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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Anglo trial: The role of the regulators   9 June 2016 http://www.rte.ie/news/2016/0609/794431-anglo-ilp-financial-regulator-central-bank/   During the trial of four former executives of Anglo Irish Bank and Irish Life and Permanent for conspiracy to defraud, Judge Martin Nolan made a ruling about the admissibility of evidence relating to the Central Bank and the financial regulator.  The prosecution wanted matters relating to the regulator and the Central Bank excluded from the jury, saying they were irrelevant. During the legal argument on this issue, Denis Casey, the former chief executive of Irish Life and Permanent, gave evidence.  Judge Nolan said if pushed he would believe his evidence.  Casey said he had been brought in by the authorities in early 2008 and told IL&P’s borrowings were too high.  He said the “green jersey agenda” was mentioned at around this time - this was how Irish banks could help each other in their hour of need while...
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Firstmac up for sale in $500 million auction http://www.brokernews.com.au/news/breaking-news/firstmac-up-for-sale-in-500-million-auction-218111.aspx Non-bank lender Firstmac will be put under the hammer with Goldman Sachs hired to find a strategic investor or buyer for the company, it has been revealed. According to a report in theAustralian Financial Review (AFR), managing director and owner, Kim Cannon, is willing to consider selling a 30% to 40% stake in the business, or even the whole company.Goldman has approached potential buyers including banks, private equity firms and offshore strategic players the AFR has reported, ahead of a two-part auction.The non-bank lender has about $8 billion in mortgages under management and makes about $20 million in annual profit. The AFR estimates the business could be worth up to $500 million.According to reports, Cannon has been approached several times about selling Firstmac, which includes online lender loans.com.au, including interest from big Australian banks. Buyers expect Firstmac's auction to be up and running within a fortnight, the AFR has reported. First-round...
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Robo Banking Dark Ages – scary stuff http://www.cnbc.com/2016/06/18/robo-advisors-are-coming-to-take-wall-street-out-of-the-dark-ages.html   A tried-and-true Wall Street business is in "the Dark Ages," and it's being threatened by big disruptors, one of its own executives says. Joe Duran, CEO of United Capital, sat with start-up executives at a New York conference Friday and acknowledged wealth managers' upper hand is starting to lose its grip as digital disruptors take hold. The next generation of clients is less eager to engage with traditional money managers' staff, and gravitates more toward automated options for investment management needs, panelists said. "Most of our industry is not good enough," Duran said. "Our industry is in the Dark Ages in terms of engaging consumers."  His comments came Friday at the SourceMedia In|Vest conference in New York, where he joined SigFig CEO Mike Sha and Betterment founder and CEO Jon Steinto talk about how the business of managing trillions of investors' funds...
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Ireland to Prosecute Top Banker Who Destroyed Their Economy — Guess Where He Was Hiding http://www.ewao.com/a/ireland-to-prosecute-top-banker-who-destroyed-their-economy-guess-where-he-was-hiding/ United States citizens feel helpless against both the 100 year old wall street banking cartel and easily bought political elections.  Juxtapose Ireland… where their countrymen are taking down those who are responsible for destroying their lives and livelihood.   Shocking! … Former Irish Bank leader, David Drumm, has been extradited from the U.S. and brought in front of a Dublin District Court Magistrate to face charges for his part in the 2008 financial crisis felt round the world. The former chief executive of Irish Anglo Bank was found in Boston in late 2015 and arrested.     Held in Federal Custody, Drumm originally fought extradition to Ireland but recently withdrew his plea and returned to his home country on March 15, 2016. The People vs. The Bankers Iceland’s move to hold the bankers criminally accountable has...
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  • Duped
    Duped says #
    Australia must follow the lead of Iceland and Ireland in jailing bankers who have been in charge of the banks when they have reckl
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Never any good news about banks as usual...   Banks avoid break-up as CMA calls for disclosure Competition and Markets Authority disappoints consumer groups after its banking inquiry backs off from radical remedies to improve service 17 May 2016 http://citywire.co.uk/money/banks-avoid-break-up-as-cma-calls-for-disclosure/a911265 Consumer groups have branded a 19-month inquiry into retail banking a disappointment after the Competition and Markets Authority (CMA) proposed a cap on unauthorised overdraft fees and a requirement for banks to join a price-comparison website. Ignoring calls for a break-up of the big banks, the CMA said the problem with the banking market was the inability of consumers to get information on costs and charges.  It believes providing people with the right information will help them tell if their bank is offering value for money and could prompt more to switch provider. Currently nearly 60% of banks’ personal customers have stayed with the same bank for over ten years and...
