BFCSA Blog

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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U.S. Bank Legal Bills Exceed $100 Billion   By Donal Griffin & Dakin Campbell - 2013-08-28T16:02:42Z   The six biggest U.S. banks, led by JPMorgan Chase & Co. (JPM) and Bank of America Corp., have piled up $103 billion in legal costs since the financial crisis, more than all dividends paid to shareholders in the past five years.    That’s the amount allotted to lawyers and litigation, as well as for settling claims about shoddy mortgages and foreclosures, according to data compiled by Bloomberg. The sum, equivalent to spending $51 million a day, is enough to erase everything the banks earned for 2012.   The mounting bills have vexed bankers who are counting on expense cuts to make up for slow revenue growth and make room for higher payouts. About 40 percent of the legal and litigation outlays arose since January 2012, and banks are warning the tally may surge as regulators, prosecutors and investors press new claims. The prospect...
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  • doyla66
    doyla66 says #
    I agree, Nanna. Sometimes I think Bank staff are like robots. There is no good business sense in hurling good money after bad in t
  • doyla66
    doyla66 says #
    I would imagine Nab have racked up about $200K in legal fees taking my husband and I through the court system. Nab look foolish i
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MFAA warns brokers against 'predatory' lenders by Mackenzie McCarty | 28 Aug 2013 Commercial finance brokers are being warned to watch out for ‘predatory’ lenders, with MFAA president, Phil Naylor, saying some broker members have noticed ‘sharks’ circling in the sector. “It’s mainly in the commercial finance area – not so much the mortgage area – and it’s a trend that members on our…commercial finance panel committee have noticed,” Naylor tells Australian Broker. While the MFAA isn’t able to provide any names due to defamation laws, Naylor says the fact that there’s no regulation in the commercial area is likely attracting unscrupulous lenders. “We’re in a [tight spot] because we lobby very strongly to the government that there shouldn’t be any regulation in commercial finance. It just shows there are some small lenders on the fringe, in the commercial area, who are acting in a predatory way.” He’s also quick to note that brokers are not believed to...
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  • doyla66
    doyla66 says #
    How bizarre! Brokers complaining about predatory lenders! What about predatory brokers? Phil is still scared to name names because
  • doyla66
    doyla66 says #
    Our business loan in 2007 was organised by a Broker. We later learned after contacting MFAA that they had no record of him nor an
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THIS SUB PRIME MESS and the Australian Loan Application ScandalThe LAF Mortgage scandal:  Nick Hubble is feature Editor of Daily Reckoning Australia. Having gained degrees in Finance, Economics & Law from prestigious Bond University, Nick completed an internship at probably the most famous investment bank in the world, where he discovered what the financial world was really like.   Do you have a mortgage? There is a 1 in 10 chance you have been tricked. The trick is the very same one played on borrowers in the US, Spain & Greece. And that turned out to be devastating, not only for the borrowers, but for the entire world economy. As a UK mortgage broker admitted, brokers were specifically trained in how to turn their subprime borrower into a prime one by falsifying income. So when vast amounts of borrowers begin defaulting, who will pick up the tab?  Banker: "Hi Nick, I work for one of those 36 banks, statements made by Denise Brailey...
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  • doyla66
    doyla66 says #
    Thanks, Nick. More pieces for the puzzle that is the Australian Financial Services Industry We hear about "the economy". When you
  • doyla66
    doyla66 says #
    Loved the comment by "Banker" in this blog. This guy must be absolutely naive to believe these fraudulent and sordid attacks by
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There is more than one way to encourage people about to take out a mortgage which is the best lender to chose?  The one with the so called "best interest rates" usually has hidden charges that would need a crane to lift - that means more bonuses for the bankers and definitely more DEBT FOR YOU. It gets quite ugly if the loan you are offered is a LOW DOC.  Demand a FULL DOC but note that 18% of Full Docs are TOXIC.  If the lender says NO you need a bigger deposit....steer clear of the debt trap and save for more deposit first....best advice we give that banks will not tell you why that is GOOD ADVICE. LOOK FIRST and see if LENDER is a Member of COSL or FOS.  If they say COSL - run a mile - DO NOT BORROW - DO NOT SIGN ANYTHING - RUN FOR YOUR...
