Things Get Really Serious for Mike McDonald

Mike McDonald, formerly of McDonald & Co. Accountants, is being investigated by the Serious Fraud Office!

How do I know this? Well for some time the police at Manukau city Financial Fraud Team have been looking into his affairs.  I rang the officer involved a few weeks back to ask if the police were still investigating him.  He said the matter had been referred to the SFO.

So I rang the SFO and someone got back to me to say yes they are investigating him.  That person couldn’t give me any details (understandable) and asked me not to blog about it for 2-3 weeks.  Which I was happy to do since I don’t want to hurt their investigation in any way.

So there we are, this guys is seriously bad news.  According to the SFO website:

– Multi-victim investment fraud
– Fraud involving those in important positions of trust (e.g. lawyers)
– Matters of bribery and corruption
– Any other case that could significantly damage New Zealand’s reputation for fair and free  financial markets minus corruption.

So I would say it would be fair to say Mike McDonald, formerly of McDonald & Co. Accountants, is in a fair bit of trouble.  Of course, innocent until proven guilty, but these guys don’t usually muck around on cases where any alleged offending isn’t of a provable nature.

Time will tell where all of this goes and what, if any crimes have been committed and what, if any charges/convictions will be made.

This is What Happens When You Let Planners Run Things

Stockholm, a lovely place to visit.  I wonder if Auckland Council planners go on holidays there?

The trouble is, housing-wise it’s a disaster.  Turns out you can’t rent a place there for love nor money and housing prices have gone up 300% in the last 13 years…

Here’s the article on it.  And here are a few choice bits:

First, the city wait list for a new apartment is now 15 years on average

Stockholm is today one of the few capitals in the world where you cannot simply move to and hope to find a rental. You either have to wait in Stockholm’s official housing line, which has about half a million people ahead of you, or you can wait in one of the co-op lines, which own 28% of rental properties. Yet, if you look to Sweden’s largest co-op, there are exactly zero apartments available in Greater Stockholm.

In the last 10 years, 35,000 rental properties have been converted to condos with the result that the black market for getting a rental property is $29,000 per room. To be clear, that means paying someone $29,000 just for the right to rent that room.

Either way, with construction moving at a slow pace, and at the highest cost in the EU—72% above the average—the people of Stockholm and those moving in have figured out that with little or no new supply, the only way to make it work might be to move in with somebody, not by choice but by necessity. This is what decades of too little construction have led to: a new Stockholm Syndrome.

We’d have this here if the National government wasn’t taking on the councils.