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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A reminder.. NAB, Westpac tapped Fed Date December 3, 2010 Eric Johnston http://www.theage.com.au/business/nab-westpac-tapped-fed-20101202-18i58.html NATIONAL Australia Bank and Westpac were among global banks to borrow billions of dollars in emergency funds from the US Federal Reserve at the height of financial crisis.   The Reserve Bank also tapped the US central bank for than $US53 billion over six months after the financial crisis caused a global shortage of keenly traded US dollars.   Documents released yesterday by the US Federal Reserve offer some insight into more than 21,000 emergency loans that the Fed provided to investment banks, foreign central banks and other institutions. Most of the funds were released at the peak of the crisis as banks scrambled to secure crucial day-to-day funding.   Only two Australian banks took advantage of the funding window opened by the Fed as the US bank tried stabilise financial markets, the documents show. European banks and...
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'Miracle' needed to save the world, because central banks can't, says BTIM's Vimal Gor Date May 11, 2016 - 12:01PM 1573 reading now Vesna Poljak  Senior markets reporter http://www.theage.com.au/business/the-economy/miracle-needed-to-save-the-world-because-central-banks-cant-says-btims-gor-20160510-goqv3k.html   The Bank of Japan and the European Central Bank are printing billions in a "useless" attempt at stimulating demand as a "crisis of confidence" erupts over central banks and their diminishing influence.  And for the same reason, the Reserve Bank of Australia may find itself powerless in trying to defeat low inflation by cutting interest rates to fresh record lows. That is the view of Vimal Gor, who is head of income and fixed interest at BT Investment Management.  Mr Gor is the latest expert to question the wisdom of RBA rate cuts. "The theory says yes, but in practice it's unclear as RBA monetary policy has no influence over commodity prices or overcapacity in Chinese and Japanese markets. This takes...
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Enter blockchain.........“the next revolution will be digitised”.   “Or perhaps it has already begun,” the source said. Panama Papers source breaks silence over 'scale of injustices' Whistleblower says leak of 11.5m Mossack Fonseca files on offshore tax havens has triggered debate but not enough action 7 May 2016 http://www.theguardian.com/news/2016/may/06/panama-papers-source-breaks-silence-over-scale-of-injustices   The whistleblower behind the Panama Papers broke their silence on Friday to explain in detail how the injustices of offshore tax havens drove them to the biggest data leak in history.  The source, whose identity and gender remain a secret, denied being a spy.  “For the record, I do not work for any government or intelligence agency, directly or as a contractor, and I never have. My viewpoint is entirely my own.”  The whistleblower said the leak of 11.5m documents from the Panamanian law firm Mossack Fonseca had triggered a “new, encouraging global debate”, thanks to the publication last month of stories...
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  • organza
    organza says #
    One can bet Australia will not set up a public register of offshore companies. Any idle promise to do so will be akin to the fore
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IRISH BANKS HIDING DEFAULTING LOANS - Doing secret deeds for lifetime debt and then cover up?   3 May 2016 http://www.irishexaminer.com/business/courts-being-used-as-crude-stick-to-engage-borrowers-396247.html In the debate about mortgage arrears over the past few years there have been frequent references to a “tsunami of repossessions” that was about to overwhelm the country. A lot of things have happened in relation to mortgages but widescale repossession is not one of them. An analysis of the 34 civil possession hearings of the Cork County Registrar over the past 12 months show that in Cork alone 900 repossession cases have been brought by lenders. Most of these cases have been listed several times and there were five cases which appeared six times on the registrar’s lists over the year. With cases appearing multiple times the 900 cases equate to 2,200 separate listings over the past year.   There were around 300 listings which could not be heard because...
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ASIC's Greg Medcraft lobbies US for debt relief     by    John Kehoe Christopher Joye   June 9 2015 http://www.afr.com/business/banking-and-finance/asics-greg-medcraft-lobbies-us-for-debt-relief-20150605-ghi2lt   Australian Securities and Investments Commission chairman Greg Medcraft is pressing American regulators to help make it easier and cheaper for Australian companies to sell financial securities to individual investors in the United States.  Mr Medcraft is lobbying the US Securities and Exchange Commission to sign a mutual recognition arrangement for the Australian and US retail debt markets. He is due to visit Washington this month to push for a deal. Australia needs to convince the SEC of the merits of cutting red tape and enhancing capital flows between the countries.  A person in Washington familiar with the discussions between ASIC and the SEC said Mr Medcraft had been "knocking at the door of the SEC saying 'please do this'". Mr Medcraft told The Australian Financial Review mutual recognition of retail...
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  • douglen46
    douglen46 says #
    I wouldn't even trust Medcraft to buy me a loaf of bread it's time for him to go!!!!!
