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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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Posted by on in Corrupt Regulators
BFCSA Scares ASIC bankers Watchdog
Thanks to Mark Knight for the Original Cartoon  
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  • doyla66
    doyla66 says #
    I just noticed something on the footpath behind GM... Is that the Senate Hearing Report? It looks 'on the nose' to me!
  • doyla66
    doyla66 says #
    I thought it was D-fer Dogg
  • doyla66
    doyla66 says #
    enjoyed Mark Knight's cartoon. thanks for sharing STM
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Watching the watchdog Date November 11, 2011  Nick McKenzie, Richard Baker and Simon Mann Greg Medcraft, the chairman of Australia's corporate regulator, has serious questions to answer about allegations of financial irregularities and workplace impropriety in his previous job. WHEN Greg Medcraft left New York and his top-flight investment banking position with the French-owned Societe Generale at the end of 2007, it was reportedly on a high. Indeed, one correspondent wrote that Medcraft, having risen to the position of global head of securitisation, was leaving "at the top of his game". The correspondent also hinted that Medcraft's friendship with Treasurer Wayne Swan was a possible factor in his return home, although it would be more than three years before Medcraft would be made chairman of Australia's corporate watchdog, the Australian Securities and Investments Commission. If his New York exit was indeed all smiles and backslaps, it was in marked contrast to...
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  • doyla66
    doyla66 says #
    Medcraft allegedly approved $US4000 in company expenses to be spent on taking clients to a strip club. Was friends with Swan who
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Is it not the case of the pot calling the kettle black? Umpire Medcraft lays down game rules; "..there has been a significant amount of mis-statement, (so) it's two strikes or a yellow card [=sin-bin] ..the audit industry & firms of all sizes could not live in denial of the findings, they've actually got to lift their game ..this is troubling ..auditors did not obtain sufficient evidence or exercise sufficient scepticism ..we don't want to see another major collapse [auditing failures were cited into the collapse of Centro, Trio Capital & Banksia] ..we can't sit by & see a further deterioration ..next year if we see the situation not improving then we may consider writing to treasury on options for reform."said Mr Gonna go to IOSCO Cup Final Switzerland --courtesy of bank$ter buddies.      Medcraft designate Chairman - 2013 IOSCO Events Joint FSI/IOSCO Seminar on Trading Book Issues and Market Infrastructure, Basel, 28-30 November 2012 The...
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  • Denise
    Denise says #
    BFCSA Members are watching this useless a sic joke watchdog......Onya Greggie. Soak up the freebies whilst Australian Citizens lo
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Posted by on in Corrupt Regulators
Hi everyone, I would like if someone can shed some light on my dilemma. My house (my children's house) has always been held in the family trust with a company as  trustee to our family trust. Neither of these two have ever traded, they were set up purely as a trust for my twin boys and the company as a trustee to the trust. All above board. Now, enetrs my ex-lawyer who literally forced/blackmailed me into entering into a development (5 blocks subdivision in a Brisbane suburb) early 2010. Later on I found out that the lawyer did this to save one of his bankrupt client's  ass (which facts he failed to disclose to me) from being sued by the previous owner of this property as he could not settle as the contract (his contract) became  unconditional. Not only that he forced me to enter in this development but the lawyer actually had the loan organised before I agreed to go...
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  • doyla66
    doyla66 says #
    These so-called regulators/asic,fos,and the rest just to many and we all know who the corrupt culprits realy are, as these reg: ju
  • doyla66
    doyla66 says #
    This sounds very similar to the way I was treated by ASIC. I'm guessing it is because of the family trust. That was the very reaso
  • doyla66
    doyla66 says #
    Hi Maria, sorry to hear of your problems with your lawyer. I can tell you that we're not all bad, though I will understand if you
  • doyla66
    doyla66 says #
    Hi Maria. The lawyer's conduct as described by you certainly seems unethical and may involve aiding and abetting breaches of the B
  • doyla66
    doyla66 says #
    Thank you Colin and Andy. I have already complained to the LSC here in QLD. The lawyer was given an opportunity to put his "two bo
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  We adjusted our claim against RAMS WBC to under $500K recently and advised FOS of this.   SUMMARY OF FOS RESPONSE LETTER DATED 30/11/12 RECEIVED   1. FOS writes, if we do find that there was maladministration in the FSP’s decision to lend, we will not find that the debt must be waived.   2. Actions of broker – FOS is able to consider complaints against a FSP including complaints regarding actions of its agents... as part of our review, we will consider whether it can be established that the broker was an agent of the FSP   3. Request for documentation – ....We consider that you are entitled to a copy of your LAF, but not any internal documents or information that may be commercially sensitive.  If we investigate the dispute, we will make our own assessment about whether a diligent and prudent lender would have made a similar...
