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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Part 1:  Full story LLOYDS Banking Group has posted annual losses of STG1.43 billion ($A2.14 billion), hit by huge insurance mis-selling compensation, while it awarded its boss a bonus linked to an eventual sale of the government's stake. The loss after tax, equivalent to $US2.16 billion or 1.66 billion euros, was almost half the STG2.79-billion shortfall it suffered in 2011, Britain's LBG said in a results statement. The bank is 39 per cent owned by the British government after a state bailout following the 2008 global financial crisis. LBG said annual pretax losses narrowed sharply to STG570 million from STG3.5 billion last time around, but the group opted against issuing a shareholder dividend, sending shares sharply lower. Lloyds set aside another STG1.5 billion in the fourth quarter to cover compensation for mis-selling payment protection insurance (PPI), taking its annual provision to a vast STG3.575 billion. The bill now stands at...
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  • doyla66
    doyla66 says #
    And Loyds Bankster Boss is laughing all the way to the bank, err mean 'taxpayer", bonus of STG1.485 -v- losses STG7billion +counti
  • doyla66
    doyla66 says #
    You idiot Lawyers who are protecting the fraudulent banks are just as guilty for protecting fraud. You know the banks are as guilt
  • doyla66
    doyla66 says #
    They just want us to think it's MIS-SELLING what moron came up with that word. Has the word softened anyone stress level, or is it
  • doyla66
    doyla66 says #
    FRAUD NOT MIS-SELLING
  • doyla66
    doyla66 says #
    These idiot lawyers must stop calling it "MIS-SELLING' compensation. IT IS FRAUD. Get it. FRAUD. FRAUD. FRAUD. FRAUD. FRAUD. FRAUD
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Hi Members, A word of warning from someone who has had the experience of settling on our own terms with our lender. Keep in mind your bank/lender is greedy, ruthless and doesn't give a damn about you. At settlement they will come at you from any angle to entice you into a settlement that benefits only them, so for your protection don't ever contemplate doing a deal with your cunning bankster without having Denise present. Some did and only recieved a 25% discount. They do not have your interest at heart - remember they are ruthless - do not fall for their tricks and do not give in easily. In our case, all legal parties negotiated back and forth for 4 months until they eventually caved in. Denise was part of the negotiating team - we would never attempt to proceed with any proposal without having Denise present.  ...
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  • doyla66
    doyla66 says #
    Excellent advice Thank you
  • doyla66
    doyla66 says #
    ME EITHER.. When it comes time Denise will be the first person we call.
  • doyla66
    doyla66 says #
    These "pretenders" are burglars, creeping thru your window whilst asleep, let Denise "wake them up" with power of the pen
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Extract from " The Role of Money", p. 62-3, published 1934 — " For a loan, if it is a genuine loan, does not make a deposit, because what the borrower gets the lender gives up, and there is no increase in the quantity of money, but only an alteration in the identity of the individual owners of it. But if the lender gives up nothing at all what the borrower receives is a new issue of money and the quantity is proportionately increased. So elaborately has the real nature of this ridiculous proceeding been surrounded with confusion by some of the cleverest and most skilful advocates the world has ever known, that it is still something of a mystery to ordinary people, who hold their heads and confess they are unable to understand finance. It is not intended that they should. " For Banksters to lose their power ORDINARY PEOPLE need...
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  • doyla66
    doyla66 says #
    'An Italian reader explains: With this [Monte Paschi] scandal people started to realize that the right (Berlusconi’s party) and th
  • doyla66
    doyla66 says #
    PM TAKE NOTE: ITALY, a populist comedian Beppe Grillo got 25% vote advocating nothing more coherent than contempt for politicians.
  • doyla66
    doyla66 says #
    Agree Wayne. SIMPLE SOLUTION - Prime Minister Gillard would be a heroine if she PASSED A LAW TO ENABLE THE GOVERNMENT TO PRINT IT'
  • doyla66
    doyla66 says #
    THIS IS JUST THE GOVERNMENT & THE BANKSTERS WAY OF TRYING TO BRAINWASH THE PUBLIC INTO CONTINUING THIS FRAUD & CORRUPTION! Regula
  • doyla66
    doyla66 says #
    http://www.youtube.com/watch?v=Bx5Sc3vWefE http://en.wikipedia.org/wiki/Fractional_reserve_banking
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BUG FIXER REQUIRED Bugs in the Banking System We need Bank Whistleblowers – brave bank officers – ex bank officers – all those forced to witness multi criminal activities, then when you bravely reported those incidences were forced into signing confidentiality agreements with your bank bosses to tell no-one and help cover up what you have seen: wholesale fraud…..or lose your job. Banks cannot demand "confidentiality agreements" to cover up a crime!!!  But they do.  Banks do a great deal of things that are highly illegal and tantamount to organised crime.  Its possible we have the most toxic and corrupt banking system in the world...........becuase we cry the loudest "we are clean."  If that was true, what are my members complaining about.  NOT ONE CLEAN LOAN amongst them.  Not One! All those who reported serious criminal matters to bank chiefs, police and ditto above.  We know what happened. We know you are there...
