When the credit crunch hit in August, 2007 (nobody could get finance because the money markets would not lend any more to asset-backed derivatves which were regarded as worthless) he apparently did not know.

He simply said investors in ING’s two ill-fated CDO-based funds, the RYF and RIF, should not pull out because that would “crystallize their losses”. The funds were losing money fast.

Yet banks had stopped lending to each other because nobody knew who held subprime bonds or how much.

Shortly afterwards, triple-B-rated CDO bonds slumped to less than 30 cents in the dollar. They continued to plummet until the two ING funds were virtually worthless.

Anyone who read the Financial Times would have known what was happening. But not Giannoulis.

Subsequently, he ducked for cover and avoided explanations.

Mike Tisdall saids: “Steven brings business development expertise to the table, which will benefit our business and our clients across Auckland, Wellington and Sydney. Steven’s ability to span both creative and corporate environments only serves to strengthen our broader offering across brand, web and investor relations.”

Not a word about Giannoulis’s inability to see disaster approaching as the ING funds hit a tornado of destruction.

Why not?