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  • doyla66
    doyla66 says #
    Just lodged on line with the Office of the Australian Information Commissioner a Privacy Complaint against FOS and RAMS WBC. EASY
  • doyla66
    doyla66 says #
    Thanks Andy for this info. I'm writing a letter of complaint to the Office of the Privacy Commissioner now. I'll send a copy of t
  • doyla66
    doyla66 says #
    Bank of Queensland think LAF s are internal documents or you are stupid and think loan agreements are LAFs.
  • doyla66
    doyla66 says #
    What constitutes "commercial-in-confidence"--fraud? National Privacy Principles trumps bank$ter's "fraud-shield". The PRIVACY ACT
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Posted by on in Corrupt Regulators
Greg Medcraft.
Profile: Greg Medcraft by Sydney Morning Herald Date August 10, 2011  ASIC chairman Greg Medcraft. Photo: Marco Del Grande If Greg Medcraft's track record is anything to go by, the Australian Securities and Investments Commission is in for a shake-up. During his lengthy investment banking career, Medcraft notched up a string of firsts in Australia, Paris and New York. ''I built a reputation for doing deals that other people thought were too hard,'' says Medcraft, 55, who took over as ASIC chairman from lawyer Tony D'Aloisio in May, after 27 years with French banking giant Societe Generale. Those deals included putting together the first securitisation of non-mortgage assets outside the US in the late 1980s and the first securitisation of a credit card portfolio outside the US in the early 1990s. ''It's actually about getting things done, a bit of a can-do attitude and innovation,'' says Medcraft, who rose to be...
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  • DJS
    DJS says #
    Absolutely, Greg Medcraft has played the 'each way bet' and achieved little! All talk and no action… Even in our case, we pointe
  • doyla66
    doyla66 says #
    We ALL would have been better off if he had retired as he intended to in 2007!
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ASIC’s approach to enforcement action ASIC’s approach to enforcement (Information Sheet 151) explains the factors ASIC takes into account when selecting which matters it will formally investigate and deciding which of its various enforcement “tools” it will use.  This document also sets out its policy for cooperation with ASIC. ASIC does not have the resources to undertake a formal investigation of every matter that comes to its attention.  Factors relevant to ASIC’s decision whether to investigate a particular matter include: the seriousness of the alleged misconduct, its impact on the market, and the consequences of the conduct on investors and others; the costs and time required to achieve an appropriate remedy; whether the conduct was isolated or continuing; and whether another agency is better equipped to address the conduct. Taking into account the seriousness of the misconduct, ASIC will choose between a wide range of enforcement tools:  At one end of...
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  • Denise
    Denise says #
    Yes of course. I wrote to Chair of ASIC Jeffrey Lucy (also useless) re the Streetwise case in 2004. I said in Public Interest Lo
  • doyla66
    doyla66 says #
    Medcraft was 'overseeing' Societe Generale' mortgage securities business during the time it allegedly engaged in misconduct, and s
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$9,000,000,000,000 MISSING From The Federal Reserve USA.  This story is from the Lehmann Bros. era, but still relevant to Australia today. Rep. Alan Grayson questions the FED inspector General where $9 TRillion dollars went... and Inspector General Elizabeth Coleman hasn't a clue... CLICK TO SEE http://www.youtube.com/watch?v=1QK4bblyfsc   MORE AND MORE BFCSA MEMBERS ARE DEFINITELY MAKING "WAVES"   WE, THE PEOPLE HAVE HAD ENOUGH AND WANT STRAIGHT ANSWERS FROM OUR POLITICIANS, REGULATORS AND BANKS. FROM NOW ON.    ...