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  • doyla66
    doyla66 says #
    Hi Johnny. As you work for ASIC, your comments that ASIC " go into overdrive to COVER UP & DENY ANY MISTAKES & FAILURES." Can you
  • doyla66
    doyla66 says #
    Can you tell us why ASIC are deliberately protecting the BANKS? ASIC is not protecting the banks (at least from my perspective) th
  • Denise
    Denise says #
    Thanks for your courage Johnny. Well done! You are a hero to these people. Whistleblowers know that large numbers of key person
  • doyla66
    doyla66 says #
    Hi Johnny, sounds like chaos at Asic, no standards or control - to draw my own conclusion - a shambles. Thankyou so much for cour
  • doyla66
    doyla66 says #
    Johnny, My husband and I are just sitting here shaking our heads. Thanks for posting. We ALL just have to keep the pressure up. P
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Once this scandal broke, and the Government realised what an enormous level of Fraud had been committed, the Banks suddenly realised they couldn’t admit to the rest of the world that, actually, “we (the Banks) have been actively involved in and perpetrating and committing billions and billions of euro’s worth of Fraud upon our customers”. So what did they do?.......... Sure isn’t the best thing we can do now is just give this Fraud business another name, and it won’t be so bad. The Banksters came up with the very clever name “Mis- selling”, so you see, it doesn't sound as bad at all, indeed it doesn't even sound bad enough to warrant a criminal investigation of all It's a world wide Scandal - Australian Government helping the "mis-selling furphy"  If its fraud it is FRAUD Prime Minister stop treating us like Mushrooms iwww.thecommonlawsociety.com...
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It seems everyone in the banking system involved with sales and credit assessment, knew that for 14 years, loans were not being verified or properly assessed by humans.  Instead imprudent loans were being assessed by robots.  Certainly, we have uncovered the awful truth that Brokers and Borrowers were being kept in the dark like mushrooms.....until now.  Income figures were being manufactured by ZIPPY, SKIPPY and SPEEDY and other cyber relics.  Brokers were told "Skippy will do the math and you then write down the assessment income figure on the form as being acceptable and AFFORDABLE!"   "Its an accounting calculation......all banks use this system."   BFCSA MEMBERS NOW KNOW!!!  BANKING AND FINANCE REGULATORS WERE TURNING A BLIND EYE It is the BFCSA Members and our BFCSA Community Teams that have broken down the final barriers to understand how $100 Billion worth of bad loans were flooded onto the market place.  RMBS packages have been bundled up...
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  • doyla66
    doyla66 says #
    Australia’s banking regulator (APRA) insists on spinning the yarn that Australian banks are just fine, so don’t worry about anythi
  • doyla66
    doyla66 says #
    Corrupt Bank executives have been deliberately defrauding the Australian people for years and MUST be prosecuted & jailed. The cor
  • Denise
    Denise says #
    Australian and NZ Banks "Too BIG To Fail?" Icelanders have shown us the way forward. WE have been caught by an identical bank hei
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Let us be perfectly clear here:  You cannot profit from a fraud.  The Federal Government cannot profit from the dirty RMBS packs they purchased from the Banksters.....taxpayers unknowingly purchased a $24 Billion DUD!!! Treasury and the Australian Office of Financial Management agreed to the purchase but failed to audit the package and took the Banksters' word that all "income streams" were from a good bundle.  Yeah right!  Problem is that our survey shows that 10% of our members had loans arranged by Bank Managers and staff (no broker involved) and these loans were FULL DOC loans. So, 10% OF FULL DOC LOANS ARE DEEMED TO BE DODGY and FRAUDULENT.....but of course!  Business development Managers taught the Brokers how to use the dreaded SERVICEABILITY CALCULATOR and the Bank Managers also used the same bankster created calculations from the same bankster computer program.  So the Computer was the culprit?  Are we serious here?...
