ASIC and the FPA say?johnnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-10400260690451284502010-02-19T11:13:40.429+11:002010-02-19T11:13:40.429+11:00Association of Incestuosly Owned Financial Product...Association of Incestuosly Owned Financial Productsjohnnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-69814330004715836002010-02-19T07:18:22.046+11:002010-02-19T07:18:22.046+11:00I admire the way you use your skills to uncover su...I admire the way you use your skills to uncover such shenanigans. Even more so, you admit that you are motivated by personal gain. The better your reputation, the more attractive your fund will be. There is no wrong in that, although you do run considerable risks with your reputation. But I guess you are the best person to assess that risk. <br /><br />In the mean time, may you serve as an example to other talented financial people, so they realize there are ethical ways to use their skills.investmentgardenerhttps://www.blogger.com/profile/18194524499415615866noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-14848008993322713022010-02-19T07:09:14.268+11:002010-02-19T07:09:14.268+11:00As for the Bush example of cutting marginal tax ra...As for the Bush example of cutting marginal tax rates, like Clinton did on Cap Gains, this pretty much demolishes your 'faith-based' inaccuracies against the efficacy of lowering marginal rates:<br /><br />CBO predictions of Tax Revenue in August 2003, post the passing of tax cuts, note the 1-yr lag before things really get going, economy-wise:<br /><br />In $Billions 2004 2005 2006 2007<br /><br />Predicted $1,825 $2,064 $2,276 $2,421<br /><br />Actual $1,880 $2,153 $2,407 $2,568 Total<br /><br />Unexpected Surplus $55 $89 $131 $147 $422bn<br /><br />The CBO was off by almost $400bn in just 4 years. <b>And they projected 30% growth to begin with!<br /></b><br />http://www.cbo.gov/ftpdocs/44xx/doc4493/08-26-Report.pdf<br /><br />In the first 3 years of the Tax Cut, growth averaged 4%, and an ALLTIME US record OF 12 quarters of 3%+ GDP growth in a row.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-30950853130939195832010-02-18T23:25:57.608+11:002010-02-18T23:25:57.608+11:00heroic
keep up the pressureheroic<br /><br />keep up the pressureAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-72899488850916852932010-02-18T22:41:59.533+11:002010-02-18T22:41:59.533+11:00Got to give stick it up to the financial planners....Got to give stick it up to the financial planners.<br /><br />I remember sitting in on an internal presentation on a product that would pay a one-off 10% commission to planners on funds invested. It was an absolute joke, though no one batted an eyelid at the fee. Thank goodness the project never got off the ground and I've since left the company.Alex Cnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-23671623687843133172010-02-18T21:28:52.844+11:002010-02-18T21:28:52.844+11:00I must say I thoroughly enjoy that blog and all th...I must say I thoroughly enjoy that blog and all the associated stories. Thank you, John!Unknownhttps://www.blogger.com/profile/04597000081692164057noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-2095672326897774882010-02-18T19:23:54.437+11:002010-02-18T19:23:54.437+11:00How much money? Good question - probably between ...How much money? Good question - probably between 100 and 200 million - about 10 thousand people - most losses a small part of retirement savings - some losses near total.John Hemptonhttps://www.blogger.com/profile/03766274392122783128noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-26054983502517873292010-02-18T17:35:45.619+11:002010-02-18T17:35:45.619+11:00Cowardice..ouch..Thoroughly entertaining John. Loo...Cowardice..ouch..Thoroughly entertaining John. Looking forward muchly to the next instalment in this saga..lolDonhttp://pyrmontvillage.com.au/noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-85435566720309455832010-02-18T16:26:18.419+11:002010-02-18T16:26:18.419+11:00how many people and how much money is at stake?how many people and how much money is at stake?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-55688818073789246502010-02-18T15:35:41.505+11:002010-02-18T15:35:41.505+11:00The main reason for using one of the planners and ...The main reason for using one of the planners and their wraps is that they also provide a superannuation compliance service. Super compliance is expensive and difficult if you do it yourself.<br /><br />Other people use them because they need their hand held. That is not wrong but the people do need to be careful they are not victims of the unscrupulous elements of the industry.<br /><br />JJohn Hemptonhttps://www.blogger.com/profile/03766274392122783128noreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-35222989972713320422010-02-18T15:12:20.106+11:002010-02-18T15:12:20.106+11:00Why would anyone use a financial planner?
At lea...Why would anyone use a financial planner? <br /><br />At least check how much commission the planner is receiving before investing in any funds.<br /><br />I believe the best Australian funds manager (Platinum) do not pay commission, so I wonder how <br />many planners avoid recommending that company.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-32912824495788732792010-02-18T15:08:29.346+11:002010-02-18T15:08:29.346+11:00wow - make sure you let us know how it turns out a...wow - make sure you let us know how it turns out and how much money they eventually recover.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4815867514277794362.post-57090108295423330252010-02-18T13:03:00.966+11:002010-02-18T13:03:00.966+11:00Before the Internet, Peter would have gotten away ...Before the Internet, Peter would have gotten away with it. But today, every person who can google and uses facebook/twitter/blogs is part of the press.<br /><br />There should be a blacklist for financial planners who have given self-serving advice that enriched themselves while impoverishing the less sophisticated and vulnerable.<br /><br />One can understand why they do it but it doesn't make them any less culpable.John Chewhttps://www.blogger.com/profile/03976415693080249921noreply@blogger.com