He's not exactly the Kiwi Bond. He failed to bring home the America's Cup, but he's pulled off deals in New Zealand that would make Alan Bond swoon. These have been testing times for yachting tycoons, but when Alan Bond ran aground in a Perth court last week at least it was hailed as a boost for Australia's battered reputation in the international marketplace. When Michael Fay foundered off San Diego last month, it was a major set-back for New Zealand. If the high-flying merchant banker had won the America's Cup his backers in the New Zealand government thought the whole nation would reap a dividend. It would have been a fitting return for all that New Zealand has given Michael Fay and his elite circle of business friends. Like the good sailor he is Sir Michael knows how to make the most of prevailing conditions, even on dry land, and few places are as dry right now as the New Zealand economic landscape. As hardship and unemployment surge in the face of this social experiment, the Fay phenomenon is attracting growing resentment.

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