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Lloyds bondholders lose Supreme Court battle   Holders of Lloyds bonds will lose out on income after the Supreme Court sided with the bank over their redemption 16 June 2016 http://citywire.co.uk/money/lloyds-bondholders-lose-supreme-court-battle/a922205?ref=citywire-money-latest-news-list   Thousands of investors will see their income cut after the Supreme Court ruled Lloyds was allowed to redeem high-interest paying bonds following a lengthy legal battle. The Supreme Court ruled said the bank was within its rights to stop payments and redeem the 'enhanced capital notes', some of which pay generous yields of up to 11%. The ruling means investors, many of which are pensioners, will not be liable to compensation from Lloyds to cover the income they have lost.   Bondholders lost by a whisker on a 3-2 vote in Lloyds’ favour.  Mark Taber, a fixed income expert who has been helping the bondholders, said the ruling raised ‘further massive issues over the role of the regulator’ in...
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Shades of things to come....ASIC just playing the game to take the heat off RC demands   SFO ends foreign exchange fraud inquiry with no charges brought - Serious Fraud Office closes investigation into rigging of forex market despite ‘reasonable grounds’ to suspect fraud Wednesday 16 March 2016   Jill Treanor   http://www.theguardian.com/law/2016/mar/15/sfo-serious-fraud-office-foreign-exchange-inquiry-forex-rigging   A long-running investigation by the Serious Fraud Office into rigging of the £3.5tn-a-day foreign exchange markets has ended without any charges being issued against banks or individuals. The SFO said that after reviewing more than a half a million documents it had concluded there was insufficient evidence for a realistic prospect of conviction. “While there were reasonable grounds to suspect the commission of offences involving serious or complex fraud, a detailed review of the available evidence led us to the conclusion that the alleged conduct, even if proven and taken at its highest, would not meet the...
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Apparently the biggest banks in the US didn’t learn their lesson the first time around… Because a few days ago, Wells Fargo, Bank of America, and many of the usual suspects made a stunning announcement that they would start making crappy subprime loans once again! I’m sure you remember how this all blew up back in 2008. Banks spent years making the most insane loans imaginable, giving no-money-down mortgages to people with bad credit, and intentionally doing almost zero due diligence on their borrowers. With the infamous “stated income” loans, a borrower could qualify for a loan by simply writing down his/her income on the loan application, without having to show any proof whatsoever. Fraud was rampant. If you wanted to qualify for a $500,000 mortgage, all you had to do was tell your banker that you made $1 million per year. Simple. They didn’t ask, and you didn’t have to...
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It Begins: One European Bank Fails, Another One Needs An Urgent Cash Injection!   Published: June 12, 2016 http://www.blacklistednews.com/It_Begins%3A_One_European_Bank_Fails%2C_Another_One_Needs_An_Urgent_Cash_Injection%21/51856/0/38/38/Y/M.html   Interesting news this week as Belgium-based Optima Bank has been shut down by both the National Bank of Belgium (which also acts as the Belgian regulating body) as well as the ECB. According to the national supervisor, the bank  would have been unable to meet its commitments to its clients and was forced to cease all banking activities after some potentially fraudulent transaction were unveiled. It’s surprising to see the main media have tried to keep this silent as even the website of the National Bank of Belgium didn’t bother to issue the press release in English (whereas all other press releases on the home page can be read in English). There’s no statement from the ECB either, nor has this news been translated on the English version of website of...
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Why are so many bankers committing suicide? By Michael Gray June 12, 2016 | 6:00am http://nypost.com/2016/06/12/why-are-so-many-bankers-committing-suicide/ Play Video 0:00 / 2:10   Three bankers in New York, London and Siena, Italy, died within 17 months of each other in 2013-14 in what authorities deemed a series of unrelated suicides. But in each case, the victim had a connection to a burgeoning global banking scandal, leaving more questions than answers as to the circumstances surrounding their deaths.  The March 6, 2013, death of David Rossi — a 51-year-old communications director at Monte dei Paschi di Siena, the world’s oldest bank — came as the institution teetered on the brink of collapse.  Rossi was found dead in an alleyway beneath his third-floor office window in the 14th-century palazzo that served as the bank’s headquarters. A devastating security video shows Rossi landing on the pavement on his back, facing the building — an odd...
