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BFCSA
MORTGAGE
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What BFCSA Does...

BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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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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Recent posts from this category

  • GOOD NEWS AT LAST: Most doctors would help terminally ill die: AMA

    Posted by Denise - 0 Comments
    Most doctors would help terminally ill die: AMA The Australian 12:00am November 24, 2016 Jamie Walker   A majority of doctors would help terminally ill people die if ­voluntary euthanasia became law, a landmark survey of GPs and medical specialists by the AMA has revealed. The Australian Medical ­Association will today unveil a policy rejecting euthanasia and doctor-assisted suicide, but which acknowledges for the first time that right-to-die laws are ­“ultimately a matter for society and government”. The position statement, previewed exclusively by The Australian, spells out how doctors can ethically give drugs and treatment to dying patients that hasten death, provided the intent is to ­relieve suffering. The AMA spent a year revising its stance on euthanasia after the hot-button issue was revived by an ultimately unsuccessful cross-party bid in South Australia to push right-to-die legislation through the state parliament and ongoing moves to frame such a law in Victoria...
    Nov 24 Tags: Array
  • BFCSA: ‘Lost’ to the NDIS: thousands with disabilities to miss out. Accuracy of data issue

    Posted by Denise - 3 Comments
    ‘Lost’ to the NDIS: thousands with disabilities to miss out The Australian 12:00am November 12, 2016 Rick Morton   Thousands of people with ­profound disabilities who should have gained access to the $22 billion National Disability Insur­ance Scheme have been “lost” and are uncontactable by states and territories, adding to a series of major errors that will see the program miss its end-of-year estim­ate by almost 9000 people. State and federal governments were forced to meet earlier this year and agree to a “revised” first-quarter estim­ate in light of a payments system crash in July. Continuing data issues, for which states are responsible, and a higher-than-expected influx of children will see the number of plans approved by year’s end fall well short of benchmarks. The national target of 20,264 plans between July and September was halved to 10,529, comprising a 50 per cent cut in estimates for every state (but not...
    Nov 12 Tags: Array
  • BFCSA: Nightmare of Bob Day's eligibility exposes political conflict of interest for Coalition

    Posted by Denise - 0 Comments
    Nightmare of Bob Day's eligibility exposes political conflict of interest for Coalition http://www.smh.com.au/federal-politics/political-opinion/nightmare-of-bob-days-eligibility-exposes-political-conflict-of-interest-for-coalition-20161102-gsg0p3.html   Mark Kenny Bob Day's fitness to stand at the last election will be decided by the High Court. It could take weeks. This will determine whether his ultra-conservative Family First party gets to nominate a replacement, or if one will be found through a re-count. In the meantime, the Senate will be one vote down. Or two if, another senator, One Nation's Rod Culleton, withdraws while his own eligibility is litigated. That means Labor only needs two independents to defeat legislation - if it has the Greens on side.  Coincidentally, the embattled Day resigned this very week on the unrelated yet equally rare grounds that the insolvency of his home-building empire would extend to him personally, rendering him ineligible to sit. Since August, it had been actively investigating whether a deal in which Day had sold a commercial property to...
    Nov 02 Tags: Array
  • BFCSA: 200,000 jobs at risk as housing boom rolls over, Morgan Stanley research shows

    Posted by Denise - 0 Comments
    200,000 jobs at risk as housing boom rolls over, Morgan Stanley research shows ABC News 20 Oct. 2016 Stephen Letts   A slowdown in the housing industry and a glut in high rise apartments is putting 200,000 jobs at risk and could drive unemployment up to 6.5 per cent, according to detailed research from US investment bank Morgan Stanley. The Morgan Stanley strategy team said there were "mixed signals" in the housing cycle, which were causing complacency about the impact of a potential slowdown. "Construction is booming, but we see a sharp slowdown ahead for future apartment developments," said the report's principal author, Daniel Blake. "Transaction volumes and price growth have slowed, but auction clearance rates have remained high — reflecting lower volumes and their bias to top-quartile [more expensive] Sydney and Melbourne property. "Rental conditions have deteriorated and we expect them to weaken further on the basis of a sustained...
    Oct 21 Tags: Array
  • BFCSA: Abbott government misled the public on advertising, dodgy Education policy: my have breached law: auditor