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  • doyla66
    doyla66 says #
    You surely were mislead. We were too. Our original Nab mortgage document was in 1971. The bank manager was a drunk. But we were y
  • doyla66
    doyla66 says #
    I cant get through my head how the trail of bad documents does not make this case a doddle. ASIC must come clean, they cannot hide
  • doyla66
    doyla66 says #
    Gawd, Greg. Your COSL FOS experience was even worse than mine! A real mind bend. Please tell the Senate about it. You're not alon
  • doyla66
    doyla66 says #
    COSL, a suppository of wisdom: (1) My initial Pioneer(Trustee) 'hardship' case began 2011 @FOS & closed thru INGDIRECT (parent f
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reposted Posted by Denise Brailey on Sunday, 08 July 2012 in Banksters, Lenders and Brokers   Enter the NO DOC strategy.... Bankers realised that brokers were reluctant to "maximise loans," perhaps because some had a conscience or doubted the strategy to use every drop of equity that could be squeezed from a customer's home, and pour the funds into property developments.  The service calculator meant that futuristic incomes had to be used.  Brokers were taught by the BDM's (bank employees) to fill out three pages of the LAF, glean a signature from the hapless customer and then come back to the office, click on the bank's web program and use their service calculator to "calculate a brand new income."  This figure was a mixture of base income plus expected rental income, plus tax advantages, caps etc.  The Bank's calculator cemented all the sleazy part of the loan criteria.   Several BDMs and Brokers left the industry...
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A SIC Bank$ters Cartel:--  BFCSA members, I encourage you to publicly expose bank$ters Racketeering by URGENTLY filing your submissions, so Senators can import vaccine, Racketeer Influenced and Corrupt Organizations Act; The RICO Act. Have no doubt bank$ters, not limited to ING Bank(see below) are deeply concerned about any adverse commentary going before Hon.Senators and Submissions Registry airing tonnes of their 'dirty underwear' via World-Wide-Web. The media are hungry to publish the human adverse element of A-SIc puppy's tacit nod to Racketeers by turning a blind-eye, in effect, an actual green light to commit massive mortgage 'fraud-by-design' against Australian consumers en masse..  ASIc's chairman must face allegations of 'nonfeasance'; definition, "the neglect or failure of a person to do some act which lie ought to do; the failure to perform a duty (owed) towards the public whereby some individual sustains special damage." From the outset, Medcraft was and continues to be a hopelessly conflicted chairman; a Bank Societe-Generale journeyman 30yrs, in essence,"one of Them", but...
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  • doyla66
    doyla66 says #
    Well I hope everyone has done their bit, dont make it someone elses problem get your submission in. I can tell you right now that
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  $1,000??  $25,000,000,000 is the amount of PROFIT the big four (4) banks made recently which broken down is approximately $1,000 per person living in Australia. The banks and the culture within have so much power the human factor is forbidden in their business model.  From the CEO down to the Hardship Department. BUT! Looks like we have support, others in the banking/finance sector are not happy the big 4 wielding too much power.      All is needed now is a Whistle-blower from within as a catalyst to set the ball rolling to make a ROYAL COMMISSION a no brainer!        Just a worn out and angry victim, from a banks "kick him while he is down" attitude. Even boxers in a Boxing ring have more respect to their victims.    (Australia does not have a $1,000 note so had to  use 2 x $500)  ...
