I never recriminated myself for “We may have been fools to...

I never recriminated myself for “We may have been fools to invest in MFS…”.
At its height, MFS was the “model” leader in providing safe harbour for our funds.
The rates given were not exorbitant when compared to Bank Rates of the time.
And the Investment Culture was inducive rather than seductive.
Many very astute, cautious and financially literate people led the path to MFS.

The mainstay belief at the time was the mantra inculcated into us that the investments
were under the highest level of Legislative Protection. And that the Reporting Regime
was in place and implemented when needed.
I can not call myself a fool when for a number of years this investment process worked faultlessly.

PIF tragedy was in placing its trust in Regulatory Regime of the time, RR becoming ASIC.
The first time I panicked was on receiving an invitation to a Ladies Golf Tournament under MFS maiden sponsorship.
The panic continued with a letter from S. Kyling announcing office opening in Dubai.
These embellishments seemed to me a departure from “must be in the member interests” established philosophy.
I started realizing plans to pull the funds out, alas; not fast enough.

No; I was never a fool. The trends of those times showed MFS to be “Average Prudent”,
never mind Mornington glossaries. But the missing element of RR was the exclusion of
PIF Member Representative at the crucial meetings during which “Loans to Related Parties” were incubated.

It is with this rationalisation that I look forward to final conclusions in a number of PIF related legal cases.

Regards,