    Posted by Denise - 0 Comments
    Abbott government misled the public on advertising, may have breached the law: auditor   Sydney Morning Herald OCT. 20 2016 - 9:36AM Matthew Knott   The Abbott government misled the public in a $10 million taxpayer-funded advertising campaign promoting its higher education policies after the Education Department was warned the advertisements could breach Australian consumer law.  The revelation is contained in a major review of government advertising by the Australian National Audit Office (ANAO) which also criticises the Department of Education and the Treasury for failing to set specific goals for controversial recent advertising campaigns. This made it impossible to assess the campaigns' "overall effectiveness and relative value for money", the review found.  The campaigns examined included the 2015 Intergenerational Report campaign fronted by popular scientist Karl Kruszelnicki, who later expressed "deep regret" for appearing in the ads and vowed to donate his pay cheque to needy schools.  The report finds...
    Oct 21 Tags: Array
  • BFCSA: PM Turnbull job active tender may be tainted - Ganesh Sahathevan

    Posted by Denise - 0 Comments
    Job active tender may be tainted - -Losing bidders may have cause of action against the Commonwealth, Department of Employment and Department Secretary Renee Leon by Ganesh Sahathevan 22 July 2016 http://sahathevan.blogspot.com.au/ In 2015 the then Abbott Government ,and its Minister for Employment Eric Abetz(photo above) launched its JobActive initiative which Abetz  described as  "game changing" .  The experience of job seekers has been not quite that, with reports of so called "job service providers" lodging false claims to meet Abetz's targets. This is not to surprising, given that JobActive contracts have been handed to companies led by persons with no experience in job placement.  Worse, there is now evidence that the tender process for these contracts , handled by the Department of Employment and its Secretary Renee Leon, was itself tainted by the Department awarding a contract to a corporate shell that was meant to be a JV of a number...
    Jul 31 Tags: Array
  • BFCSA: Australian Homelessness Crisis: Elderly bank victims and 16 year olds who have no home is criminal.

    Posted by Denise - 0 Comments
    Census 2016: Affordable housing shortage in rural Australia has homelessness at 'crisis point' By regional affairs reporter Lucy Barbour Posted about an hour ago   http://www.abc.net.au/news/2016-07-31/homelessness-at-crisis-point-in-rural-australia/7673780   Homelessness in rural Australia has now reached crisis point, welfare groups say. More than 100,000 people are homeless across the country, but agencies on the front line fear the number in regional areas is rising because of a chronic shortage of affordable housing.   It comes as the Australian Bureau of Statistics (ABS) prepares to analyse the country's latest housing and population data. The last Census found that 60 per cent of Australians sleeping rough were outside the major cities, 40 per cent of couch surfers were in country towns and 55 per cent of people sleeping in severely overcrowded dwellings were also in rural locations. Director of 2016 Census data, Sue Taylor, said the figures could be even higher this year because it...
    Jul 31 Tags: Array
  • BFCSA: Rudd was a popular Prime Minister with the public. Turnbull letters released supporting Rudd for United Nations job .

    Posted by Denise - 0 Comments
    Rudd releases letters claiming Turnbull backed him for UN job   29 July 2016 http://www.looppng.com/content/rudd-releases-letters-claiming-turnbull-backed-him-un-job   Former Australian prime minister Kevin Rudd has released a series of letters in which he claims Prime Minister Malcolm Turnbull had promised to support his bid for the United Nations' top job as recently as December. Mr Rudd made a last-minute dash to Sydney this morning in the hope of lobbying Mr Turnbull to nominate him as secretary-general of the United Nations. But on arrival the Prime Minister called him and said the Government would not be backing him. On Friday evening a spokeswoman for Mr Rudd released three letters which Mr Rudd had sent to Mr Turnbull about the issue. In one, dated May 1, 2016, Mr Rudd said he was shocked to learn Mr Turnbull would not be backing him, claiming he had expressed support as recently as December. "You will recall that...
    Jul 31 Tags: Array
  • BFCSA: Could Pauline Hanson poison the swamp? The importance of Tourism for Australia