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  • doyla66
    doyla66 says #
    Mort, until i looked up FB, i didn't realise that PCCU was already operating and has been for quite some time. I initially was und
  • doyla66
    doyla66 says #
    I had a look on Facebook as well, there is a few complaints, so had the other banks. I did note someone from PCCU is responding to
  • doyla66
    doyla66 says #
    I went to the People's Choice Credit Union Face Book site and was disappointed to read so many of their customers complaints
  • doyla66
    doyla66 says #
    Well said Mort I think we all agree the disgusting profits our BIG 4 BANKS make and the total disregard they treat us common folk
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NAB – PRIESTLEY The Farmers Story                                                                 26/7/13 - UPDATE from Claire - the farms were taken over three weeks after the close of tender by our neighbors and we have not been advised of the sale price. Chris and Claire Priestley are siblings from Carinda near Walgett in NSW. They are third generational farmers, having been in the Carinda and Brewarrina areas for over 100 years.  Carinda is the little outback town featured in the David Bowie song “Lets Dance”  They grew up on the family farm “Salt Glen” that was part of five adjoining properties, a mixed farming business of beef cattle, cotton and wheat.  In 2004 they purchased three of these properties from their father located on the lower Macquarie river where the Barwon and Castlereagh rivers converge making it a gem site for water access in this part of the Murray Darling Basin, similar to Cubby Station. This...
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  • doyla66
    doyla66 says #
    Nab are barbaric alright. Even after being evicted they are still bullying us.
  • doyla66
    doyla66 says #
    This story is so distressing that I can't read much more of the details at present. I have the impression that the Priestley famil
  • doyla66
    doyla66 says #
    This is just another barbaric act of the Nab and I really feel for the Priestly,s. My husband and I have been persecuted, harrass
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This is the man you should be voting for in the Senate - via the Nationals.  He has done more work for BFCSA people than any other.  Please send in your individual Parliamentary Submissions into Performance of ASIC Inquiry.  Explain how dismal ASIC has been to each one of you.  Not one person in our group has suggested ASIC has assisted them despite the hundreds of complaint letters against Banks. Straight shooter aiming for justice DateJuly 20, 2013 5 reading now Read later Adele Ferguson Business columnist View more articles from Adele Ferguson Follow Adele on Twitter Email Adele This man of the people is standing up for the Aussie battler, reports Adele Ferguson. John "Wacka" Williams on his NSW property. Photo: Nancy Capel For straight-talking Nationals senator John ''Wacka'' Williams, helping Aussie battlers is part of his DNA. After spending most of his life living and working on farms - as a shearer, a...
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  • doyla66
    doyla66 says #
    please let's hope he stands his ground for the final ruling
  • doyla66
    doyla66 says #
    Good on you Mr Williams, so many of us lose hope and think no one wants to know about our story, I was just about on my knees goin
  • doyla66
    doyla66 says #
    Thankyou Denise for this inspirational post. It is so reasuring to know that John gets hopping mad and sees red at the thought of
  • doyla66
    doyla66 says #
    John Williams is the real deal. I get the impression that he was being held back from doing and saying more by others on the Senat
  • doyla66
    doyla66 says #
    The man has a kind heart and deserves a medal.
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Dear members I get very disgruntled reading how FOS & COSL operate, they are toothless tigers who seem to play into the banks hands. When we have to provide in short time all documentory evidence to substantiate our claims and the said banks being privvy to everything we pass on but like naughty school children saying my dog ate my homework they deny the existence of requested documents. Thanks to Denise we now know what to ask for, to say they don't exist or are lost is proposterous. In a court of law if you impede in the course of justice isn;t that a chargeable offence, seeing most of FOS & COSL come from legal backgrounds why should the rules be different for us. The termonology has to be amended, it is not disputes as defined by ASIC but fraud as it would have to be in a normal court of...