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Brokers react to Westpac’s shock lending decision 28 April 2016 http://www.theadviser.com.au/breaking-news/34312-brokers-react-to-westpac-s-shock-lending-decision A leading Chinese-Australian brokerage says Westpac’s decision to stop lending to non-resident borrowers has come sooner than expected. The major bank confirmed in a statement yesterday that it has made changes to its non-resident lending policy, effective this week. Westpac, St George, Bank of Melbourne and BankSA will no longer accept mortgage applications from non-residents. The banks will also no longer accept any foreign self-employed income applications or applications from temporary visa holders living overseas. In addition, LVRs for acceptable domestic applications with foreign income will be reduced from 80 per cent to 70 per cent. Commenting on the policy changes, Donald Tang of Sydney-based brokerage Alliance Mortgage Solutions (AMS) said Westpac’s decision was “quite a big change for the industry”. “We have heard people talking about this change from about a month ago but didn’t realise it would come...
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Nightmare stuff.....hope all Loan Documents were entered into a computer system....   How Bank of America Covered Up Fraud by Silencing Whistleblowers Countrywide made life hard for an internal investigator, and a court ruled that when BofA took over, she was illegally fired in retaliation. By Michael W. Hudson / IWatch News October 13, 2011 http://www.alternet.org/story/152723/how_bank_of_america_covered_up_fraud_by_silencing_whistleblowers   In the summer of 2007, a team of corporate investigators sifted through mounds of paper pulled from shred bins at Countrywide Financial Corp. mortgage shops in and around Boston.  By intercepting the documents before they were sliced by the shredder, the investigators were able to uncover what they believed was evidence that branch employees had used scissors, tape and White-Out to create fake bank statements, inflated property appraisals and other phony paperwork. Inside the heaps of paper, for example, they found mock-ups that indicated to investigators that workers had, as a matter of routine,...
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GAO:  J P Morgan Chase Customers lost $5.4 billion to Madoff   By Pam Martens and Russ Martens: April 22, 2016  http://wallstreetonparade.com/   Buried in a report released yesterday by the Government Accountability Office (GAO) was a stunning piece of news. Customers of JPMorgan Chase, the bank that Wall Street analyst Mike Mayo has preposterously called the “Lebron James of banking,” were major victims of Bernie Madoff’s Ponzi scheme – to the tune of $5.4 billion – because of negligence on the part of the bank. The report states the following: “In 2014, DOJ [Department of Justice] assessed a $1.7 billion forfeiture – the largest penalty related to a BSA [Bank Secrecy Act] violation – against JPMorgan Chase Bank. DOJ cited the bank for its failure to detect and report the suspicious activities of Bernard Madoff. The bank failed to maintain an effective anti-money-laundering program and report suspicious transactions in 2008,...
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Why is the Obama Administration trying to keep 11,000 documents sealed?  Matt Taibbi 18 April 2016  The "most transparent administration in history" has spent years trying to hide embarrassing financial secrets from the public http://www.rollingstone.com/politics/news/why-is-the-obama-administration-trying-to-keep-11-000-documents-sealed-20160418  It's not quite the Panama papers, but one hell of a big pile of carefully guarded secrets may soon be made public.  For years now, the federal government has been quietly fighting to keep a lid on an 11,000-document cache of government communications relating to financial policy. The sheer breadth of the effort to keep this material secret may not have a precedent in modern presidential times.  "It's the mother of all privilege logs," explains one lawyer connected with the case. The Obama administration invoked executive privilege, attorney-client and deliberative process over these documents and insisted that their release would negatively impact global financial markets. But in finally unsealing some of these materials last week, a...
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RBA governor Glenn Stevens presses for difficult policy decisions Australian Financial Review Apr 20 2016 12:39 PM John Kehoe   Reserve Bank of Australia governor Glenn Stevens has urged political leaders to adopt the country's economic reform playbook of the 1980s and 90s, by educating the community on why difficult policy changes are necessary and relentlessly prosecuting the case. After warning in a set speech that easy money policies of central banks were reaching their limits, Mr Stevens called on governments around the world to take more responsibility for reviving growth, including through sound infrastructure investments financed by ultra low borrowing costs. Responding to questions from investors in New York, the governor invoked the economic reform success of Australia in past decades, to encourage politicians to pursue tough policies to boost weak productivity and living standards. "In my limited experience, countries that have had successful reform, I think it's a combination...