    Posted by Denise - 0 Comments
    Could Pauline Hanson poison the swamp? Jason Murphy 9 July 2016   http://www.news.com.au/travel/australian-holidays/could-pauline-hanson-poison-the-swamp/news-story/db28d437c995c90bb3ac63cc5f682446 WHAT Australia needs — right now — is to be swamped by Asians. As the price of oil and coal falls, Australia’s economy depends on the export of services, especially tourism. We can be excellent at tourism. Our country is beautiful, ancient and unique. Our cities are rich and rare. Our animals are so darn cute. Tourism offers us a rich future. We could become the France of the Southern Hemisphere, raking in billions and billions a year from visitors. But it all depends on people thinking well of us.   Pauline Hanson is not helping. The newly-elected Senator from Queensland did plenty damage to our reputation in Asia last time, when she was an MP for the Queensland seat of Oxley, and that is all about to repeat.   Chinese tourists bring in big money to Australia...
    Jul 10 Tags: Array
  • BFCSA: Iraq invasion a 'strong causation' of terror threat today, says former Labor leader Simon Crean

    Posted by Denise - 0 Comments
      Iraq invasion a 'strong causation' of terror threat today, says former Labor leader Simon Crean Sydney Morning Herald July 8, 2016 - 10:07PM David Wroe   Former Labor leader Simon Crean has said there is a "strong causation" between the controversial 2003 Iraq invasion and the immediate terrorism threat that Australia faces today. Mr Crean, who led Labor when it opposed the invasion, told Fairfax Media on Friday that then prime minister John Howard had "gone to war on a lie". His broadside followed a scathing assessment by former prime minister Paul Keating of Mr Howard's decision to send troops, and adds to a list of senior Labor figures who have savaged Mr Howard's decision. Mr Crean dismissed Mr Howard's claim following the release of a damning British report into the Iraq war that critics were enjoying the benefit of hindsight. He said one of the key themes of the...
    Jul 10 Tags: Array
  • BFCSA: Chilcot Report: The mind-boggling incompetence of Bush, Blair and Howard laid bare

    Posted by Denise - 0 Comments
    Chilcot Report: The mind-boggling incompetence of Bush, Blair and Howard laid bare Sydney Morning Herald July 7, 2016 - 4:37AM Paul McGeough Chief foreign correspondent   The three buccaneers took leave of their senses in invading Iraq – George W. Bush, Tony Blair and John Howard. The former British Prime Minister earns a rare place in history's crosshairs as one of just two on the planet who might have stopped crazy man Bush – the other being Bush's hapless Secretary of State, Colin Powell. By not restraining the US president, each was an enabler in Washington's worst-ever foreign policy blunder. And the Australian PM? Howard's was a bit part, but it was important – as the patsy from Down Under, his eagerness to sign on made it possible for Bush to dress up his miscalculated need to go after Saddam Hussein in the aftermath of the 9/11 attacks, as an imposing...
    Jul 07 Tags: Array
  • BFCSA: Turnbull has ignored Child protection - disgrace.

    Posted by Denise - 0 Comments
    Child protection loopholes a 'national disgrace', royal commission told Sydney Morning Herald June 29, 2016 - 1:18PM Rachel Browne   Sexual predators can move freely between youth organisations by exploiting nationally inconsistent child protection laws and loopholes in background checks, a royal commission has heard. Giving evidence on the seventh day of a public inquiry into the Australian Defence Force, retired Air Commodore Dennis Green agreed the situation created risks for youngsters. Commodore Green is a former director general of the Australian Air Force Cadets, where the commission has heard a number of teenagers suffered sexual abuse. "The legislation across the states and territories relating to child abuse is not consistent," he said. "Variations in Working With Children Checks make it difficult to deliver a nationally consistent, safe environment for the training and care of young people." Chairman of the Royal Commission into Institutional Responses to Child Sexual Abuse Peter McClellan...
    Jun 30 Tags: Array
  • BFCSA: ASIC FAILS TO MENTION LENDERS are the APPROVAL MASTERS of Mortgage Lending MENACE.

    Posted by Denise - 0 Comments
    ASIC FAILS TO MENTION LENDERS are the APPROVAL MASTERS of Mortgage Lending MENACE.   Online brokers lure investors, flout rules: Says dumb ASIC Sydney Morning Herald June 20, 2016 - 6:54PM Georgia Wilkins   Australian consumers are being lured into high-risk financial products by online brokers that are flouting the country's financial licensing rules.  A report by the Australian Securities and Investments Commission revealed "serious and widespread" compliance failures in the over-the-counter derivatives industry, including foreign exchange trading.  More than 70 per cent of the 55 companies probed by ASIC – all holding Australian financial services licences – were found to be in breach of licensing requirements.  The breaches included misleading consumers, mishandling client money and obscuring changes in ownership – sometimes through the use of "managers for hire". "This report highlights some serious compliance failures in this industry," ASIC Commissioner Cathie Armour said.  "Many of these investment products may not...
    Jun 21 Tags: Array
  • BFCSA: In ten years the Internet will take our JOBs and we will be replaced.

