The Equaliser
Just about sums up the New Zealand year of finance on the second to last day.
A fool and his money are soon parted.
"Mum and Dad" shareholders again....which of course is code for a group in finance that could be termed "white middle class bloody idiots who only have wealth through accident". Those who have money but not enough brains to necessarily keep it.
Why on earth does a regulator have to run around nappy changing you to ensure you don't get ripped off?
This bloke simply offers you a lower than market price for your shares. If that is predatory then the entire free market must be an angry gorilla. If you don't want to sell them then DON'T!!! Why is it "immoral" to make an offer?
Why is it that the same "elderly and confused" people can tell a stranger at their door to naff off when they are offered half a million for a million dollar property, but in New Zealand it is considered predatory to bid for shares at lower than market value?
It is easy to see the current NZX value for your shares. Open up the damn paper. If you are too dumb or lazy to do that then you shouldn't be owning shares in the first place. If you are too confused or elderly then chances are you have forgotten you own the shares in the first place.
There's plenty of people in New Zealand too poor to own shares. Running around protecting white middle-class idiots who have accidentally received wealth with not enough brains to actually keep it, is not and never should be a priority of the State.
"Mum and Dad" shareholders again....which of course is code for a group in finance that could be termed "white middle class bloody idiots who only have wealth through accident". Those who have money but not enough brains to necessarily keep it.
Why on earth does a regulator have to run around nappy changing you to ensure you don't get ripped off?
"I get really angry at this sort of immoral behaviour," said one investor in an email to the Herald.
Another said: "These are ... sharks preying on the elderly or confused.",
This bloke simply offers you a lower than market price for your shares. If that is predatory then the entire free market must be an angry gorilla. If you don't want to sell them then DON'T!!! Why is it "immoral" to make an offer?
Why is it that the same "elderly and confused" people can tell a stranger at their door to naff off when they are offered half a million for a million dollar property, but in New Zealand it is considered predatory to bid for shares at lower than market value?
It is easy to see the current NZX value for your shares. Open up the damn paper. If you are too dumb or lazy to do that then you shouldn't be owning shares in the first place. If you are too confused or elderly then chances are you have forgotten you own the shares in the first place.
There's plenty of people in New Zealand too poor to own shares. Running around protecting white middle-class idiots who have accidentally received wealth with not enough brains to actually keep it, is not and never should be a priority of the State.
posted by Cactus Kate at 5:13 PM
13 Comments:
I love the "less than what they are worth" line. If the guy is offering a price, then you could argue that price is what they are worth!
I looked a buying a unit at mortgagee sale about a year ago, but decided against it (regrettably now). The agent was telling me it would sell about $100k less than "it's value". I tried to explain to him that if I was successful at the auction at the cut-down price, then that is what the property is worth (at that particular time). He never got it (and I never got the property!)
Goes to show that NZ shouldnt increase its savings rate, just makes a bigger target.
Someone should remind these cretins when they come to buy a house that it's 'immoral' to offer anything lower than the listing price.
"If the guy is offering a price, then you could argue that price is what they are worth!"
Um, only if the offer if the offer is accepted, surely?
I got one of these letters, and it was clearly a written offer to purchase my TEL shares for about $1.43 each. It occured to me aftert i binned it, to make a counter offer and post it back, but it had last nights leftovers smeared all over it by then.
How it could have been confused by some people as "official documentation I thought I had to sign" is beyond me.
JQP
As a boomer, agree entirely with yr post. Estmate 60% of us are wankers..
Deserve everything we bring on ourselves.
We make me sick!
Not kidding..
The truth may hurt some - but it is still the truth.
Its just more of the LCD theory that New Zealand runs on.
Yeah just what I was thinking.. If the individuals who recieve these letters are dumb enough to sell their shares then all this guy is doing is preventing some nigerian taking their money...
My widowed mother received several of these offers.
They are very deceptively written.
They don't say "We would like to buy your shares at this price...".
They are written as "Sign this form now and return it to us".
The total sum is written numerically and prominently at the top of the form.
The price per share is hidden. It is in text, not numbers, in the middle of a block of text near the bottom of the page.
I don't mind someone making a low offer.
But these letters must be as close to fraud as possible without technically breaking the law.
Quite frankly people who sold shares on the basis of Whimps letters are too stupid to own them in the first place.
Genius's comment is spot on.
My father worked hard to leave a nest egg after he died. He did all the finances and did it well.
My mother had no experience with shares until his death.
Initially she was frightened that she was broke and did not have enough to live on.
She had no idea if the dividends were enough and when they were due.
In our case, Dad briefed the kids on where to find every thing after he passed.
Comments like "dumb enough to sell their shares" and "too dumb or lazy" are unkind to people in this situation.
There is a huge amount of arrogance from some posters here, including Cactus kate.
People like Whimp are not targeting normal shareholders, they are targeting the unsophisticated widows or weak minded and other people who may have inherited/been given shares and have no idea of there value.
And at Christmas.
People like Whimp are the scum of the earth, and don't need defending from some of the arrogant dickheads on here.
How can they "target" anyone? They sent the letters it seems to everyone.
Graeme - I have had a similar situation in my family and guess what? Any responsible family deals with it precisely how yours and mine did.
If people receive money without the education or confidence to deal with it then they should seek professional advice. If they don't then it is no one else's fault but their own.
I actually received one while on holiday which I opened today a day after the offer expired. I must say that the timing is a bit suspect, arrives 28 December and closes 7 January.
Loved the counter offer suggestion might try it just to see if I get a response next time. My family lawyers and accountant were across the dinner table when we discussed this issue ( my father had just been mailed the same offer I got ) Didn't occur to any of us to do that, mind you we were enjoying some rather good wine.
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