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Bernard Madoff - Source: Reuters -
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It was a tough year for the global economy in 2009 - a year that cast a light on the grim, the naughty, the unfair, and some little threads of wisdom.
Here are some of the things those in the world of business, economy and finance had to say in 2009:
- "Some are saying we are witnessing the biggest destruction of
global wealth the world has ever seen."
NZ Reserve Bank governor
Alan Bollard describes the global
financial crisis at the government's Job Summit in February.
- "It's fallen off a cliff."
Billionaire US investor
Warren Buffet describes the US
economy in March. US economic developments were close to the worst
case he had imagined and he said recovery would not happen
fast.
- "An error of judgment."
Swindler
Bernard Madoff describes his $US65 billion
investment fraud. It was the biggest robbery in Wall Street history
and he was handed down a 150-year sentence.
- "I would die and go to hell if it's a Ponzi scheme... If it
was a Ponzi scheme, why are they finding billions and billions of
dollars all over the place?"
Texas financier
Allen Stanford, accused of fraud worth $US7
billion, in April denies allegations that he ran a Ponzi scheme
targeting clients of his offshore bank in Antigua. Stanford faces
life in prison if convicted of all 21 criminal charges against
him.
- "It is morally reprehensible and fiscally irresponsible to
expect bonus money for bringing a corporate giant to its
knees."
US Democratic Representative Carolyn Maloney speaks her mind
following the giant US insurer AIG's decision to pay $US165 million
in bonuses after receiving $180 billion in government aid.
- "It makes me angry. I slammed the phone more than a few times
on discussing AIG."
US Federal chairman
Ben Bernanke told CBS' 60 Minutes in
March how he felt about AIG.
- "The exorbitant salary sends a terrible message to Telecom's
workers. It also sends a strong message that there are two
standards of fairness - one if you are a highly-paid executive and
another if you are an ordinary worker."
Labour MP Darien Fenton criticises the remuneration of
Telecom's top executives at a time when workers were facing
lay-offs with no redundancy pay. Telecom CEO Paul Reynolds received
his full performance bonus alongside his $1.75 million base salary,
totalling around $5 million, despite an almost 43% fall in the
company's profits.
- "We intend to charge for all our websites." "Quality
journalism is not cheap."
Media mogul
Rupert Murdoch on his master plan to be a
trailblazer in the new digital age.
- "I think I will just keep my head down for a long time and get
on with it."
Hanover Finance owner
Mark Hotchin responds to reporters
when asked if his reputation will recover. He became unpopular with
investors as he continued to construct a multi-million dollar
property on Auckland's exclusive Paritai Drive while Hanover
investments continued to collapse.
- "It's about having a go. It's not about being afraid of making
a mistake or having a bad outcome... That's why we've survived.
It's that ingrained culture to have a go. Cut your losses, ride
your successes and keep on learning and keep on getting
better."
Hugh Fletcher of Fletcher Building shares his secret on how
the company has survived for 100 years.
