Key’s Impossible Timeline

May 1991 John Key is interviewed by the Serious Fraud Office

  • He is asked to corroborate the statement of an ex colleague
  • This colleague has told them he could be sure of a date, 31 August 1988, because he had allegedly gone to lunch with Key that day
  • They both tell investigators this lunch occurred on Key’s last day at Elders Merchant Finance
  • They can remember the date because it was Key’s ‘farewell lunch’
  • He was leaving Elders to go to Bankers Trust

Official timeline

  • Key resigns Elders Merchant Finance 24 June 1988
  • His last day 31 August 1988 shares a farewell lunch with a colleague
  • He starts at Bankers Trust sometime after 31 August 1988

However, we’ve been told

  • On first day at Bankers Trust Key was given a list of premium clients
  • On that list was Andrew Krieger, based at the company’s New York branch
  • Key was responsible for managing the relationship with Krieger, it was part of his job description
  • Krieger’s trades helped to turn the local Bankers Trust branch into the number one dealing room in the country

Here’s where the official timeline goes wrong

  • Krieger resigned from Bankers Trust New York on 23 February 1988
  • His resignation is well documented, appearing in both the New York Times and Wall Street Journal at the time as well as discussed later in Krieger’s book
  • Krieger quickly bores of currency trading and leaves the currency markets in June 1988; not returning to them until late 1990
  • Krieger’s resignation is some six months before the date Key tells investigators is his last day at Elders; Krieger’s departure from the currency markets is two months prior

Proposed timeline/events

  • Resigns Elders sometime between June 24–September 15 1988
  • Immediately leaves the firm but is subject to ‘Gardening Leave’
  • During this period he collaborates with the firms New York office in some heavy duty currency speculation
  • 70% of Bankers Trusts’ currency trades were done in overseas markets, hence Key is able to carry on trading during his gardening leave
  • Gardening leave ends sometime early 1988 and Key’s official start with Bankers Trust begins

If Key told SFO he started working at a company in 1988, but evidence suggests it was 1987, then he has lied to them and New Zealanders’ deserve an explanation.  Read more here: John Key did you lie to the Serious Fraud Office?

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