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  • Denise
    Denise says #
    Yes indeed. IF we all bang our heads against the same wall at the same time ....it will crumble!!!!! Bank On It [email protected]
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Dear Mr Medcraft Take a tip from  our Members:  Go down to your nearest Banksters - no not for lunch - take an army of ASIC officers and, taking a search warrant with you to go over the premises may come in handy.  But since they are your buddies they will let you in anyway.  Ask for the $57 Billion Tour! Yes I realise your officers are not used to search warrants.  Ask the AFP to join you or, let us know and we can assist you.  Demand to see every Service Calculator Form that inhabits the client files and contains financial information personal to the customer.  The Mortgage customers wish you to do this on their behalf. Its the least you can do, due to all the losses ASIC has caused and for those victims in the future. Look at the Service Calculator and and the Loan Application Form.  Your officers should have a walloping Golly Gosh moment!  If...
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  • doyla66
    doyla66 says #
    Mr Medcraft, money is the root of all evil as it has proven in this great Australian banking scandal. The greed for money has caus
  • doyla66
    doyla66 says #
    Mr Medcraft, is there not enough of us who have been touched by this fraud??? one would have thought that one person affected woul
  • doyla66
    doyla66 says #
    Mr Medcraft, Brian is right - if you do the right thing by the people you will always be remembered throughout history for your c
  • doyla66
    doyla66 says #
    Mr Medcraft - We are one case of thousands; a couple aged 59 in WA, who have fallen victim of the fraud Ms Brailey refers to. Our
  • doyla66
    doyla66 says #
    The only problem is - is that they are far too dumb to understand the assistance & advice you so 'freely' give them. It is NOT yo
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Ian Verrender  SMH RONALD Reagan, former B-grade Hollywood actor and US president, apparently once said that the only way to ensure crime doesn't pay would be to let the government run it. In Australia, we have taken his words to heart, particularly when it comes to corporate law. If you want to flagrantly break the law, make oodles of cash in the process and not even be questioned about it, then high finance is the way to go. The past few weeks have been something of a high-water mark when it comes to just how lax the Australian Securities and Investments Commission can be. While it has been crowing about its success in the Hanlong Group case, it would appear that the regulator was alerted to the offence by the Tax Office only after the profits were shifted to offshore tax havens. A fortnight ago, we learnt that the ABC...
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SOME of the nation's biggest banks -- including Westpac, Macquarie Bank and St George -- systemically broke the banking industry's own charter during the property boom by lending to thousands of customers without checking whether borrowers could afford to repay the loans. Under the Code of Banking Practice, banks must apply the "care and skill of a diligent and prudent banker" in assessing whether borrowers can afford to repay loans. However, The Australian has learned major banks -- and scores of non-bank lenders -- habitually failed to make simple inquiries into the financial affairs of borrowers seeking to take out large "low-doc" loans against their family homes. Under those loans, lenders generally required no evidence of a borrower's income -- such as tax statements, business activity statements or bank records -- and relied solely on a borrower to "self-declare" their income. As standard practice, banks and non-bank lenders did not telephone...