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  • doyla66
    doyla66 says #
    Received a letter from FOS yesterday asking for all receipts for which I am claiming. They have got to be joking, I do have them b
  • doyla66
    doyla66 says #
    They don't give us enough time hoping that we don't answer in time so they can close our cases. Isn't that obvious? And they claim
  • doyla66
    doyla66 says #
    The guy who investigated our case was an ex Bank Manager. Dont' know how long he had been out of the crime scene though. He appe
  • doyla66
    doyla66 says #
    Agree, Neil. You're obliged to keep books of account as a sole trader - even more so a company. Company records are covered in s
  • doyla66
    doyla66 says #
    These links are interesting ... for anyone wanting/able to read some background. What I'd like to know is who set up and/or agree
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Insurance costs through the roof News Limited writers Sunday, July 7, 2013   PREMIUMS have gone through the roof for the supposed "insurance" that a quarter of all home buyers have to pay when taking out a loan.  Lenders Mortgage Insurance for a borrower with a typical 10 per cent deposit on a $500,000 property has risen from less than $6000 last year to nearly $9000, a surge of close to 50 per centaccording to brokers Home Loan Experts.  "It is becoming more expensive," said Home Loan Experts senior broker Hank Hong. LMI has been used in more than two million loans but is poorly understood and is rarely discussed in detail. It is charged whenever a borrower has a deposit of less than 20 per cent. Many of those who pay it don't even realise it protects the bank, not them.  In August 2011 then Treasurer Wayne Swan announced the introduction...
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  • doyla66
    doyla66 says #
    My son doesn't give up easily: SUCCESS! The offer below by CBA is 10% of the LMI fee paid, rather than the 20% that I believe I w
  • doyla66
    doyla66 says #
    I asked for the LMI contract details on a loan. No you can't have that, it's for the lender. But I was sent a contract details b
  • doyla66
    doyla66 says #
    Another gangster/bankster ploy to rip off the innocent. Just how much more is the government going to let the Banks control Austr
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RESEARCH PAPER BY MONASH UNIVERSITY   Please read this, you will then see WHY Ms Denise Brailey has good cause to demand  a ROYAL COMMISSION on the Banking and finance industry and the use of the Broker Channel as agents for the Finance Provider. Comment from Denise: "This piece is a good find Mort and keep going on the research.  The reality thinking according to bank input into Universities in 2008 does not show the Banks as Engineers.   BFCSA Members all know now - the culprits are the Bank Engineers and the Brokers did not  "fudged income figures" as first thought.   No-one was investigating the criminality of the banking sector.   All Banks and Non Bank Lenders invented and used Speedy the Calculator - to fudged the figures.....  Brokers were simply new recruits in a  high turnover industry, set on Quotas and instructed to simply following orders.  They were told "you...
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  • doyla66
    doyla66 says #
    Comment from Denise: "This piece is a good find Mort and keep going on the research. The reality thinking according to bank input
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If I receive an email with a request for an answer to a question or a request to acknowledge receipt of that email out of common courtesy I would reply and let the sender know I have received the email and will respond at a later date if I could not respond immediately with an answer. Not the Nab's Mr. Clyne, his assistant, the Solicitors acting for the Nab nor the Mortgagee agent acting under instructions from the Nab bothered to reply to my email.  I requested answers to 3 relative queries in relation to our home property, the marketing of the property, the survey of the land and further removal of our possessions.  1.   I further requested permission and an answer as to when we could access the property/house to remove more belongings. 2. What were the results of the land survey conducted under instructions from the Nab and...
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  • doyla66
    doyla66 says #
    Great advice Andy. Hopefully other Members will come forward with other ideas to help out.
  • doyla66
    doyla66 says #
    NABbedNanna: just-a-thought (not advice) consider "caveat over title" to slow them up to be settled by Court-of-Public-Opinion=MED
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Citigroup to Pay $968 Million to Fannie Mae on Faulty Loans (BOA paid $11.7 billion) By Hugh Son - Jul 1, 2013  Bloomberg New York Citigroup Inc. (C), the third-largest U.S. bank by assets, agreed to pay Fannie Mae $968 million to settle claims tied to more than a decade’s worth of defective home loans sold to the taxpayer-backed mortgage firm. The agreement includes 3.7 million mortgages originated between 2000 and 2012, the New York-based bank said today in a statement. While the payments were covered by existing reserves, the bank said it will set aside an additional $245 million in the second quarter. Results will be reported on July 15. Citigroup Inc. joins firms including Bank of America Corp. in settling claims that they failed to check details such as borrowers' income when they created home loans. Photographer: Munshi Ahmed/Bloomberg Citigroup joins firms including Bank of America Corp. in settling...