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Spanish Protests A mini war is being fought on Spanish doorsteps between members of the public who can no longer afford to pay their mortgages and the banks who are threatening to evict them. Protest groups have begun to show up en masse to try and stop repossession agents gaining access to threatened properties. With 159 evictions a day in Spain, the campaigners say that banks taking bailouts from the government should not be throwing customers out. STM: I look at the current situation in Australia.  I have three sets of docs:  the three pages I filled in, signed and faxed off to the broker, the extra docs like cover sheets, calculators, etc the broker has filled in under the bank's instructions, printed and then faxed through to the bank and then the third set is the bank copies, like LVR and and approvals.  You can clearly see that the docs...
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  • doyla66
    doyla66 says #
    Umm - I actually work in one of those 'federal agencies' & believe me, when I say, I fully understand the process - I really do un
  • doyla66
    doyla66 says #
    "The figures in the Service Calculator are the key and even the regulators are supporting the banks in their cry of 'none of your
  • doyla66
    doyla66 says #
    "one day" is just around the corner. One closed FOS case has recently been re-opened thanks to Denise B and co.
  • doyla66
    doyla66 says #
    I like this STM & I smiled at some of Last-Laf's comments too. Only thing I will disagree about is FOS, COSL & MFAA as I have been
  • doyla66
    doyla66 says #
    STM wrote: " I remember also, the free gifts that the banks etc are giving some of the pollies/parties, who I thought were supp
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Seamus Sherlock, a limerick farmer, is standing against eviction for himself and his 5 children from their home. WATCH VIDEO http://www.youtube.com/user/antievictiontaskforc...
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  • doyla66
    doyla66 says #
    EVICTION IS A BARBARIC PRACTISE WHICH HAS BEEN SWEPT UNDER THE CARPET FOR FAR TOO LONG. YOU WOULDN'T WANT IT TO HAPPEN TO ANY OF Y
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So during the times of hardship.. there is credit card debt...  That so called unsecured debt is now being turned into secured debt.. and for the banksters.. I guess it always has been in the bankster game and mind. But when we fall, they have found a stick to beat us down more in soothing our hardship... no rope.. for we may hang ourselves more in debt... for we have little or no money to be a candidate  to take the rope to hang ourselves more  in debt . We begin to realise their con of financial products. Credit cards were always given with a home loan and as a line of credit offered. Making you think that you can afford it and it is the way to get ahead. No.  They.. the bankster, then brings out the stick.. Pointing... Behind your back, they get a judgement, next minute place a bankruptcy order in your letterbox. Bravo.....
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  • doyla66
    doyla66 says #
    We have had a credit card for years and always pay the absolute full amount every month so we have never had to pay interest. We
  • doyla66
    doyla66 says #
    And the interest rates on those credit cards? How high is it now? Why does it NEVER come down EACH time the RBA plays with/meddles
  • Denise
    Denise says #
    Yep that was the Bankster Plan....secrutise the home, the wife, kids and the dog, then its off to expensive lunches and laugh over
  • doyla66
    doyla66 says #
    Credit card debt is another deliberate ploy by the banks to milk you for more money. Do not fall for this trick. When we were st
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http://www.heraldsun.com.au/business/companies/banksia-financial-group-investors-sue-in-the-hope-of-clawing-back-millions/story-fndgp8b1-1226544727940 Banksia Financial Group investors sue  A CLASS action on behalf of 16,000 duped Banksia investors has been launched against the failed lender and its directors. Laurence Bolitho, of Kyabram, will act as the lead plaintiff on behalf of those who poured $662 million into the company that collapsed in October. Solicitor Mark Elliott said it was important for all debenture holders to have an opportunity to "get something back from this mess". "As far as we are aware it is the first (action) and as far as we are aware it will be the representative action on behalf of all debenture holders," he said. Mr Elliott said he had been working on the case since Banksia's collapse. "We were shocked at some of the initial findings of the receiver," he said. "There appears to be multiple breaches of duty by multiple parties.Recommended Banksia Securities was on roll Banksia funds start...
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  • doyla66
    doyla66 says #
    The good news for Banksia, is they gave help to those unable to get a loan from normal sources, the bad thing is the interest rate
  • doyla66
    doyla66 says #
    If Banksia was trading whilst insolvent, then the Directors are 'personally liable.' Jail time will be the likely outcome. Also, i
  • doyla66
    doyla66 says #
    Fingers crossed.