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They Did It On Purpose: The Housing Bubble & Its Crash were Engineered by the US Government, the Fed & Wall Street http://www.real-debt-elimination.com/real_money/crimes_of_the_economy/housing_bubble_and_crash_engineered_by_US_govt_FED_Wall_St.htm During the Clinton administration, the government required the financial industry to start expanding the frequency of mortgage loans to consumers who might not have qualified in the past. When George W. Bush was named president by the Supreme Court in December 2000, the stock market had begun to decline with the bursting of the dot.com bubble. In 2001 the frequency of White House visits by Alan Greenspan increased.  Greenspan endorsed President Bush’s March 2001 tax cuts for the rich. More such cuts took place in May 2003. Signs of recession had begun to show in early 2001. The stock market crashed after 9/11. The U.S. invaded Afghanistan in October 2001 and Iraq in March 2003. The Federal Reserve began cutting interest rates, and by 2002 a home-buying frenzy...
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Raging [email protected] in Spain... Next Banking Scandal Explodes in Spain - Wealth redistribution in progress. by Don Quijones June 8, 2016 http://wolfstreet.com/2016/06/08/next-banking-scandal-in-spain-banco-popular/   The last five years have been a bumper period for banking scams and scandals in crisis-ridden Spain. From Bankia’s doomed IPO in 2012 to the “misselling” of complex preferentes shares to “unsophisticated” retail bank customers, including children and Alzheimers sufferers, all of the scandals have had one thing in common: the banks have consistently and ruthlessly sacrificed the welfare and wealth of customers, investors, and taxpayers on the altar of short-term survival.   Some commentators claim that the problem of banking instability in Spain has been put to rest in recent times, thanks chiefly to a robust, debt-fueled recovery, a tepid resurgence of the real estate sector and the transfer of the most toxic assets from banks’ balance sheets to the festering balance sheets of the nation’s bad...
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Why do all the fines end up in Government coffers?  It’s as if banks are encouraged to do what they do so they can be fined.  Sounds like stuff the consumers from both ends.   Deutsche Bank eyed in Treasury rigging probe By Kevin Dugan May 30, 2016 | 9:02pm http://nypost.com/2016/05/30/treasury-eyes-deutsche-bank-in-auction-rigging-probe/   Investigators probing the $13 trillion market for US Treasurys are zeroing in on a second Wall Street bank, The Post has learned.  Deutsche Bank, led by co-CEO John Cryan, has emerged as a focus of the probe into whether traders rigged auctions for government debt, according to sources.  No bank has been accused of wrongdoing, but investigators are narrowing their focus after requesting documents and communications from all of the 22 primary dealers in Treasurys.  That group includes the biggest Wall Street banks and their counterparts in Europe and Asia. Goldman Sachs, led by Chief Executive Lloyd Blankfein, revealed...
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ANZ accused of racial bigotry towards Indian billionaires Pankaj and Radhika Oswal Sarah Danckert 1 June 2016 http://www.smh.com.au/business/mining-and-resources/anz-accused-of-racial-bigotry-towards-indian-billionaires-pankaj-and-radhika-oswal-20160601-gp8reh.html ANZ Bank and its senior executives, including former chief executive Mike Smith, have been accused of "racial bigotry" in their dealings with flamboyant billionaires Pankaj and Radhika Oswal.   In explosive emails between ANZ senior executive Chris Page and former CEO Mike Smith, Mr Page used a slew of derogatory terms to describe the couple, the Supreme Court of Victoria heard. "In essence we are dealing with two very unsavoury characters," Mr Page told Mr Smith in the email.   "We are dealing with Indians with no moral compass and an Indian woman who is every bit as devious as PO (Pankaj Oswal)" Mr Page said in his email to Mr Smith.The lawyer for Mr and Mrs Oswal, Tony Bannon, said the use of the word Indian by Mr Page in the email...
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ASIC orders review of OnePath Tuesday, 15 March 2016 http://www.ifa.com.au/news/15864-asic-orders-independent-review-of-anz-division ANZ has agreed to an independent review of one of its wealth subsidiaries after a "significant" number of breaches prompted ASIC to be concerned.  In a statement, the corporate regulator said ANZ's OnePath will be reviewed after the bank reported breaches in relation to its life, general insurance, superannuation and funds management activities.  These activities are operated through its wholly-owned OnePath group of subsidiary companies. According to the statement, from early 2013 to mid-2015, around 1.3 million customers were affected by breaches, requiring refunds and compensation of around $4.5 million. This also required rectifications and other remediation of about $49 million, ASIC said.  In one instance, 1,400 superannuation fund members had $28.7 million in contributions allocated to the incorrect super account for a period up to 12 months.  ANZ has now returned these funds to the correct accounts and provided over...
