The author Virginia Green has been shopping her Allan Hubbard Bio, Allan Hubbard: Man Out of Time around the traps this week and this morning stopped at TVNZ's Breakfast to give her view of the Hubster.
She is asked about whether the book is an authorised biography or unauthorised but dodges the question by answering a question not asked. The book was indeed authorised by Mr Hubbard and he worked closely with Virginia on the book, especially the last few chapters on the collapse of his business empire.
In this interview when asked who was to blame for the collapse of South Canterbury Finance (SCF) Virginia places no blame on him, instead poking the finger at the Government and advisors to Hubbard.
She also repeats the often much quoted "rescue package" that was allegdly in place just days before the collapse of SCF.
This deal may have been stitched up but it involved recapitalizing SCF and included money from the taxpayer. These kinds of deals have been put forward multiple times over the last few years in relation to collapsed finance companies and none of them have been successful, in fact they have all led to further loses for investors. The most notable failure being the Hanover/Allied Farmers recapitalisation at the end of 2009.
There was therefore no reason to believe that SCF rescue package would be different to any other that had gone before and indeed it had the potential to risk even more taxpayer money had SCF not been put into receivership by the Government.
Virginia is following the line of Allan Hubbard supporters that dear old Mr Hubbard was a victim of circumstance and fell at the hands of others.
I hope the whole book isn't like that.
I now have the bio to read, courtesy of Sarah Thornton from publisher, Random House, so I will give you an opinion after I trudge my way through it over the next week or so.
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Allan Hubbard: Man Out of Time - By Virginia Green
c Share Investor 2010
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