The fallout in the world banking, real estate markets tends to make one remember our own recently settled, so called “Finance Brokers Scandal”. This farce culminated with a payment from the coffers of our Government, authorised by the then incumbent Attorney General, of some thirty million dollars to a bunch of alleged “Poor Old Pensioners”.
These people are often better identified as persons claiming to be “sophisticated investors”. Most of them having claimed that status to enable them to invest their excess hundreds of thousands of dollars in various share, real estate and other deals. Often, their accountants issue special letters claiming this status. This, especially in share and real estate deals gives them double triple interest rates. They are mainly ex-bankers, brokers, successful entrepreneurs with a sprinkling of ex-cops.
Many of these ‘pensioners’ had more than one investment running simultaneously. That is, taking on the high risk investments, more than once, and having been paid the high risk interest on several occasions.
Enter a bad loan. Loss of interest, let’s go back to old pensioner status. Give up their sophisticated investor status. Perhaps a further letter from their accountant.