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Swiss bank UBS is one of the world's largest. Following in the footsteps of HSBC avoiding any real sanctions (ie prison for its executives) for laundering billions of dirty dollars, UBS has avoided prosecution for its part in manipulating the LIBOR inter-bank lending rate (see Stop the Madness' posting from last week here for some background: LIBOR Scandal Arrests). The BBC News report on the UBS settlement is here. Key quotes from this article: "Swiss banking giant UBS has agreed to pay $1.5bn (£940m) to US, UK and Swiss regulators". "The bank also admitted to manipulating Euribor and Tibor - the equivalent interest rates set by lenders in the eurozone and in Tokyo" "The bank has also agreed to admit to committing wire fraud through its Tokyo office in the case of manipulating Libor rates for loans denominated in Japanese yen, among others." "It said it would seek a non-prosecution agreement with the DoJ covering the rest of the bank's misbehaviour." "BS...
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  • doyla66
    doyla66 says #
    Just goes to show that there always was/has been 2 rules in application - 1 is for the 'elitist' & 1 is for us plebs! Willy wally
  • doyla66
    doyla66 says #
    "The Government and authorities are turning their back on white collar crime and allowing it to continue. They are condoning these
  • doyla66
    doyla66 says #
    Good info Colin. We demand that these corrupt bank executive face prosecution & jail time. A fine means NO DETERRENT at all to the
  • doyla66
    doyla66 says #
    You know we always play follow the leader Colin,our lot wouldn't wouldn't have a clue,how to go about doing something like this.Li
  • Denise
    Denise says #
    Yes indeed, Banks manipulating Bank Bill Swap Rate and distorting Aussie Dollar - smells like a dead fish to me. Good call Colin..
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PARKES, Australia -- In this town of 10,000 in what Australians call "the bush," administrator Alan McCormack has a headache. The county council is poised to lose millions of dollars if more U.S. companies succumb to a deepening recession. Ten thousand miles away, at New York investment firm ICP Capital, hedge-fund manager William Gahan is reaping big gains on Mr. McCormack's predicament. The fortunes of the two men are connected through an investment known as a "synthetic collateralized debt obligation." Between 2005 and 2007, the Parkes local council put more than A$13.5 million ($9.3 million) of its savings into synthetic CDOs. The investments offered an attractive income and a gold-standard credit rating -- in return for providing a sort of insurance on the debt of hundreds of mostly U.S. companies. Now, though, if even a handful of those companies renege on their debts, Parkes will have to cough up as much...
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  • doyla66
    doyla66 says #
    The chickens are coming home to roost. Australia & our people are now starting to pay the price for trusting in these dodgy banks
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    Honestly!!!   Oh!! I forgot... Honesty doesn't come into it where the banks are concerned. Australian bankers please note, there are over 600 banking executives around the world who have been arrested, gaoled or charged with fraud, misleading people, embezzlement and corporate crime overt the last 12 months (Google it!)...  They are your 'parents'.  You can either change your ways or follow their lead into shame and incarceration.  The tide has turned.  May you enjoy many sleepless nights over the holiday break as many of us will be, on this side of the counter.      NAB escapes first strike over pay From: Full story   NATIONAL Australia Bank appears to have escaped a first strike over its executive pay report, while finance director Mark Joiner has survived a protest vote against his board re-election.   About 17 per cent of proxy votes cast at the bank's annual general...
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  • doyla66
    doyla66 says #
    We will soon see more BANKERS BEHIND BARS. Who will the banks blame next? Loans assessors? Bank BDM's? The loan officers? Bank ex
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Now I'm disgusted.  She is sleeping in a house built with the bones of evicted homeowners.   $9,600,000 per year = $184,615 per week 52 weeks a year, $36,923 per day 5 days a week, $971 per hour 38 hours a week.  If only I had gotten into banking as a school leaver!  But then, I wanted to do something HONOURABLE with my life... Full story "SHAREHOLDERS have backed Westpac boss Gail Kelly's $9.6 million pay packet, the second largest of any Australian chief executive."   Only one shareholder raised concerns about the bank's executive pay at the Westpac annual general meeting on Thursday, and more than 88 per cent of shareholder votes were in favour of the bank's 2011/12 remuneration policy. Mrs Kelly is the second-highest-paid bank chief executive Australia, behind her rival at ANZ Mike Smith, who earned $9.7 million in the 2011/12 fiscal year. The two bank bosses...
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  • doyla66
    doyla66 says #
    Remember what majority makes up the shareholders too.
