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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 ..........has your Bank reneged on promised financing .....putting you in the road to ruin?........ Banks liability for misrepresentation of its officers, s52, misleading and deceptive conduct, negligent misstatement (Pace v Westpac Banking Corporation [2001] QSC 415)http://www.austlii.edu.au/cgi-bin/sinodisp/au/cases/qld/QSC/2001/415.html? A cautionary tale. Unauthorised and vague assurance by officer of more money binds bank. Background Two brothers of Maltese origin, were labourers with poor education. They approached the bank to obtain various loans for the purposes of buying and subdividing land. Some loans were approved and paid off. Their dealings were always with the same bank officer. On a number of instances, the officer acted in apparent defiance of instructions from higher up the bank hierarchy. When the brothers signed a contract to purchase more land they had made it clear to the officer that they not only needed money to buy the property but further money to develop it. They claimed the officer had...
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  • doyla66
    doyla66 says #
    Evil Banks will proffer just about anything or remain silent to obtain the first loan agreement & Mortgage, then when you go in fo
  • doyla66
    doyla66 says #
    If the credit/lending policy of the Bank changes and they refuse to lend on the next request the potential borrower can sue the Ba
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.....ANZ ...is still using the very same tactics to push Fraudulent Loans......the problem is systemic ........blatant lies cheating & coverups....... Following publication in the Australian Financial Review of a staff memorandum from ANZ's Mr Larry Crawford alleging fraud, product-pushing and gaming by sales staff in connection with ANZ's Salesforce incentive-based remuneration system.   01/183 ASIC concludes ANZ Bank review Thursday 31 May 2001 The Australian Securities and Investments Commission (ASIC) today announced that it has concluded its enquiry into allegations of inappropriate sales practices within ANZ Bank's Personal Financial Services division. ASIC will continue to monitor ongoing compliance with the remedial measures implemented by ANZ as a result of its enquiry. ASIC's National Director, Financial Services Regulation, Ian Johnston said that ASIC had been concerned about aspects of ANZ's compliance systems, particularly whether or not consumers had suffered loss. 'While ANZ and PricewaterhouseCoopers have not detected any measurable loss to consumers,...
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  • doyla66
    doyla66 says #
    So true - ASIC monitoring?? Must have been a very long distance relationship. Sounds like this time they actually went to the Bank
  • doyla66
    doyla66 says #
    FAKE deposit accounts opened WITHOUT CUSTOMER CONSENT. FAKE accounts being opened and closed to gain rewards through churning. FAK
  • doyla66
    doyla66 says #
    Goes to show how well ASIC 'monitors' things. As if!
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A loan scandal has embroiled Australia's Westpac bank with revelations it lent money to elderly pensioners and dementia patients. The pensioners and nursing home residents were given huge loans to invest in a doomed money making venture. One of the victims, who was given a $440,000 loan and 30 years to pay it off, is 101-years-old.The lending scandal that’s ruined lives is raising so many questions that's it's now the subject of a Senate Inquiry. Westpac loans manager David St Pierre was so desperate for business he visited 98-year-old pensioner Heather Simmers in her Brisbane nursing home three years ago to finalise a loan. More stories from Today Tonight Dodgy bank lending loopholes Banks luring customers into debt Million dollar loans for pensioners Del Black is Heather's daughter. She says her mum suffers from dementia and wouldn't have known what she was signing up for – a $440,000 loan over 30...
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  • doyla66
    doyla66 says #
    The Australian Federal Police have a responsibility to investigate FRAUD. Prosecution will result in jail terms for the manager, i
  • doyla66
    doyla66 says #
    The buck does NOT stop at the branch manager. It has to go much further up their corporate reporting organisational chart as that
  • doyla66
    doyla66 says #
    Notice how Westpac distanced themselves from their manager - despite the money their company made from him. The big questions? Wha
  • doyla66
    doyla66 says #
    HE WAS YOUR FUCKING MANAGER YOU LYING, CORRUPT PRICKS! Just read this absolutely shameful Westpac response in utter disbelief: "We
  • doyla66
    doyla66 says #
    68 years old.Asked about a loan at our local Bendigo Bank for a rental. Not a problem.Repayments, interest only over 30 years ????
