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Thursday, May 21, 2009

Accidental Millionares Turned Fugitives

FN: I'll be posting regularly again starting next week...

NZ hunts accidental millionaires: "Police in New Zealand are searching for a couple who disappeared after a banking blunder deposited NZ$10m (£3.9m, US$6m) in their account.

The couple had applied for a NZ$10,000 overdraft but received NZ$10m in their business account instead, part of which they withdrew, local media report.

They are said to have run a service station in Rotorua, North Island.

Police believe the couple have left the country and Interpol has been alerted for assistance.

The deposit was made by the Australian bank Westpac, which has about 10 million customers.

Police said that part of the money had been recovered, without specifying the amount.

"The individuals associated with this account are believed to have left New Zealand and police [are] working through Interpol to locate those individuals," said Detective Senior Sergeant David Harvey of New Zealand Police.

"Westpac Bank has recovered some of the money which had been inappropriately withdrawn."

Westpac media relations manager Craig Dowling said the bank was "pursuing vigorous criminal and civil action to recover a sum of money stolen".

Adding that the incident had prompted a review of how it had occurred, he said he would not comment on the specifics of the case due to the police investigation and court actions requiring confidentiality."


Dark Space said...

Is this the "big project"? I really expected something more elegant, but good to see you back ;-)

Lisa said...

So glad you're back!

Anonymous said...

They pulled the "Bank Error in Your Favor" real-life monopoly card.

They took the funny fiat money and ran!!!


Unknown said...

Where the heck have you been man?

I too am really glad to see you back. You post some of the most thoughtful and accurate observations around.

I'm really looking forward to your first post next week.

Welcome back!

EconomicDisconnect said...

Nice to see you again!
Real life does intrude on the whole blogging thing, I am well aware.
Hope all is well with you and yours and hope to see some more material. Great blog.

Financial Ninja in Training NYC said...

Welcome back Ben!!!

I wanted to ask you if you still feel that it's not time for inflation.

I quote Yale's David Swenson:
"We’ve had this massive fiscal stimulus, massive monetary stimulus, and it’s hard to see how that doesn’t translate into pretty substantial inflation, or at least pretty substantial risk of inflation".

In my view, unless there is a serious market crash, hyper-inflation is a very strong scenario.
My other scenario would be a market crash soon, followed by a more extreme stimulus that hurls us into hyper-inflation.

What are your thoughts on this?

Swe.Ge said...

Welcome back Ben.