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Dublin has promised its bailout masters that it will give banks the legal power to repossess homes more easily amid a growing mortgage crisis that threatens to derail the country’s recovery. The controversial measure follows lobbying by banks, which say a “legal vacuum” prevents them repossessing properties and tackling a situation where one in six borrowers has problems paying their mortgage.   The troika of international lenders – the European Commission, European Central Bank and International Monetary Fund – has pushed for reform of repossession laws, saying it is “crucial for Ireland’s economic recovery”.   Michael Noonan, Ireland’s finance minister, said in a memorandum sent to international lenders and released on Tuesday: “We will by end 2013 introduce legislation . . . to remove unintended constraints on banks to realise the value of loan collateral under certain circumstances.”   Dublin’s move was attacked by non-governmental organisations, who warned that many people facing repossession will have...
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  • doyla66
    doyla66 says #
    Leeanthony, are you able to expand on what you have said?
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Psychopathy Checklist
Have a quick look at this checklist, and knowing what we know about the banksters, their enforcers, the regulators and politicians, pick your favourite personality out of the bunch and do a quick check on how many traits you can tick off for them...  Bit scary that the perpetrators of the great Australian Mortgage Scandal have a 'type' like this ... Psychopathy Checklist ...
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  • doyla66
    doyla66 says #
    Funnily I pick Medcraft as well. The lot for him and if I'm wrong i don't bloody care...
  • doyla66
    doyla66 says #
    I pick Mr Greg Medcraft of ASIC: Just using the 8 criteria in Factors 1 & 2 (as I can easily assess those from where I stand), th
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HSBC will pay $US1.9 billion ($A1.82 billion) to settle a money-laundering probe by federal and state authorities into Europe's biggest bank, a law enforcement official says. Full story:  (STM: "Poor money-laundering controls" - This is one of four 'parent' companies that are the majority shareholders of our Australia's banking sector.  No wonder our so-called 'independent' banks are behaving so badly... Why would we expect the children to behave with morals and ethics, when the parents are such tyrants and are being charged with things like 'trading with the enemy'.  Why aren;t OUR investigators busy like they are in the USA... Does the whole system have to collapse first?  Do 100,000 people have to lose their homes?) According to the official, the bank will pay $US1.25 billion in forfeiture and pay $US655 million in civil penalties. The $US1.25 billion figure is the largest forfeiture ever in a case involving a bank. Under...
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  • doyla66
    doyla66 says #
    And another thing - just wait for a raft of increases in bank fees. Oh, come on now, you didn't really think HSBC were going to pa
  • doyla66
    doyla66 says #
    a fellow cynic
  • doyla66
    doyla66 says #
    No doubt HSBC's cooperation is in the knowledge of what it has really done and does not want the authorities to find out. The fact
  • doyla66
    doyla66 says #
    This goes to show how the rich and powerful control the world. In previous times, you committed a crime, you were investigated an
  • doyla66
    doyla66 says #
    This is treason. The Bank executives should be hanged for treason. BANKERS BEHIND BARS would be the morally correct outcome. Fines
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On 22 December 2010 ASIC (as an Applicant) started a proceeding in the Federal Court of Australia (Sydney) against Bank of Queensland Limited (“BoQ”), Senrac Pty Ltd (“Senrac”) and Macquarie Bank Limited (“Macquarie”) on behalf of two former Storm investors (also as Applicants). Senrac is the owner and franchisee of the BOQ’s North Ward branch.ASIC’s case against BoQ and Macquarie is founded on 3 bases: breach of contract: The 2004 Banking Code of Conduct formed part of BoQ’s home loan contracts and the 1993 Banking Code of Conduct formed part of Macquarie’s margin loan contracts. ASIC alleges that as both BoQ and Macquarie failed to comply with the Banking Code of Conduct, they breached their loan contracts with these two investors; unconscionable conduct: ASIC alleges that BoQ and Macquarie were aware of enough facts about the investors to know they were in a position of disadvantage, and in that situation BoQ...
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  • doyla66
    doyla66 says #
    These pair indulged in this behaviour for their own profits and I know they have more victims in Townsville and I if the storie
  • doyla66
    doyla66 says #
    This is what BOQ shareholders are paying to defend.
  • doyla66
    doyla66 says #
    OMG!! And there you have it, in all it's glory!! The great Australian Mortgage Scandal!!! I was telling someone about this monum
  • doyla66
    doyla66 says #
    SENRAC,(note -Carnes spelt backwards) or known also as BOQ North Ward in Townsville is a part of the BOQ franchise chain. I wonder
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TAI Report Dec 2012
From MacroBusinsess "It’s absolutely no news to readers that Australia’s big banks enjoy monopoly rents. And to that extent a new study by the Australia Institute, called The rise and rise of the big banks, is borderline hackneyed. If you’ve been living under a rock and were unaware of the lack of competition, then the following chart aught to clarify it for you": Full Story   TIA report   ...
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