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Westpac trusts contractors with more work November 3, 2011  Westpac has revealed that it will be aiming to pass more of its technology processes to its offshore suppliers, while aiming to manage them better. Westpac has revealed that it will be aiming to pass more of its technology processes to its offshore suppliers, while aiming to manage them better. Westpac CEO Gail Kelly said that the bank would be making a fundamental change to its business model by moving more of its business functions offshore using external providers under a new "best sourcing" model. Kelly said that the new model "at its heart involves systematically identifying and engaging the most skills and cost-efficient resources to identified functions or processes, whether they work for us directly or indirectly through one of our local or offshore partnerships". Part of the reason for the strategy was the huge numbers of technology staff that...
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  • doyla66
    doyla66 says #
    Great work, parallel stories. Corporate nonsense and the raw truth for solid Aussie workers. Australian Banks must employ Austra
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 .....this is the ultimate of greed & evil doing .........I spoke to Sarah on Sunday & urged her to get in touch with Denise........ My Own House of Sand And Fog Melbourne, Australia. Late 2007 I was signed with an employment agency, Chandler Macleod and their subsidiary group, Ready Workforce. Through the Agency I had ongoing employment as a van driver for Australia Post, yes the very same Australia post that delivers mail all over the world. During one of my shifts where I was picking up mail bags from the post offices and mail boxes, I twisted my ankle quite severely. As it was my left ankle I could manage to drive the automatic gear van back to the depot where I worked. Anyway, my ankle was so badly injured that I was put on to work cover. Australia Post and Chandler Macleod flatly refused to give me any light...
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  • doyla66
    doyla66 says #
    My useless, gutless weak ex (there is nothing more ex than an ex!) used to work for Australia Post on the country trucks roster al
  • doyla66
    doyla66 says #
    True: our postie doesn't do the hill in wet weather - his van can't handle it. It's been that way for years - same van, same posti
  • doyla66
    doyla66 says #
    Sarah, hang in there. You're amazing to have survived this far. I recommend you talk to Denise as soon as you can.
  • doyla66
    doyla66 says #
    Dont know where to start or to say. Can we have a class action on lawyers as well.
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Why do Bank suggest that telephone calls are recorded ‘for training purposes’ ,(and, by implication, only for such purposes) when those calls may, and have also be used as evidence? The law requires, that Banker collections officers have to maintain accurate, complete and up-to-date records and notes of all communicationswith you. Collections entries often; miss entirely vital information communications miss quote vital information communications make up vital information communications What is your experience from looking at your Banks logs?...
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  • doyla66
    doyla66 says #
    Had yet another call from a CBA Banker yesterday. She said she was from CBA & she said she wanted personal banking info from me &
  • doyla66
    doyla66 says #
    I kept a diary with dates, times, names & general dot point notes on the context of the conversations. It didn't matter whether it
  • doyla66
    doyla66 says #
    I've refused to talk to a bank or any credit provider on the phone for quite some time. I need written information so I have time
  • doyla66
    doyla66 says #
    I refuse to talk to the bank on the phone now - everything in writing and I email it, fax it (with a confirmation notice) and I al
  • doyla66
    doyla66 says #
    Hi Brian, i agree totally as bank bitches can be extremely coldhearted and intimidating as we experienced in 2009 when we knew so
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A recent case in the Supreme Court, CBA v Wales (2012) where the debtor sought to set aside default judgment. The debtor had previously contacted FOS for assistance with hardship which has then handled by the bank. http://www.austlii.edu.au/cgi-bin/sinodisp/au/cases/nsw/NSWSC/2012/407.html Consequences of not applying Hardship in Mortgage Repossessions The borrower was unemployed for 6 months and the loan fell into arrears. A Statement of Claim was filed on 25 December 2010 and served on 18 January 2011. After receiving the Statement of Claim, the debtor contacted FOS for assistance with hardship. FOS emailed the dispute to the bank, detailing the unemployment, advising that the Bank was unwilling to compromise and sought more time. After receiving the email, the Banks "loss mitigation, collections and consumer services officer" contacted the debtor and reached an agreement. The bank and the debtor had different records as to what the repayments under the agreement were supposed to be....
