Genworth’s ponzi-giveaway rolls on

David Llewellyn-Smith

Wednesday, 7 February 2018

The great Genworth ponzi scheme rolls on today with $369bn in gross written premium:

Secured by just $2bn in capital:

And today:

Genworth indicated it would re-start its previously announced $100 million buyback. As at 31 December 2017, $51 million of shares had been acquired as part of this initiative.

Well done, APRA, for allowing this walking nationalisation to hose away billions. Even so, the chart looks primed to break despite the capital management bribe:

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.