    Posted by Denise - 0 Comments
    The Internet of Things: it's arrived and it's eyeing your job May 21 2016 Malcolm Maiden http://www.smh.com.au/business/innovation/the-internet-of-things-its-finally-arrived-and-its-eyeing-your-job-20160520-gozz1f We have been hearing about the Internet of Things for years, but get ready. It has finally arrived, and it has the potential to unleash economic disruption that makes what the internet has delivered so far look like child's play. Telstra CEO Andy Penn is better placed than most to watch it happen. Telstra is in the middle of it, through initiatives of its own such as e-health and through its wireless network, which supports a growing universe of apps.   A Telstra SIM connection allows Tesla cars to connect to the internet in this country, for example. A new one helps graziers manage stock by alerting them when gates have been left open.  Penn also drives a Tesla, Elon Musk's sculptural electric rocket. Earlier this year, he and his family decided to drive...
    May 28 Tags: Array
  • BFCSA: Low interest rates exacerbate real risks

    Posted by Denise - 0 Comments
    Low interest rates exacerbate real risks Australian Financial Review May 18 2016 11:15 AM Christopher Joye   Don't buy into the Reserve Bank of Australia's ever-cheaper-money-makes-us-better-off bullshit. Taking on more record debt at the puniest interest rates in human history to artificially boost economic activity to some theoretically acceptable growth rate – and the existence of zombie businesses that would never survive with a normal cost of capital – is plainly stupid. The same logic applies to mindlessly chasing absolute yields and buying horrifically overvalued investments just because the RBA wants to ignite "animal spirits". The risk-averse would be better served making peace with meagre returns and avoiding catastrophic capital losses when fundamentals wrest control of asset prices back from policymakers who think they know better. To recap, on May 3 the RBA decided to slash the cash rate to a new all-time nadir of 1.75 per cent, even though growth...
    May 18 Tags: Array
  • BFCSA: Government banking package fails on corporate policing - another Thought Bubble!

    Posted by Denise - 0 Comments
    Government banking package fails on corporate policing     The government's attempt to head off a royal commission into the banks fails to address the systemic problems of financial regulation in Australia -- a timid regulator and no protection for whistleblowers. The government’s political package to solve the problem posed by Labor’s call for a banking royal commission will leave the systemic problems of lack of financial sector oversight unaddressed. This morning Treasurer Scott Morrison and Assistant Treasurer Kelly O’Dwyer announced a hastily contrived set of changes to beef up the corporate regulator, the Australian Securities and Investments Commission. The $120 million funding cut from ASIC’s budget will be restored via a levy on the banks, but only half of it ($57 million) will flow into additional operational funding, with the other half to go into capital spending for “enhanced data analytics”, meaning only around half of the several hundred staff cut...
    Apr 21 Tags: Array
  • BFCSA: Scott Morrison to give extra $120m to corporate regulator ASIC: That won't fix the dumb culture

    Posted by Denise - 11 Comments
    Federal budget 2016: Scott Morrison to give extra $120m to corporate regulator ASIC DateApril 19, 2016 - 8:47PM 362 reading now Read later James Massola Treasurer Scott Morrison will announce at least $120 million in additional funding for corporate regulator ASIC as part of a suite of measures to be unveiled on Wednesday, after he and Prime Minister Malcolm Turnbull were challenged by the Coalition backbench on the need to crack down on bank behaviour. The announcement will come a day after Mr Turnbull confirmed Australians will go to the polls in a double dissolution election to be held on July 2 and is designed to blunt the political impact of Labor's push for a banks royal commission. The federal government's formal response to a capability review of ASIC, which was considered by the cabinet on Monday night, will more than restore the $120 million, four-year funding cut from the regulator in...
    Apr 19 Tags: Array
  • BFCSA: Ex ASIC lawyer accused of defrauding sick father out of $832k. ASIC investigating!