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  • doyla66
    doyla66 says #
    Banks don't check - you're so right. I provided proof of every part of my income and guess what? They failed to read it - or the b
  • doyla66
    doyla66 says #
    These lending practices manifested across to New Zealand - targeting the asset rich income poor, many who are retiree's being frau
  • doyla66
    doyla66 says #
    These lending practices manifested across to New Zealand - targeting the asset rich income poor, many who are retiree's being frau
  • doyla66
    doyla66 says #
    And under WA laws, the Supreme Court can smugly say, We are not like NSW,so lender caution can be thrown to the winds, and houses
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Systemic Issues Process Diagram
  Under ASIC Regulatory Guide 139, FOS is obliged to identify, resolve and report on systemic issues and serious misconduct.   A systemic issue is defined in FOS’s Terms of Reference as an issue that will have an effect on people beyond the parties to a dispute. Serious misconduct is defined as conduct that may be fraudulent or grossly negligent or may involve wilful breaches of applicable laws or obligations under the Terms of Reference. By dealing effectively with systemic issues and serious misconduct, FOS can raise industry standards and help consumers to obtain fair compensation for financial losses. FOS Systemic Issues Process FOS has established the following process for dealing with systemic issues:       1. IdentificationWhile FOS is handling a dispute, we consider whether the dispute raises any issues that might be systemic. Identification of a possible systemic issue can occur at any stage of FOS’s dispute resolution...
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  • doyla66
    doyla66 says #
    3. Policies for dealing with customers in financial difficulty This also continues to be an area where problems arise. Common prob
  • doyla66
    doyla66 says #
    10000 Consumer complaints filter out 80% non Systemic 2000 Consumer Systemic complaints filter out 80% non major
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Hi Fellow BFCSAers, I am with COSL - Columbus Capital is my lender. I am seeking advice about how to respond to COSL who now seem to want to investigate me as their response to my compliant. I have a deadline to get back to them by 3 December. I know that some of you have been through this with FOS in previous stages of the campaign. I recently suceeded in having COSL re-open my case after they closed it because I had not responded to them within the timeframe they gave me, which was 8 working days. The lender was given (under COSL rules) 45 days to respond to my complaint! I will post my 'winning' arguments in a seperate post for anyone with COSL who might want to use them. COSL have now said (predictably) that 'they won't investigate fraud'. They have said nothing about using their powers to make...
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  • doyla66
    doyla66 says #
    hello client my name is Mrs Sandra thomson, i am a private loan lender and i can help you with the loan that you are seeking fo
  • doyla66
    doyla66 says #
    Hi Again, Thanks to everyone who responded so quickly and thoughtfully to my plea for advice. I am very grateful. I have used al
  • doyla66
    doyla66 says #
    Hi Atlanta You say your loan is with Columbus Capital,was it transferred from Origin when Columbus bought their loan book? or did
  • doyla66
    doyla66 says #
    Hi Atlanta, I am currently dealing with COSL. Firstly you need to email your COSL Case Manager urgently and ask for an extension o
  • doyla66
    doyla66 says #
    I have also been trying to add a picture to my profile but haven't succeeded yet.
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Posted by on in Corrupt Regulators
    November 29, 2012 Read later Kyle Williams THE days of Australian banks posting returns on equity of 20 per cent or more are long gone, says Westpac chief executive Gail Kelly. While it is still desirable for banks to grow their profits, aiming for returns on shareholder funds of 20 per cent or higher has not been sensible since the global financial crisis, she says. ''Those days of the 23 to 22 per cent … I think those days are gone,'' Mrs Kelly said. She said Westpac's target to maintain a return on equity rate of 15 per cent was still appropriate, as long as good risk-management strategies were implemented. ''I think there are opportunities for growth and it is important that in a sensible managed way we go after those opportunities for growth,'' she told a business forum in Sydney. Speaking at the same event, Bendigo and Adelaide...
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  • doyla66
    doyla66 says #
    Any reaction on ASX yet?
  • doyla66
    doyla66 says #
    hopefully WBC will extinguish our $1,000,000 mortgage ( which was most probably securitized so they won't lose any money!!)
  • doyla66
    doyla66 says #
    Could it be because they are finally going to be investigated for all the fraudulent lending ? Has the big scam come to an end. T
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Hmmmm ?.........  hidden secrets ....dive into the ........ exotic & murky world of Australia's  BIG Banksters .... ... find out you will .....what these mind twisting  top secret Evil Bankster terms mean...... Banksters incentive based remuneration..............how you kick the tyres ....... are the tyres are worn out?......take up the slack.........spot-kick......have you hurt your toes? ...... pulling a numbers out of the air.......a finer sieve...... not our turf..... ........loans were made in error.......reckless or risky behaviour........substantial or systemic problem? —things might go wrong. APRA: The risk that you see and respond to is seldom the one that kills you.   Economics References Committee - 09/08/2012 - Effects of the global financial crisis on the Australian banking sector Senator WILLIAMS Senator CAMERON: CHAPMAN, Mr Keith, Executive General Manager, Diversified Institutions Division, Australian Prudential Regulation Authority LITTRELL, Mr Charles, Executive General Manager, Policy Research and Statistic Division, Australian Prudential Regulation Authority   CHAIR: What...
