Down the drain

This ida is - in my opinion - a waste of time and money. Just stop clutching at straws and look at the basics: 1. Key Data is in Administration 2. Key Data had misled everyone. KPMG wanted their reference removed from the literature and Norton Rose said it was non compliant. 3. There were secret, very large ‘commission payments paid to offshore accounts – how shady is that! Just get on with it and pay the duped customers out in full. Use the bail out funds and presumably Mr Ford himself will be subject (once investigations are complete) to several financial sanctions. Not least because of due diligence failings. Elias was a know crook before he met Ford, why didn’t Ford know about his background and if he did what was he thinking of doing business with such a crook? This is before regulatory consideration of the failings mentioned above and no doubt other significant failings which the Regulator will uncover. Is there any doubt that this was a very sloppy and poorly run organisation? If found culpable other sequestrated assets (such as Mr Ford’s Swiss assets , his UK assets, the secret commissions and his offshore Trust Funds – not to mention a zonking fine that should be imposed by the FSA) could all help to make an orderly wind down. Any balances will no doubt have to be found via additional levies. After the cap it falls to the industry as a whole. May as well bite the bullet and move on.

Posted by: Harry Katz

Down the drain

This ida is - in my opinion - a waste of time and money. Just stop clutching at straws and look at the basics: 1. Key Data is in Administration 2. Key Data had misled everyone. KPMG wanted their reference removed from the literature and Norton Rose said it was non compliant. 3. There were secret, very large ‘commission payments paid to offshore accounts – how shady is that! Just get on with it and pay the duped customers out in full. Use the bail out funds and presumably Mr Ford himself will be subject (once investigations are complete) to several financial sanctions. Not least because of due diligence failings. Elias was a know crook before he met Ford, why didn’t Ford know about his background and if he did what was he thinking of doing business with such a crook? This is before regulatory consideration of the failings mentioned above and no doubt other significant failings which the Regulator will uncover. Is there any doubt that this was a very sloppy and poorly run organisation? If found culpable other sequestrated assets (such as Mr Ford’s Swiss assets , his UK assets, the secret commissions and his offshore Trust Funds – not to mention a zonking fine that should be imposed by the FSA) could all help to make an orderly wind down. Any balances will no doubt have to be found via additional levies. After the cap it falls to the industry as a whole. May as well bite the bullet and move on.

Posted by: Harry Katz

Down the drain

This ida is - in my opinion - a waste of time and money. Just stop clutching at straws and look at the basics: 1. Key Data is in Administration 2. Key Data had misled everyone. KPMG wanted their reference removed from the literature and Norton Rose said it was non compliant. 3. There were secret, very large ‘commission payments paid to offshore accounts – how shady is that! Just get on with it and pay the duped customers out in full. Use the bail out funds and presumably Mr Ford himself will be subject (once investigations are complete) to several financial sanctions. Not least because of due diligence failings. Elias was a know crook before he met Ford, why didn’t Ford know about his background and if he did what was he thinking of doing business with such a crook? This is before regulatory consideration of the failings mentioned above and no doubt other significant failings which the Regulator will uncover. Is there any doubt that this was a very sloppy and poorly run organisation? If found culpable other sequestrated assets (such as Mr Ford’s Swiss assets , his UK assets, the secret commissions and his offshore Trust Funds – not to mention a zonking fine that should be imposed by the FSA) could all help to make an orderly wind down. Any balances will no doubt have to be found via additional levies. After the cap it falls to the industry as a whole. May as well bite the bullet and move on.

Posted by: Harry Katz

Down the drain

This ida is - in my opinion - a waste of time and money. Just stop clutching at straws and look at the basics: 1. Key Data is in Administration 2. Key Data had misled everyone. KPMG wanted their reference removed from the literature and Norton Rose said it was non compliant. 3. There were secret, very large ‘commission payments paid to offshore accounts – how shady is that! Just get on with it and pay the duped customers out in full. Use the bail out funds and presumably Mr Ford himself will be subject (once investigations are complete) to several financial sanctions. Not least because of due diligence failings. Elias was a know crook before he met Ford, why didn’t Ford know about his background and if he did what was he thinking of doing business with such a crook? This is before regulatory consideration of the failings mentioned above and no doubt other significant failings which the Regulator will uncover. Is there any doubt that this was a very sloppy and poorly run organisation? If found culpable other sequestrated assets (such as Mr Ford’s Swiss assets , his UK assets, the secret commissions and his offshore Trust Funds – not to mention a zonking fine that should be imposed by the FSA) could all help to make an orderly wind down. Any balances will no doubt have to be found via additional levies. After the cap it falls to the industry as a whole. May as well bite the bullet and move on.

Posted by: Harry Katz

There is nothing like...

....effective regulation and this is nothing like effective regulation.

Posted by: Evan Owen

Simple answer

As Ford is so sure of the viability of Lifemark, and as he is taking a £200M premium at maturity himself, the answer is so simple - Ford buys out Lifemark by re-imbursing all bondholders their original investments plus any interest due, and he will make a fortune, whilst we 'victims' are not made to pay for it. Gets everyone off the hook, and Ford walks away with the goldmine he believes Lifemark/Keydata to be,

Posted by: Tony Tobin