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  • organza
    organza says #
    Rather telling. Could offer explanation for mooted changes to our superannuation that certain politicians are getting their knick
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Another Bank, New York Mellon, Swims Into Frame As 1MDB/ Aabar Scandal Unravels 14 March 2016 https://swk.global.ssl.fastly.net/2016/03/another-bank-new-york-mellon-swims-into-frame-as-1mdb-aabar-scandal-unravels/   Nice present for your Edmond de Rothschild private bank manager The list of major international banks, who have appeared willing to turn a blind eye to global money laundering rules on behalf of their special high-value clients, related to 1MDB and Aabar, continues to grow.  So does the list of apparent fall guys, as some senior heads have already rolled. These include Goldman Sachs’ South East Asia boss, the bogus ‘Dr’ Leissner; BSI’s Singapore boss and former ‘Asian Banker of the Year’ HansPeter Brunner; the Chief Executive of Edmond de Rothschild Banqe Privee, Marc Ambriosien (see his client’s gift above) and ANZ’s former Chief Executive seconded to run AmBank in KL, but brought home early last year, Ashok Ramamurthy. Yet, glaring questions remain to be answered by the banks themselves and of the...
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Bank customers may cover cost of fraud under new UK proposals Patrick Jenkins and Sam Jones http://www.ft.com/intl/cms/s/0/e335211c-2105-11e6-aa98-db1e01fabc0c.html#axzz4A6ziUpN9   Bank customers could be forced to foot the bill for fraud on their accounts, under proposals being discussed by Britain’s lenders in conjunction with the UK government, the Bank of England and spymasters at GCHQ. Under the plans, individuals or companies with lax online security could find themselves frozen out of banking services or even excluded from the system whereby banks compensate customers whose accounts are hacked.   More ON THIS TOPIC Swift outlines plan against cyber theft Inside Business Banks need customers to fight cyber crime Insurers push for cyber attack database Swift hits at banks on cyber crime IN BANKS RBS to axe another 450 jobs in services Mizuho readies fintech war chest Banks pressed to step up online defences SBI’s bad loan provisions rise   Consumer groups immediately criticised the plans....
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  • organza
    organza says #
    Is this a joke? Banks need to be do some serious soul-searching and ask the question 'who forced customers to do on-line banking
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The Banking Crisis in Spain is Back 28 May 2016 By Don Quijones, Spain & Mexico, editor at WOLF STREET. http://wolfstreet.com/2016/05/28/spain-banking-crisis-is-back-banco-popular-capital-npl/   After three years of relative calm and one month before yet another round of do-or-die general elections, the words “banking” and “crisis” are back on the front pages of Spain’s newspapers. Despite the untold billions of euros of public funds lavished on “cleaning up” their balance sheets and the roughly €240 billion of provisions booked against bad debt since December 2007, the banks are just as weak and disaster-prone as they were four years ago.  Francisco González, the President of Spain’s second biggest financial institution, BBVA, was the first to raise the alarm, warning a few days ago that the ECB’s negative interest rate policy “is killing” European banks. Now, it seems González’s prophecy is already coming true.  Spain’s sixth largest financial institution, Banco Popular, on Wednesday evening announced...
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  • douglen46
    douglen46 says #
    We are in a world wide crisis and we all need to pull together to get banks across the world cleaned up
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The NIRP Refugees Are Coming to America by Wolf Richter • May 26, 2016 http://wolfstreet.com/2016/05/26/negative-interest-rate-policies-nirp-euro-japan-depress-u-s-treasury-yields/   Negative interest rate policies elsewhere hit US Treasury yields The side effects of Negative Interest Rate Policies in Europe and Japan — what we’ve come to call the NIRP absurdity — are becoming numerous and legendary, and they’re fanning out across the globe, far beyond the NIRP countries. No one knows what the consequences will be down the line. No one has ever gone through this before. It’s all a huge experiment in market manipulation. We have seen crazy experiments before, like creating a credit bubble and a housing bubble in order to stimulate the economy following the 2001 recession in the US, which culminated with spectacular fireworks. Not too long ago, economists believed that nominal negative interest rates couldn’t actually exist beyond very brief periods. They figured that you’d have to increase inflation and...
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Michael Hudson: The Wall Street Economy Has Taken Over The Economy and Is Draining It! By: Gordon Long   Thur April 28, 2016 Fire Economy   FIRE is an acronym to the Finance, Insurance, and Real Estate sector. Basically that sector is all about assets, not production and consumption. Most people think of the economy as being producers making goods and services and paying labor to produce them, and then labor is going to buy the goods and services.   But this production and consumption is rife in the asset economy of who owns assets and who owns other things.  The Finance, Insurance, and Real Estate sector is dominated by finance. For instance, 70-80% of bank loans in North America and Europe are mortgage loans against real estate.   The only way of buying a home or commercial real estate is on credit, so the loan to value ratio goes up...
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