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  • doyla66
    doyla66 says #
    Awesome! I loved it the first time around - live on camera! Turn up the heat! Capital is capital - why the different rules? Becau
  • doyla66
    doyla66 says #
    WILLIAMS:"I found it concerning..Who scrutinises the quality of those loans that are sold off to the taxpayer?" Mr Littrell:"That
  • doyla66
    doyla66 says #
    Paladin Wholesale Funding - the Funder of Champions!!!! Straight from their website: 100% LVR’s 95% Land Loans.
  • doyla66
    doyla66 says #
    Or alternatively lend on 300% LVR to an options trader. How much? More than 100 million! It's true.
  • Denise
    Denise says #
    The Tyre Kicking method of regulation is precisely why we have a $57 Billion fraud on our hands! Get a Grip APRA. So you admit yo
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Posted by on in Corrupt Regulators
  29 October 2012 9.30am Dearest Courier Mail. Re: Collapse of Bank(sia) Financial Securities. Under no circumstances should the government allow any financial institution to register a company with the word “bank” in it’s title and its advertising. Any psychologist will tell you that the primary effect on the human mind of using such phrasing and terminology will have the guaranteed effect of convincing a depositor or borrower that he is, in fact dealing with a “bank”. In Australian law, the word 'bank' means that all deposits up to $250,000 are government guaranteed. This was the opposite with the Banksia group. Banksia’s lawyers and accountants would have been acutely aware of this deliberate malfeasance, well before the company was registered and all the advertising done. There is no way that any member of the rural or regional general public of Victoria could escape this statement. The fact that the crime was...
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  • doyla66
    doyla66 says #
    That "bank" issue is real for many people. Sure people might "know" that Banksia is a plant. But the name does influence the marke
  • Denise
    Denise says #
    Could ASIC please release the letter they wrote to directors of Kebbel Bank 2005 telling them it was an offence of some kind (fals
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Posted by on in Corrupt Regulators
Sent from a 'No-Reply' email address.... (STM: As they say, "Noice") ~~~~~~~ Subject: Low Doc Loans [SEC=UNCLASSIFIED] UNCLASSIFIED     Reference is made to your correspondence to the Australian Federal Police (AFP) dated 30 August 2012.   The AFP is the primary law enforcement agency responsible for investigating crimes against the Commonwealth of Australia. From the information you have provided, it appears that no applicable Commonwealth offences have been committed and therefore the matters raised cannot be investigated by the AFP. You may wish to obtain independent legal advice to clarify this.   You may wish to refer your complaint to the Financial Ombudsman Service who provide dispute resolution for consumers and financial service providers. The link to that website is www.fos.org.au.     UNCLASSIFIED...
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  • doyla66
    doyla66 says #
    Good to hear: sounds more hopeful, especially if it strengthens the case with FOS I wonder how COSL would cope with a borrower's
  • doyla66
    doyla66 says #
    AFP 619 Murray ST West Perth 08 93203444. Lodging a complaint with the AFP should not affect your dispute with Fos - rather it sho
  • doyla66
    doyla66 says #
    Is there an AFP in Perth? It seems to be that you have to get on to the right person. I have read varying opinions as to the effec
  • doyla66
    doyla66 says #
    Hi Geoff, Kyle is suggesting to go to the AFP in person and this is what Wayne has done and both are having some positive results.