    Posted by Denise - 1 Comment
    ASIC doing a modicom of work     Ex-ASIC lawyer accused of defrauding her father 16 April 2016 Sarah Danckert   http://www.smh.com.au/business/banking-and-finance/exasic-lawyer-vanessa-ash-and-bradley-grimm-accused-of-defrauding-her-father-20160414-go6yyc.html     In January 2014, when Bradley Grimm and his wife Vanessa Ash moved into the sprawling mansion in Rockingham Close in Melbourne's well-heeled suburb of Kew, the owner of the property was unaware his tenants had allegedly defrauded him.  Tucked away in a nursing home in the equally blue-ribbon suburb of Armadale, the owner of the property, Vanessa Ash's 76-year old father Graham Ash, was not making his own financial decisions after a nasty fall and the onset of Parkinson's cruelled his retirement.  Instead, Graham Ash had appointed his accomplished daughter, a former lawyer for the Australian Securities and Investments Commission and the wife of stockbroker Grimm, his power of attorney in 2012. He later named Vanessa as a director of the trustee company controlling her father's estate...
    Apr 17 Tags: Array
  • BFCSA: ASIC warns it cannot do its job - We all know that, hence the scandals. It's a DUD Regulator!

    Posted by Denise - 2 Comments
    Backtracking........looks like ASIC have been prevented from what they need to do their job properly........why?   ASIC's miserable excuses are woeful.  They area direct cause of the banker scandals wandering on for 15 years!!!  Notice Medcraft today as always forgets to mention the word Low Doc.     ASIC bleats it wants money - to do what exactly?  Same ole nothing!   ASIC had powers to deal with Bank funded Spruikers in 2003.  They wait until all these spruikers are moved by Banks offshore?  Are you kidding me?   ASIC warns it cannot do its job without access to metadata   December 3 2014 http://www.smh.com.au/business/asic-warns-it-cannot-do-its-job-without-access-to-metadata-20141203-11z7ty.html  The head of the Australian Securities and Investments Commission has warned that the corporate regulator will not be able to do its job properly if it does not have access to critical metadata that other enforcement agencies such as the federal police and ASIO have access to....
    Apr 13 Tags: Array
  • BFCSA: LMIM Model a disaster and LM was a major fraud on investors. ASIC FAR TOO SLOW TO ACT

    Posted by Denise - 0 Comments
    LMI investor site – still going on and ASIC could have stopped in 2002....     The Culpability Debate   https://sites.google.com/site/lminvestorvictimcentre/comment-debate/the-debate   Latest ASIC 'Civil Action Against LM and Former Directors' media release: On 2 February 2016, His Honour Edelman J set the matter down for trial for four weeks from 29 August 2016 to 23 September 2016, and scheduled the next directions hearing for 26 February 2016.     The LMIM business model deployed 'independent' financial advisors to attract investors to the funds it offered. In the case of the MPF, created to attract investors from across the globe, interaction with an advisor or intermediary was the only way to invest in the fund. Non Australian investors paid a with-holding tax on investment returns to the Australian authorities as, one would sincerely hope, a contribution to the cost of a licensing and regulatory system that ensures investors monies are invested...
    Apr 10 Tags: Array
  • BFCSA: Mass Homeless Communities are popping up all over Australia: Horrific scenes at Heirisson Island WA

    Posted by Denise - 0 Comments
    Horrific scenes at HEIRISSON ISLAND Perth.  Frequented by large Community of Australian Homeless.  These people included many children, and youngest 6 months old.  They are asking for LAND to set up camp for Homeless.  WA Government ordered the tenth removal of all persons and confiscation of all possessions.  Banner torn down saying "Homeless Community."  All persons have lost their tents and possessions and one small child complained they had taken her "Teddy."  Perth has new escalating groups of underemployed and unemployed.  A couple say they are from Victoria as there is nowhere to live there.  RENTS too high...................Perth climate is warmer.   Police moved in - just doing their job.  No winners here.  But Banker CEO's live in high rises above the comparative squalor of the camps only 1 km from the city of Perth.  A backpacker couple had dropped in and stayed for four months....why not?  No rent and right...
    Apr 05 Tags: Array
  • BFCSA: ASIC to nail second big bank on misconduct. Not "Misconduct" its Intention to Deceive (FRAUD) which Dumb ASIC does everyday! ANZ PEPPERS BOQ RESIMAC BENDIGO. Keystart NINJA Loans