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  • doyla66
    doyla66 says #
    This would've been done world wide. We are going to see our corrupt banks and their corrupt buddies put behind bars where they bel
  • doyla66
    doyla66 says #
    Dirty-Aust-Ban$ters"heads-up", lenders typically promise to provide refunds if such flaws are later found in docs backing mortgage
  • doyla66
    doyla66 says #
    Aha! And do they put that promise in writing? Is it part of a contract with AOFM or ...? Does this mean investors have a faulty g
  • doyla66
    doyla66 says #
    Lisa, every BCFSA member in a position to demonstrate clear LAF discrepancies known, ought to have been known, by their scum bank$
  • doyla66
    doyla66 says #
    I certainly hope our authorities see this and understand the same outcome must happen here in Australia, for the dirty, scamming,
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Asset Rich Income Poor (ARIP) every day Aussies conned by our Banks.   Australia's own sub-prime scandal exposed.... it's a crime scene! Denise Brailey interviewed on 3CR's Renegade Economists August 2012 at: http://podcast.3cr.org.au/pod/3CRCast-2012-08-22-15522.mp3  Duration 30 minutes ...
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Banned CBA planners took charge of millions of dollars DateJune 8, 2013 45 reading now Read later Adele Ferguson and Chris Vedelago Zoom in on this story. Explore all there is to know. Seven Commonwealth Bank Seven Commonwealth Bank financial planners who were banned by the regulator for misconduct are understood to have represented thousands of clients and managed hundreds of millions of dollars of their money. Maurice Blackburn principal John Berrill, who settled individual claims for victims of one of the banned planners, Don Nguyen, warned on Friday that time was running out to seek compensation for clients who may have suffered a loss as a result of the misconduct of the planners who were banned from the industry. Victims have six years to lodge a court case, or they may miss out because of the statute of limitations, Mr Berrill said. ''Given that the conduct and the losses occurred in the period 2007...
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  • doyla66
    doyla66 says #
    Financial Resolutions Australia, "said it was hopeful that ASIC would have CBA agree to reopen offers where clients were pressured
  • doyla66
    doyla66 says #
    Change, Joe Hockey's mum-in-law - also 'stung' by CommBank - would be most interested in a the "re-openning of her tainted file. -
  • doyla66
    doyla66 says #
    Adele Ferguson - thankyou - more please Senators - thankyou - please stay on the cases and don't let them off It took a whistleb
  • doyla66
    doyla66 says #
    How about that..."lets rip the people off twice" Thanks to Senator William for his hard work, and Senator Cameron for putting Kell
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Be vigilant: After cancelling a direct debit, check to ensure the bank has complied.
Would you credit it? Banks fail on debits June 2, 2013 Christine Long Many financial institutions turn what should be a quick cancellation into a difficult, drawn-out process.   Be vigilant: After cancelling a direct debit, check to ensure the bank has complied. Photo: Nic Walker   Exiting a direct debit can be a wrestle, with a new Choice investigation revealing that three out of four banks failed to cancel the arrangements promptly. Banks that have signed the voluntary Code of Banking Practice undertake to promptly process customers' requests to cancel direct debits from their bank accounts. However, a shadow shopping exercise by consumer group Choice found that when 16 signatory banks were asked to cancel a direct debit for a mobile-phone service, only four - ANZ, BankSA, Citibank and CBA - handled the request correctly and promptly. Three banks told the callers they couldn't help, five gave at least one...
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  • doyla66
    doyla66 says #
    I'm really ticked off that every time I've asked for a credit reversal I've been charged for it. Apparently that's not supposed to
  • doyla66
    doyla66 says #
    Now that really does show just what banks do think of their customers doesn't it? "Geez, another pesky customer wanting service wh
  • doyla66
    doyla66 says #
    I wonder where the banksters from Nab fit in. If you lodge a complaint Nab do not even bother to phone back. Pathetic!!