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  • doyla66
    doyla66 says #
    Incompetent bank officers with delusions of their own power through that of the Big Bank, big incentives and bonuses to work hard
  • doyla66
    doyla66 says #
    Wow, what a read. Bottom line. Typical handling by the bank. Many such cases handled by 'junior' officers who go off in a tangent
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The Federal Court was scathing in its description of predator "debt collection agency" Accounts Control Management Services [ACM] ~ an agency NAB & ConnBank dubiously engage to carry out it's "dirty-work" against purported debtors to maintain an arms length appearance of "clean hands". However, any such contrived impression could not be further from the actual truth. The court found in its description of the tone of one of ACM's supervisors as "rude, condescending and vicious, no description of this call (and some of her later efforts) can adequately capture the offensiveness involved".  ACM had engaged in repeated threats to inform a debtor's husband about her debt in circumstances where her husband did not know about it and ACM knew that she did not want him to know about her debt. --such conduct constitutes extortion. ACM "harassed debtors, engaged in widespread & systemic misleading & deceptive conduct" in chasing debts [on behalf of Nab & ConnBank] including threats of imprisonment --against the debtor. "The constant references to litigation...
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  • doyla66
    doyla66 says #
    Kyle, I know a borrower who would understand why you see that as a threat. One very distressed borrower new to all this received a
  • doyla66
    doyla66 says #
    CONNBANK do this sort of thing all the time. CONNBANK recently threatened us with:"When are you going to put your home on the mark
  • doyla66
    doyla66 says #
    Kyle "cancel YOUR card", code for "draw-down-available-credit-on-your-card", use it all to pay arrears" = care & diligence abandon
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...more bad tales do I bring.... .......corruption within the Banking system is ongoing & systemic ...... Buckman and his partners ran a small business, Basstech Pty. Ltd., in regional Victoria servicing the refining and manufacturing sectors across Australia and internationally with electronic repair, calibration and National Association of Testing Authorities’ (NATO) certification services. In May 1999, the directors uncovered an incidence of theft from their company perpetrated by Mr ‘Harman’ (name changed), their financial controller. His principal method of theft was to forge signatures on cheques. He also forged signatures on cheques to pay legitimate creditors, to help him hide his activities. This theft took the form of processing legitimate creditor payments through the accounting system, then writing the cheques payable to either himself and depositing into his bank account, or payable as ‘Cash’ cheques. This process effectively wrote the creditor invoice as a liability out of the accounting system, and...
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  • doyla66
    doyla66 says #
    This is MONEY LAUNDERING. Banks are corrupt to the core. The NAB should be investigated for CRIMINAL activities & money laundering
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 ....more knowledge and weapons I bring more ............from the vault! .......... Kryptonite it be..............NAByourhome .......has NOT heeded APRA advice or warnings..... its Bankster business as usual..... Australian Prudential Regulation Authority (APRA ) Investigation of  NAB   National Australia Bank  BANK FPO (NAB.AX) EXECUTIVE SUMMARY The losses ultimately incurred by the National Australia Bank (NAB.AX) on currency options were caused by four currency options traders, possessed of an abundance of self confidence, who positioned the NAB’s foreign currency options portfolio in the expectation that the falls in the US dollar that occurred mid last year would reverse and volatility would stabilise. Rather than closing their positions as the market moved against them, the traders chose to conceal their true positions - allowing those positions to deteriorate unchecked over a period of three months before they were finally discovered. By that time, the positions held were totally out of control. That this was possible...