    Posted by Denise - 0 Comments
    ASIC to nail second big bank on misconduct 5 April 2016  http://www.afr.com/street-talk/asic-to-nail-second-big-bank-on-misconduct-20160403-gnxhry  The corporate regulator is set to ramp up its attack on potential bank-bill rate riggers and trader misconduct, launching action against a second major Australian bank as early as Tuesday. Sources told Street Talk the action related to senior staff within another treasury division of a big four bank and the market chat functions used between them. The Australian Securities and Investments Commission has delved into the communications of all the large banks and in this latest instance is said to have uncovered the use of aggressive and inappropriate language. An ASIC spokesman declined to comment on specific cases saying only that the regulator was "looking at all the banks." This follows the regulator kicking off court proceedings against ANZ Banking Group in March alleging traders manipulated the bank-bill-swap rate. The ASIC documents were quite damning for ANZ in...
    Apr 05 Tags: Array
  • BFCSA: ASIC boss backs Funke Kupper in face of bribery scandal

    Posted by Denise - 1 Comment
    ASIC boss backs Funke Kupper in face of bribery scandal AM By AM business editor Peter Ryan Posted Tue 22 Mar 2016, 8:31am The chairman of Australia's corporate regulator has taken the unusual step of publically backing the former chief executive of the Australian Securities Exchange, who resigned suddenly yesterday in the face of a bribery scandal. In a surprise decision, Elmer Funke Kupper quit over allegations surrounding a $200,000 payment to the family of Cambodia's prime minister while he was chief executive of the gaming company Tabcorp. The integrity of listed companies including ASX Limited is overseen by the Australian Securities and Investments Commission (ASIC). While not commenting on the Australian Federal Police investigation into Tabcorp's activities in Cambodia, ASIC boss Greg Medcraft told the ABC's AM program that Mr Funke Kupper's resignation was a sad loss. "It's very unfortunate. Elmer is a really creative, talented CEO. I think he's...
    Mar 21 Tags: Array
  • BFCSA: Constitutional challenges for Australian election 2nd July. Bob Day High Court challenge

    Posted by Denise - 0 Comments
    Malcolm Turnbull’s push for double dissolution faces challenge in Senate and Court Crossbenchers, Greens and Labor ponder political and constitutional moves to counter prime minister’s risky strategy 21 March 2016  http://www.theguardian.com/australia-news/2016/mar/21/malcolm-turnbulls-push-for-double-dissolution-faces-challenge-in-senate-and-courts  A double-dissolution election on 2 July appears likely as Senate crossbenchers insist they will not pass Malcolm Turnbull’s industrial laws, but the prime minister’s high-risk political tactics could also provoke a Senate rebellion and a constitutional challenge. Turnbull announced on Monday he had asked the governor general to recall parliament for three weeks from 18 April to consider the long-stalled industrial laws, and declared that he would call a double-dissolution election for 2 July if they were not passed. With Labor and the Greens implacably opposed to the laws, Turnbull needs six of the eight crossbench senators to pass the bills. On the current positions of the crossbench senators that appears very unlikely.     Bob Day launches high court...
    Mar 21 Tags: Array
  • BFCSA: $100 million fleeced in "FOSCARI an HERMITAGE" dud investment projects linked to spruikers McIntyre, Growchowski and Henry Kaye

    Posted by Denise - 0 Comments
    Watchdog moves on Henry Kaye-linked scheme DateDecember 18, 2015 (29)                 Royce Millar, Ben Schneiders, Simon Johanson      Henry Kaye leaving the Magistrates Court in 2007 Photo: Penny Stephens A massive land banking scam linked to notorious property spruiker Henry Kaye is in tatters after the corporate regulator moved to wind up housing projects in Melbourne's outer west and Bendigo. In a statement issued on Friday afternoon, ASIC said it was concerned the companies behind the two schemes were insolvent and that investors who had bought lots or options may have been mislead. The two projects – among about 10 such schemes in Victoria and Queensland – are known as Foscari in Wyndham and Hermitage in Bendigo. The ASIC statement noted that Foscari and Hermitage projects were not close to completion and "appear to be incapable of completion due to the financial position of the development companies". The focus of a...
    Jan 05 Tags: Array
  • Show all entries from POLITICS & PARLIAMENT