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Why you're never too old for the banks Date June 1, 2013                          Michael West  Sydney Morning Herald Business columnist Heather Simmers turned 102 years of age this week. When she was 98, Westpac signed her up for a 30-year mortgage. Lending that personal touch, the bank manager even made the sojourn to the Clem Jones Nursing Home in Bulimba to sign up Heather for the ''Rocket'' investment loan. It may seem an act of supreme optimism by Westpac to be providing a $440,000 loan facility to a customer who would soon receive her letter from Her Majesty. Yet it is not beyond the realms of possibility that Ms Simmers may have met her obligations. The greatest authenticated age to which any human has ever lived is French woman Jeanne Louise Calment, who was born on February 21, 1875, and died at a nursing home in Arles in the south of France...
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  • doyla66
    doyla66 says #
    Signed up for a mortgage at 98 years of age! What a despicable bank. Were they hoping to stress her to death just so they could ge
  • doyla66
    doyla66 says #
    Thousands upon thousands of fraudulent loans which should never have been approved must now be extinguished. Bank's incompetence,
  • doyla66
    doyla66 says #
    (They question the credibility of those making the claims and blame any normal industry practices on ''rogue'' mortgage brokers)
  • doyla66
    doyla66 says #
    True. Then, having repeatedly refined "normal" and then attempted to confuse/brainwash (overused word but true) us and others int
  • doyla66
    doyla66 says #
    Yes Lisa, abuse of the weak, ignorant and gullible but good honest people. It is the lowest of the low for the educated so called
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It seems the only person Aussie John "saved" was himself!!!  Now we are trying to save the "Aussie John" victims.........how does that work Johno?   'Aussie' John pockets a fortune in CBA sale DateMay 31, 2013 - 3:11PM  Clancy Yeates  Banking reporter Zoom ion this story. Explore all there is to know. Aussie Rod Sims Australian Competition and Consumer Commission Commonwealth Bank  Photo: Louie Douvis The man who pledged to take on the big banks two decades ago, "Aussie" John Symond, has received a $185 million stake in the nation's biggest lender in exchange for his mortgage broking business. Mr Symond last year agreed to heavily sell down his ownership of Aussie Home Loans to the Commonwealth Bank, with the bank's stake in Aussie swelling from a third to 80 per cent. Until now, the deal's price tag has not been disclosed. However, on Friday the Commonwealth Bank told investors it...
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  • doyla66
    doyla66 says #
    I, like many people thought that this guy was looking after us but now I find he has been feathering his own nest for years. Bring
  • Denise
    Denise says #
    Dear Aussie John, we have met. Time to dig deep and help fund BFCSA clean up an industry you made zillions from. One million wou
  • doyla66
    doyla66 says #
    Perhaps "Aussie John" could team up with Gina Rinehart to win the prize for Australia's most grotesque couple?
  • doyla66
    doyla66 says #
    Ewww - that vision has just destroyed my imagination . . .
  • doyla66
    doyla66 says #
    Never expect authenticity from a financial advertisement - it's all about the money. Maybe we should tap Aussie John on the shoul
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Dear members Please explain to me what is the definition of a responsible business? If you are making record profits year on year while the rest of the  world are buckling under austerity, little or no economic growth and high unemployment, why would you decide to cut more jobs, well ANZ have. If your a CEO on ten million dollars a year managing a company making record profits how can you justify axing jobs. The Labor party are running this election campaign with jobs being one of their priorities, well if ANZ want to cut Aussie jobs then take away the taxpayer guarantee the government promises to bail the banks if they stuff up from bad business practices.  The manufactoring base is dying in Australia, we cannot compete in the real world against  overseas workers on less than two dollars an hour, however we can compete by the value added route....
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  • doyla66
    doyla66 says #
    You're so right, Neil. I just have an issue with the notion of superior intellects running this country -- I trust that was writt
  • doyla66
    doyla66 says #
    EXACTLY.. Well said Neil
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