” …a sense in which Andrew Little is responsible is that he has been part of a campaign of deliberate lies… It is very sad that an opposition party would [behave] so dishonestly…”
Given John Key’s entire tenure as prime minister is built on lies, this from Matthew Hooton over at The Dimpost’s comment section is somewhat ironic, and insulting.
In October 2008 as the then opposition leader, Key maintained his 1991 statement to the Serious Fraud Office investigation into failed corporate high-flier Equiticorp and it’s fraudulent H-Fee transactions with Australian corporate giant Elders IXL, was accurate. But his well documented relationship with infamous New York based Bankers Trust currency raider Andrew Krieger says otherwise.
We know Key worked with Krieger, this was confirmed in great detail by hi Bankers Trust boss Gavin Walker* in February 2008. Telling media Key knew everything Krieger was executing across the Auckland Bankers Trust’s branch’s trading desk; indeed looking after Krieger was part of Key’s job description. Key himself has said he can still recall his first phone call with the trader, saying Krieger asked him about New Zealand’s GDP and it’s monetary supply.
We can also be sure Key was at his previous firm Elders Merchant Finance on 17 August 1987, as he filmed for Close Up’s “Big Dealers” episode on that day. What we know of Krieger is that he resigned from Bankers Trust on 23 February 1988. His resignation is well documented, having been reported in the New York Times, the Wall Street Journal, and later in Krieger’s own book, ‘The Money Bazaar’.
To have worked with Krieger, which there is no doubt, Key needed to have left Elders Merchant Finance to start with Bankers Trust sometime after 17 August 1987 but before Krieger’s 23 February 1988 resignation date.
Therefore Key’s statement to the Equiticorp inquiry in which he told investigators he left Elders Merchant Finance for Bankers Trust on 31 August 1988 can only be a lie. His insistence to voters in October 2008 that his statement was entirely accurate can only be another one.
Lying to an SFO investigation carries a maximum $15,000 fine or twelve months jail, more for conspiring to mislead, and I think any investigation would find that’s exactly what Key (and his ex-Elders colleague Paul Richards**) did.
Time to go John.
* Gavin Walker, current Chair, Board of Guardians of New Zealand Superfund
** Paul Richards, current head of Foreign Exchange Distribution, UBS, North America
Key stating he’s the one standing up for the victims of crime. Like he did when he lied to the 1990’s Serious Fraud Office investigation into failed corporate Equiticorp? Whose execs defrauded 55,000 shareholders of over $400 million? An investigation he was happy to mislead to help out his friend who was facing charges for facilitating $40 odd million of that fraud?
Yeah victims, Key rarely cares about them.
“Except white collar crime, if it’s white collar crime then I’m probably comfortable with it”
Which of these currency traders turned politicians lied to a 1990’s joint Oz & NZ investigation into corporate fraud?
Which of these currency traders turned politicians lied to a 1990’s joint Australia & New Zealand investigation into corporate fraud?
More info in the links below:
Every time I read a story about Key lying I cringe. I cringe because the caliber of this man was there, ready for the exposing back in 2008.
One week before the election Key’s 1991 statement to the Serious Fraud Office investigation into failed corporate high-flier Equiticorp surfaced. Key had been interviewed by investigators and went on to corroborate the information an ex-colleague had given to the inquiry. This colleague/friend was facing fraud charges and Key’s statement, parts of which are now a matter of public record, confirmed the two had met for lunch on a particular date, and during that lunch meeting another event (of interest to the investigators) allegedly happened. Despite there been an issue with the date, but both men where steadfast they were remembering it correctly because the date was “Key’s farewell”. Key, they alleged was leaving one company for another and they were celebrating his last day.
However this timeline conflicts with media reports from February 2008 that discuss at length Key’s working relationship with infamous currency trader Andrew Krieger at this new firm. Key’s ex boss, Gavin Walker, discussed at length this relationship, as did Key himself, telling journalists’ he could recall his first phone call with Krieger, where the New York based trader asked him about New Zealand’s GDP and monetary supply. Walker told John Roughan, for his book “John Key: Portrait of a Prime Minister”, he gave Key a list of top clients on Key’s first day, of which Krieger was one of them. Krieger himself though resigned from the firm some six months before Key told SFO investigators he started with the firm. Krieger, not only resigned from the firm six months before, he removed himself from the currency markets altogether two months before Key’s SFO statement alleges he started with Krieger’s firm.
What is most disturbing about all this is not that Labour’s Mike William’s was pilloried for trying to uncover information about the SFO Equiticorp investigation, accused of dirty politics, although that was pretty disgusting in itself; rather, instead of investigating the discrepancies in Key’s statement, his SFO statement was used as ‘proof’ he was telling the ‘truth’.
I ask you New Zealand, if Key’s SFO statement is not a fabrication, then his relationship with Andrew Krieger is, and if his relationship with Andrew Krieger is true, the his statement to the SFO a lie.
Either way, John Key is a liar. It’s hightime someone called him out on it.
Yours sincerely, Enough.
(Originally appeared as a comment on TheStandard)
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
- 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
- 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?
Click to view:
2008 30 October Radio New Zealand: Kathryn Ryan(Nine to Noon) interviews John Key about H-Fee a week before 2008 General Election