Recent posts from this category

  • BfCSA: CEC: Banks panic as both major US political parties adopt Glass-Steagall banking separation policy

    Posted by Denise - 0 Comments
    Banks panic as both major US political parties adopt Glass-Steagall banking separation policy The Democratic and Republican parties in the USA have both adopted, for the 2016 Presidential election campaigns, the policy of reinstating the Glass-Steagall law, eight years after the eruption of the global financial crisis caused by the repeal of Glass-Steagall in 1999. The Glass-Steagall Act 1933 was the most successful financial regulation in history. It mandated the strict separation of commercial banks that normal people use for everyday business, from Wall Street’s investment banks, insurance companies and stock brokerages—no cross-ownership, no shared directors, no contact. Under Glass-Steagall the government protected the deposits of commercial banks through the Federal Deposit Insurance Corporation; however, this protection was a backstop—the real security came from keeping the commercial banks and their deposits away from risk-taking investment banks. Meanwhile, investment banks were given the message: gamble at your own risk—if you lose, you...
    Jul 21 Tags: Array
  • BFCSA: Vikings Revenge: Iceland Takes Back Power To Create Its Own Money

    Posted by Denise - 0 Comments
    Vikings Revenge: Iceland Takes Back Power To Create Its Own Money Written by 21st Century Wire on April 9, 2016 http://bsnews.info/vikings-revenge-iceland-takes-back-power-create-money/   The Vikings revenge. Iceland is taking the money back from the clutches of the private fractional reserve lending cartel. It’s happened before in history, and with great success, but it has also prompted a violent backlash from the elites… Back in 1914, the Bradbury Pound was introduced by the UK government as an ’emergency measure’ to bolster a failing economy. It was a huge success. The banking elite were unhappy, however and panicked – before managing to wrestle control of the money supply afterwards. President John F. Kennedy also introduced a similar ‘Greenback’ in 1961, and again, the banking elite were very unhappy about being pushed out, and losing control of the issuance ofmoney as debt. JFK did not survive past 1963. Then there was Muammar al-Gaddafiin Libya who,...
    Apr 19 Tags: Array
  • BFCSA: Philip Soos explains: How Australia Households became the most indebted in the world

    Posted by Denise - 0 Comments
    The results are in: Australian households have more debt compared to the size of the country’s economy than any other in the world. Research by the Federal Reserve has shown the consolidated household debt to GDP ratio increased the most for Australia between 1960 and 2010 out of a select group of OECD nations. Australia’s household sector has accumulated massive unconsolidated debt compared with other countries. As of the third quarter of 2015, it now has the world’s most indebted household sector relative to GDP, according to LF Economics’ analysis of national statistics. Denmark long held this unholy accomplishment, but has been slowly deleveraging over the last several years as its housing bubble peaked and burst during the GFC. The latest debt-financed boom in Sydney and Melbourne has resulted in Australia now overtaking Denmark, a comparison of official figures from Australia and Denmark has shown. Denmark long held this unholy accomplishment, but has been...
    Jan 16 Tags: Array
  • BFCSA: Philip Soos explains How Australian Households became the most indebted in the world

    Posted by Denise - 2 Comments
    How Australian households became the most indebted in the world Philip Soos The rapid rise of capital city house prices in the past two years has propelled Australia past Denmark with a ratio of 123.08% debt to GDP, analysis shows   The results are in: Australian households have more debt compared to the size of the country’s economy than any other in the world.   Research by the Federal Reserve has shown the consolidated household debt to GDP ratio increased the most for Australia between 1960 and 2010 out of a select group of OECD nations. Australia’s household sector has accumulated massive unconsolidated debt compared with other countries. As of the third quarter of 2015, it now has the world’s most indebted household sector relative to GDP, according to LF Economics’ analysis of national statistics. Denmark long held this unholy accomplishment, but has been slowly deleveraging over the last several years...
    Jan 16 Tags: Array
  • EBOLA THREAT needs professional decisions to be made. Abbott Hockey need to listen to the experts on World Health