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  • doyla66
    doyla66 says #
    The taking of risk is an inherent part of banking. That said, there must be a standardised practice for the rating of different f
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Gold Coast Bulletin. 8/11/2012.  The COMMONWEALTH BANK has tried to sting a pensioner with a bogus $60 fee on the day it paved the way for a record $7.4 Billion profit.  The pensioner withdrew $600 at the Scarborough St. branch in Southport but wanted the money in $20 notes, & asked a CBA teller to exchange the cash but they told him he would be charged a 10% handling fee.  When he complained to the branch manager, the branch manager also told him that : "It was bank policy".   It was not.  The branch manager lied. The pensioner said to her: "You've got to be kidding - this is bull$#!t." "I called her a liar & said that it was no wonder that banks had the reputation they do." The bogus fee grab came as analysts yesterday revealed that the bank was on track to deliver a record $7.4 Billion...
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  • doyla66
    doyla66 says #
    Cash handling fee? Huh? What exactly do Bank tellers think Banks are there for? Banks = Money, which includes cash/notes/coins f
  • doyla66
    doyla66 says #
    Lisa,ConnBank branch predominantly "serves" foreign students studying english in that locale. I'll enquire of them--keep u posted!
  • doyla66
    doyla66 says #
    Pensioner went national(tv)~ "TeamComm"[Southport]branch playing tricksters con, "drinking-money"? A barrel of rotten apples, it s
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  Bank Fraud I believe the banksters are complicit in the current Australian Mortgage Scandal.  There can be no other explanation. Every day I am more and more appalled at the blatant disregard Australia's banking sector Chief Executive Officers have for their customers!!!   If Australia's banking exec's, including CEO's CFO's, MD, Chairs, et al (Yes, You know who you are!) are not shocked and horrified at the mounting evidence of dodgy internal goings-on, going back years and years and years!!! (related to widespread falsification of loan documents by person or persons unknown, that have put thousands of gullible Australians at risk due to rampant, careless and dirty lending practices), and if you, dear Bankster, are not calling for an IMMEDIATE internal investigation, including volunteering your full cooperation with the authorities, to discover the perpetrators of this heinous crime, with promises of appropriate punitive action ...   Waiting, Waiting, Waiting... But no!  No...
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  • doyla66
    doyla66 says #
    Nicely put, STM. I have gained the impression that Bank executives regard BFCSA as nuisances and a minority group of no real inte
  • doyla66
    doyla66 says #
    This is so true STM - as time rolls on the picture becomes clearer. This was no doubt a huge conspiracy to trap each and everyone
  • doyla66
    doyla66 says #
    Lengthy JAIL SENTENCES must be given to all those bankers involved in the corruption of our financial system.
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Australian Banks need to learn to value their frontline staff. Unrealistic expectations, abusive conduct, bullying, intimidation: Bank lending industry must be forced to address their appalling track record of misconduct toward both staff and borrowers. FOFA legislation must apply to lending conduct and products - not just investment conduct and products.   _______________________________________________________________ "It is unconscionable that a bank has a best interests duty to its investors but does not owe the same professional duty to its borrowers." _______________________________________________________________     - 1 -Submission toSenate Economics References CommitteeInquiry into the Post-GFCBanking SectorSubmitter: Geoff Derrick (National Assistant Secretary)Organisation: Finance Sector Union of AustraliaAddress: Level 2, 321 Pitt street Sydney NSW 2000Phone 1300 366 722Fax (02) 9320 0094Email: This email address is being protected from spambots. You need JavaScript enabled to view it. - 2 -ContentsDisclaimer statement 3Introduction 4Scope 5Operation of lending targets 6Best interest duty 7Changes in the lending environment 8Impacts on finance sector workers 10Conclusion 13 - 3 -Disclaimer statementWhilst all due care has been...
