John Key's finance credentials (excerpts)
John Key started out as a money trader but by the time he moved to Merrill Lynch he did something entirely different albeit linked to the FOREX trade.
John Key had become a specialist in the Bonds and Derivatives trade. After the Bankers trust collapsed in 1995 after the Bank had been found guilty of Derivatives fraud John Key was head hunted by Merrill Lynch to become the global head for FOREX and the European head for Bonds and Derivatives (according to his own website).
According to the interview in the NZ herald of 19 July John Key peddled his toxic junk far and wide.
Next to that he was an upon invitation only advisor to Alan Greenspan and the privately owned Federal Reserve of New York, right at the time the bonds and Derivatives trade started to bubble up and in 1999 he had two years until he left to make a final killing in the totally unregulated rigged Casino that is selling Bonds and Derivatives to unsuspecting pension funds, Governments and Corporations.
In other words while the bankers were fully aware that Bonds and Derivatives were a mixture of good and bad loans, good and bad corporate debt or a stable and unstable bag of currencies they sold the bundles of crap as all tripple A rated and they are letting the chips fall were they may because they pocketed the money and when the music stops i.e. when the underlying assets (House mortgages, Corporate loans, Currencies) usually hyped up with an artificial bubble of easy credit collapses those holding the devalued derivatives (as in deriving their value from underlying real world assets) are the suckers. At Bankers Trust they had a term for how much the could rip of their customers. It was ROF (Rip off Factor)
... This didn’t start in the last 2 years this is only the end of 21 years of unmitigated Bankers greed and lies and John Key sharked around with the nastiest of them. The “Smiling Assassin” as he was fondly known by his colleagues made his $ 50 mill by systematically selling crap financial products and lying while he did it.
... Anyway that is what John Key and his banking mates have been up to.