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NAJIB'S DEADLY RM4.2BIL SCANDAL, AMBANK SHAREHOLDER ANZ NOW DESPERATE TO SELL OFF STAKE Written by The Australian   31 March 2016 http://www.malaysia-chronicle.com/index.php?option=com_k2&view=item&id=613055:sucked-into-najibs-rm42bil-scandal-ambank-shareholder-anz-now-desperate-to-sell-off-stake#axzz46B5W0Len   One of Australia’s biggest banks, ANZ, insists it had no authority to act over the alleged transfer of more than $US1 billion into Malay­sian Prime Minister Najib Razak’s personal accounts at AmBank, despite being a major shareholder of the Malaysian institution with ANZ executives working in senior management and sitting on the board. The scandal surrounding money transfers totalling $US1,050,795,451.58 said to have flowed into Mr Najib’s bank ­accounts between January 2011 and April 2013 has rocked the Malaysian government and triggered fin­ancial investigations by authorities on three continents. Mr Najib has denied any wrongdoing and in January his hand-picked new Attorney-General, Mohamad Apandi Ali, ­demanded all Malaysian investi­gations into the transfers be closed, declaring the bulk of the money a gift from Saudi royalty. The ANZ has...
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  • douglen46
    douglen46 says #
    The old saying goes SEE NO EVIL HEAR NO EVIL and boy oh boy are these evil...
  • organza
    organza says #
    Who would want to buy it with all the scandal going on?
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Hi Denise I have written to you before.  I have read many of your articles, in particular those on TRIO Capital and the banks.   I wish to point out to you the unique bank experience TRIO investors experienced.    No doubt you have read much about TRIO of late. The scarcity of fact is incredible. I state everything I state in the following paragraphs is able to be supported with official documents. In addition I am able to pass on an affected investor. Please, if you require any clarification or expansion of my points please respond.  I have no motive other than exposure and compensation for victims    Last preliminary point. The SMSF investors have been hurt. However all recent publicity concerns them with the stated and implied position that those in APRA regulated funds have been looked after. Nothing could be further from the truth and it these investors I refer too.     The vast majority of APRA regulated...
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J.P. Morgan, Citi Shareholders to Vote on Proposal About Potential Breakup   The proposal will be included in the banks’ proxy filings at the request of a shareholder activist 16 March 2016 http://www.wsj.com/articles/j-p-morgan-citigroup-shareholders-to-vote-on-potential-breakup-plans-1458157562   Shareholders of J.P. Morgan Chase & Co. and Citigroup Inc. will get to vote later this year on one of the most popular questions on the campaign trail: Should the banks break up into smaller pieces?  The question will be included in the proxy filings for the two big U.S. banks and voted on at shareholder meetings later this year, according to people familiar with the matter.  Analysts have said it is highly unlikely that shareholders will support a proposal to break up the banks. A similar proposal at Bank of America Corp. last year gained about 4% of the votes. The shareholder votes were requested by Bartlett Naylor, a shareholder activist and a financial policy advocate...
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Wall Street fingerprints are all over 1MDB scandal By Una Galani April 12, 2016 http://blogs.reuters.com/breakingviews/2016/04/12/wall-street-fingerprints-are-all-over-1mdb-scandal/     Wall Street banks played a key role in helping a Malaysian sovereign fund raise and move money, much of which went missing. That is a key takeaway from a damning 106-page report by a bi-partisan parliamentary committee into the goings-on at 1Malaysia Development Berhad. The report, which highlights over $4 billion in suspect payments, shows how Deutsche Bank, JPMorgan, and Goldman Sachs had their fingerprints all over the disgraced fund. Goldman has long been at the centre of the controversy surrounding 1MDB, where Malaysian Prime Minister Najib Razak remains chairman of the board of advisors. The firm pocketed eye-popping fees arranging three bond deals between 2012 and 2013 that raised $6.5 billion for the fund. At its client’s highly unusual request, Goldman even arranged to send almost half the proceeds to a small Swiss...
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  • Wayne
    Wayne says #
    we all know whats going on, yet here's he government still rambling on with more protection rubbish with no real results for us. y
  • organza
    organza says #
    And which US bank is a major shareholder in our banks? Check it out https://www.commbank.com.au/about-us/shareholders/pdfs/2002-a
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Chancellor: Pensions are a bubble waiting to burst By Edward Chancellor April 15, 2016 http://blogs.reuters.com/breakingviews/2016/04/15/chancellor-pensions-are-a-bubble-waiting-to-burst/   The United States is not a “bubble economy”. That’s the official view of the Federal Reserve expressed by Chair Janet Yellen earlier this month. Yellen describes a bubble as a combination of “clearly overvalued” asset prices, strong credit growth and rising leverage. In other words, the type of financial fragility the central bank, with its vast research staff, failed to spot prior to the subprime crisis. The Fed’s definition of a bubble is too narrow. Bubbles are, in essence, illusions of wealth. The last two great bubbles – internet stocks and U.S. real estate – involved inflated asset prices. The great current bubble is centered around liabilities, or promises to make future cash payments. The owners of these claims consider them part of their current wealth. But what if they cannot be paid? These thoughts...