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  • doyla66
    doyla66 says #
    FSU members and other bank and non-bank lending and collections staff, we hear you and we understand what's happening to you. I w
  • doyla66
    doyla66 says #
    Lisa, very nice Westpac[loans] lady[2007]left on health issues to work in RebelSportsShop--needed to account every minute per hour
  • doyla66
    doyla66 says #
    To all abused bank staff & ex-bank staff, please e-mail bfcsa & tell them your story of how your bank victimised you. This abusive
  • doyla66
    doyla66 says #
    .....great & damming evidence Kryptonite in this document to use in your case against the Banksters.....BFCSA should snuggle up to
  • doyla66
    doyla66 says #
    Original doc is PDF #156 located in submissions to Senate Inquiry into post-GFC Banking. http://www.aph.gov.au/Parliamentary_Busin
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Posted by on in Bankers A Law Unto Themselves
    Come in Spinner!  TRUST ME:  We give you no copies of documents and we never ring you to ask what your income is.  The loan is extremely expensive and WHEN your loan goes pear-shape we will steal your home and say ITS YOUR FAULT! We will also blame the Broker.  We rejig the Service Calculator oops, but that's a secret weapon we use against YOU. As an added bonus (I love big fat bonuses) if you last ten years on struggling to pay us, then you will delightfully discover your initial debt is still the same..... AND although its against the law, we will actually give you (shhhh) buffer monies so you can pay us with our own money.   We also help you with the fraudulent parts. Try our Low Docs today: Load yourselves up with a lifetime of DEBT and become a slave to our Bank......we are the best at this caper....
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  • doyla66
    doyla66 says #
    Geoff,they're horns?.."we provide free oxygen-masks on all loans as "we make our money out of 'thin-air'.
  • doyla66
    doyla66 says #
    Careful, they might just want to employ you
  • Denise
    Denise says #
    Geoffrey you made us LAF yet again!!! We need the humour. So funny!!! Keep them coming....there are 36 Lenders involved. [email protected]
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Enda Curran From: Dow Jones Newswires October 31, 201210:02AM ONE of Australia's biggest lenders, National Australia Bank, plans to buy back around $7 billion in debt guaranteed by the government at the height of the global financial crisis, according to a bank arranging the deal. The move is the biggest single step by an Australian lender to reduce outstanding debt stamped with the federal government's AAA rating. It illustrates the dramatic improvement in global credit markets and sentiment toward Australian banks since the start of the guarantee in 2008. The news comes on the same day the Melbourne-based bank reported annual net profit fell 22 per cent to $4.1 billion in the year to September, down from $5.2 billion. Australia's government rushed to shore up its banking system during the financial crisis by guaranteeing customer deposits and wholesale borrowing, for a fee. The facility was widely used by banks in both...
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  • doyla66
    doyla66 says #
    They are buying back the impaired loans Arree,means that the banks KNEW and KNOW that there will be a tsunami of defaulting loans
  • doyla66
    doyla66 says #
    In amongst the mix guff (IMHO) it looks likely that buy back of debt is occurring. If they are buying back overseas debt that's an
  • doyla66
    doyla66 says #
    so what does this really mean?
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Richard Gluyas From:The Australian November 03, 201212:00AM TWO dominant themes are emerging from the major-bank profit reporting season, ahead of Monday's finale with the Westpac annual result. The first is a sector-wide deterioration in asset quality, while the second is the credibility cloud descending on National Australia Bank due to its habit of boosting cash profit by taking "one-off" losses below the line. In terms of asset quality, there is a mixed picture. While loan-loss charges are relatively low, the rate of new impairments tells a different story. Westpac is still to report, but newly impaired Australian assets for ANZ jumped 12 per cent from $764 million in March to $858m at the end of September. It was a similar story at NAB. Gross impaired assets in Australia rose almost 29 per cent from $1.05 billion at the half year to $1.36bn at balance date. The deteriorating asset quality has been...
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0 0 0 How Banks Fraud the Economy by KRIS SAYCE on 8 DECEMBER 2011 Here’s a headline you don’t read every day in the mainstream press: “Why banking works one big confidence trick” Today, we’ll explain how to avoid this con-trick of the banks and the best way to set your portfolio to survive the next 10-plus years using investments like gold and silver stocks. But first, back to that headline… It’s from today’s Financial Times (FT). Written by Zoltan Pozar, a former New York Federal Reserve Bank economist, he makes the following point: “Banking is one large, clever, and finely tuned, confidence trick.” “On the one hand are bank notes which are ‘legal tender for all debts, public and private’, trade at par and are referred to as money. They are liabilities of the sovereign. On the other hand are demand deposits – from savings to cheque accounts –...