  • doyla66
    doyla66 says #
    I am currently talking to the AFP too. And ASIC, (they have been keen to get the information I have for the last seven weeks - onl
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From Lyn: Link to come Normal 0 false false false EN-NZ JA X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin-top:0cm; mso-para-margin-right:0cm; mso-para-margin-bottom:10.0pt; mso-para-margin-left:0cm; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:Calibri; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-ansi-language:EN-NZ;} Subprime lending and mortgage fraud in New Zealand has largely slipped beneath the radar.   RICHARDMEADOWS reports on how the changing regulatory environment is finally bringing consumers the protection they need. Christchurch Press - Saturday 01 Septemberr 2012 -------------------- There is a gaping hole in New Zealand consumer law - a hole so impressive that a Swiss cheese-maker would be proud to own it, as one leading member of the judiciary puts it. For many years, unscrupulous money lenders drove buses straight through that hole. Yet very few people, other than the lenders and their victims, even know that it existed. In an attempt to plug the hole the...
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  • doyla66
    doyla66 says #
    It sure does feel like we are all banging our heads against a brick wall
  • doyla66
    doyla66 says #
    Thanks for posting this, Lyn
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THEY are 12 secret documents judged to be so potentially damaging that releasing their contents would endanger the stability of Australia's whole economic system. Australia's biggest banks, insurers and superannuation funds are named, and some are apparently shamed, in ''risk registers'' kept by the federal government's banking regulator. But in a gaping hole in Australia's defences against the global financial crisis, the Herald can reveal the crucially important registers were only compiled months after the worst of the crisis struck. The regulator warns the risks outlined in the registers are so sensitive that releasing the information ''may affect the stability of Australia's economy''. The registers pinpoint the weakest links in Australia's multibillion-dollar financial services industry, outlining where individual institutions pose systemic risks and the possible remedies by the regulator. The Herald sought risk registers drafted by the Australian Prudential Regulation Authority, which is responsible for addressing system-wide risks in Australia's financial...
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  • doyla66
    doyla66 says #
    Notice how Merill Lynch has a big hand in this?? With BOQ that is..
  • doyla66
    doyla66 says #
    Most BOQ managers are franchise owners too.
  • doyla66
    doyla66 says #
    ........check this chart out......BOQ...on the "secret" auction block ......which Big4 is counting its chips?? http://au.finance.
  • doyla66
    doyla66 says #
    SH*T! BOQ better give me my money back, you thieves.... I read somewhere near the $6.50 range - they are insolvent. They have drop
  • doyla66
    doyla66 says #
    This article could be a clue about the information contained in those reports; First Bank to post a loss in 20years, has millions
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Posted by on in Corrupt Regulators
So we have an interloper in our midst.  Possibly from the AOFM Truth is he/she uses a fake email address and she/he thinks we are not watching closely and quickly.  We are on to you Cap'n. She/He writes: I am not saying that there has been no inappropriate or illegal lending.  There clearly has and I am supportive of prosecuting any illegal acts as required by law and those who have been affected should have access to financial redress as determined by the courts.  I am sympathetic to those that have been impacted.  My point is that there has not been systemic fraud in lending - if this had occurred it would simply not be possible to hide. It is simply a fact that the AOFM has not invested $25 billion.  Statements like this drastically impair the credibility of every other statement made on this site. " Sorry Captain, the Senators...
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  • doyla66
    doyla66 says #
    Re Criminal Banking Practices (crimes against depositors and borrowers) One only has to look at the pre-meditaed and diabolical n
  • doyla66
    doyla66 says #
    Our regulators must be feeding their staff regular doses of propaganda to ensure they stay in line. What amazes me is that these A
  • doyla66
    doyla66 says #
    [AOFM]"..we are aware through the 'media' and this "enquiry" that allegations have been made regarding "fraudulently originated mo
  • doyla66
    doyla66 says #
    OPERATIONAL NOTICE No: 11/2012 21-Nov,2012: Sale of Certain RMBS Investments: The AOFM has recently sold $75 million in original f
  • doyla66
    doyla66 says #
    We were just getting warmed up. It would have been nice to have him walk the BFCSA gang plank . . . Interesting choice of fish
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