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Banking Crisis  explodes in Europe on a Sunday Afternoon: AUSTRIA ORDERS FIRST-EVER BANK "BAIL-IN"; TAKES DEPOSITORS MONEY FOR FAILED BANK Post by U.S.Reporter Apr 10, 2016   https://www.superstation95.com/index.php/world/1142   12:00 Noon EDT: In a move which could trigger a collapse of European banks, Austria  "Bailed-in" a failed bank; seizing depositor money to pay bank debts, leaving citizens broke.  This could be the actual start of a complete systemic banking collapse in Europe as panicked citizens, seeing their fellow depositors wiped out in one fell swoop, start pulling their money out of the banking system.  This has "DISASTER" written all over it. Just over a year ago, a black swan landed in the middle of Europe, in what was then dubbed a "Spectacular Development." In Austria, the "bad bank" of failed Hypo Alpe Adria - the Heta Asset Resolution AG - itself went from good to bad, with its creditors forced into...
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What have the idiots done?   Dangerous cocktail threatens to topple the apartment market Robert Gottliebsen Business Spectator April 6, 2016 7:27AM   http://www.theaustralian.com.au/business/opinion/robert-gottliebsen/dangerous-cocktail-threatens-to-topple-the-apartment-market/news-story/2e06fd0fe82b4e3b437076802e9591bf     As the banking regulator reins in lending to property investors, it’s becoming clear that it’s not just big city apartment prices that are under threat. The credit squeeze in investor housing being imposed by the banking regulator, the Australian Prudential Regulation Authority, has suddenly taken a dangerous twist. Combined with the actions of the Australian Securities and Investments Commission, the action has prompted a sudden increase in apprehension in the Melbourne and Sydney apartment markets. That increased fear level threatens the wider area of dwelling prices, bank shares and the entire economy. I revealed the APRA credit squeeze last month (APRA gives the RBA some wriggle room). But, at the time, I understated its significance by noting how it provided the Reserve Bank with additional...
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Media Release  Wednesday, 3 September 2014 Craig Isherwood‚ National Secretary PO Box 376‚ COBURG‚ VIC 3058 Phone: 1800 636 432 Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Website: http://www.cecaust.com.au http://cecaust.com.au/releases/2014_09_03_Standover_Banker_P.html Hockey’s chief economist turns bank lobbyist: time to end government of, by and for the bankers Six months after Joe Hockey’s chief economist Tony Pearson menacingly “advised” representatives of the CEC to stop warning people about the dangers facing Australia’s banks from derivatives gambling, he has shifted over to lobbying for the banks to influence government policy. Pearson shifts from government to private employment with ease—his career has gone from the Reserve Bank, to ANZ, to Hockey, and now to the bank-funded Australian Bankers’ Association (ABA). Pearson and the CEC came to verbal blows in early March when the CEC hosted Japan’s former Deputy Director of the Ministry of Finance and representative to the IMF, Daisuke Kotegawa, on a visit to Canberra. Kotegawa shared the benefit...
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  • Duped
    Duped says #
    My word isn't it a corrupt industry and infiltrating right through the corridors of government. All this bull shit is enough to te
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All this dirty money is probably what kept banks going after the GFC with no thought   for what might happen if they who own it want it back...     Australia’s money laundering disgrace By Unconventional Economist in Australian Property, Featured Article   at 8:53 am on January 22, 2016   http://www.macrobusiness.com.au/2016/01/australias-money-laundering-disgrace/   By Leith van Onselen   International pressure on Australia to tighten rules around money laundering is building once again.  Under Australia’s existing anti-money laundering (AML) regime, financial institutions like banks, casinos and bullion dealers are required to report suspicious activity, whereas other gatekeepers including accountants, lawyers and real estate agents (among other non-financial businesses) are exempted. This had led to the perverse situation whereby if somebody wants to set up an account to place a $100 bet at Sportsbet, or invest $1,000 into a managed fund, then they must provide sufficient identification under the AML Act. But...
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Panama Papers: Here's who has been caught in the fallout of the Mossack Fonseca leak Updated about 3 hours agoTue 5 Apr 2016, 1:28pm http://www.abc.net.au/news/2016-04-05/who-has-been-caught-in-the-panama-papers-fallout/7299666   The unprecedented leak of more than 11 million documents from Panamanian law firm Mossack Fonseca has revealed some of the hidden financial dealings of the world's rich and powerful. Here's a look at some of the more high-profile people feeling the heat after the scandal broke. Iceland's Prime Minister Sigmundur David Gunnlaugsson   Iceland's Prime Minister is refusing to resign after leaked tax documents known as the Panama Papers revealed accusations he and his wife used an offshore firm to allegedly hide million-dollar investments. Prime Minister Sigmundur David Gunnlaugsson was one of 12 current and former world leaders to have his alleged hidden financial dealings exposed in an unprecedented leak of more than 11 million documents from a powerful law firm based in Panama called...
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