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  • doyla66
    doyla66 says #
    Couldn't agree more Wayne,it's the biggest cover-up in Australian History. I have no doubt that it will be swept under the carpet
  • doyla66
    doyla66 says #
    It amazes me that so much information on this is publicly available and regularly circulated. Has anyone heard boo out any pollie
  • doyla66
    doyla66 says #
    Hi Lisa. Its now obvious that with the thousands of letters & reports that the people of Australia have sent to the politicians th
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Romanian prosecutors detain 33 bankers and officials in $28.5 million suspected banking fraud Published November 02, 2012   Prosecutors on Friday detained 33 government officials and bankers on suspicion of money laundering and fraud that cost Romania €22 million ($28.5 million).   The detainees included three Economy Ministry officials, the deputy chairman of the French-owned Romanian Development Bank, and the chairman of a state fund that offers banks guarantees in exchange for business loans.   The officials have been suspended, pending an inquiry, and prosecutors have asked the Bucharest Court to rule later Friday that 32 of the detainees be held under arrest for one month.   On Thursday, prosecutors raided about 50 homes and offices in Bucharest, Giurgiu and Calarasi in the case and questioned about 100 people.   Anti-organized crime prosecutors say that from 2010 to 2012, two people organized a scam that involved bank employees. They allegedly managed...
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Rueters 1/11/12 Bank of Queensland has seen the maximum number of analyst downgrades in Australia's financial sector in October, data from Thomson Reuters StarMine shows.   Six analysts have downgraded the stock during the period.   Bank of Queensland's Analyst Revision Model (ARM) score has fallen sharply to 8 from 67 a month ago.   The analysts have also cut their EPS estimates for the lender for the year ending June 2013 by 8.2 percent over the past month.   The bank also has below-average scores of 30 in EarningsQuality model and 27 in the SmartHoldings model.   Three out of 17 analysts have 'sell' rating on the stock while eleven have 'hold' and three have either 'buy' or 'strong buy' recommendations.   The stock has been flat over the past month, while the sector index gained 3.5 percent, until Wednesday's close.   Flexigroup leads the sector with an ARM score...
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  • doyla66
    doyla66 says #
    North Ward co-franchisee Matthew Buchanan told the court that by June 2005 he had already written up to 40 loans for Storm clients
  • doyla66
    doyla66 says #
    BOQ and Macquarie Bank bank managers caught out lying to the court. Perverting the course of Justice.
  • doyla66
    doyla66 says #
    Apparently both powerpoint seminars that these bank managers went to were into depth on how storm financial did things.. Also it l
  • doyla66
    doyla66 says #
    Apparently both powerpoint seminars that these bank managers went to were into depth on how storm financial did things.. Also it l
  • doyla66
    doyla66 says #
    JJ re Storm - OOPS was that perjury?
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(STM: It is obvious there are systemic issues throughout the banking sector, on a global basis.   It is the Australian government's responsibility to initiate a Royal Commission into the Australian banking sector to prevent further collapses, to pursue to the full degree of the law those people who are guilty of fraud and to enforce the codes and regulations that are already in place.   Government... Just do your job.  Get it sorted.  You may have forgotten, but you work for us, WE, the People, not for you the politician, not for your greedy banker friends, and not your self-interested, lying and useless regulators!!) Royal Bank subpoenaed in LIBOR probe Full Story The Canadian Press Posted: Oct 26, 2012 10:40 AM ET Last Updated: Oct 26, 2012 1:33 PM ETThere are reports that Royal Bank of Canada has been served with a subpoena from U.S. state officials as part of their probe...
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  • doyla66
    doyla66 says #
    Good one, STM. It's an international problem but unless the Hague wants to take on the job of judgement and justice we're stuck
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