    Posted by Denise - 0 Comments
    Click here to recommend this to your friends <http://cecaust.com.au/releases/2014_10_17_Ebola_Threat.html>  Citizens Electoral Council of Australia  Media Release  Friday, 17 October 2014 Australians cannot tolerate Abbott-Hockey austerity in face of Ebola threat  In light of the Ebola epidemic, now clearly a global threat, Federal Treasurer Joe Hockey must abandon his current 2014-15 budget and immediately increase spending on public health, medical research and science. All budget cuts affecting health and science must be jettisoned, and the federal government must undertake an emergency action plan to boost funding and staffing of medical facilities, including hospitals, pathology, research and vaccine production centres, together with efforts to support the manufacture of medical equipment and protective gear, in the face of expanded global demand.  Prime Minister Abbott must reverse his decision to commit money alone to the international effort to tackle Ebola at its root, and coordinate the medical teams and troops already demanded by the Australian...
    Oct 17 Tags: Array
  • What was I thinking! "If the bank doesn't think I can afford it then they won't give me the money."

      I was 54, looking through the real estate for sale on the internet when I came across the most beautiful home, right on my favourite stretch of river. Of course it was expensive but I had a good income and thought I would at least give it a go. My way of thinking was that "If the bank doesn't think I can afford it then they won't give me the money." WHAT WAS I THINKING??!! I made an application through a broker who was upbeat about loans and approval was easy.  I left the broker's office thinking it was all an interesting exercise but I would never gain approval.  How wrong was I! They had to break the loan into four smaller loans, mortgaging the home and two rural properties I owned and I had to borrow another $130,000 privately (through someone the broker recommended) to use as a deposit...
    Aug 20 Tags: Array
  • BFCSA: 13% of all property sold - buyers were Foreign Investors (double that of last year) FIRB snoozing creating disaster for next generation of young adults.

    Posted by Denise - 0 Comments
    Highly paid regulators snoozing once again.............this time on Foreign Investment: Tenants in our own country?  Yes indeedy!  FIRB wouldn't have correct data.   Time for consumers to rise up against these perils.  No-one in the next generation of adults has any CONFIDENCE in being able to work work work and afford a home...........housing is all about grouping together in commune type living and putting up with mattress on floor and paying low rent.  They feel locked out of the home ownership arena.     This email address is being protected from spambots. You need JavaScript enabled to view it. http://beta.macrobusiness.com.au/2014/07/treasury-figures-show-foreign-property-buying-has-exploded/#comment-383310  Treasury data shows foreign buying rocket  1 July 2014 Leigh Van Olsen  Another day, another report on the huge surge of foreign investment in Australian property, this time from The Australian In the first nine months of this financial year, sales to foreigners are almost double the total from the whole of last year and represent a record 13 per cent of the total value...
    Aug 02 Tags: Array
  • BFCSA: Paddy Manning writes - Next Sub Prime Mortgage Crisis in the Making (fr Crikey)

    Posted by Denise - 0 Comments
    The next subprime mortgage crisis in the making PADDY MANNING Crikey business editor |  EMAIL   |  COMMENT         GLOBAL FINANCIAL CRISIS, MORTGAGES, SUBPRIME IMPLOSION, SUBPRIME LENDING, SUBPRIME MORTGAGES   SUBSCRIBE TO CRIKEY - http://media.crikey.com.au/ It is a bit of myth that Australia dodged the global financial crisis because we had tougher lending standards than the United States, where ticking-bomb subprime mortgages were packaged up into toxic derivatives like collateralised debt obligations, slapped up with dodgy AAA credit ratings and on-sold to financial institutions investors all over the world. OK, we didn't yet have NINJA loans -- mortgages made to those with no income, no job or assets -- but that was probably more down to luck than good management. However, we did have a snowballing problem with subprime mortgages in Australia -- low-doc home loans flogged to struggling borrowers by conflicted mortgage brokers -- and we were lucky it didn’t do...
    Aug 02 Tags: Array
  • BFCSA: More ASIC Diatribe 2007 - you will need tissues, says Gladys

    Posted by Denise - 2 Comments
    http://www.lawyersweekly.com.au/news/give-more-ammunition-to-asic-costello Give more ammunition to ASIC: Costello 13 March, 2007 CORPORATE WRONGDOING may attract civil sanctions and higher penalties under a discussion paper released by the Treasury last week into corporate law reform.  The paper accords with a wider governmental strategy to explore ways of reducing regulatory burdens and simplify existing laws.   One proposal discusses the expansion of civil sanctions in corporate law to add more firepower to those policing dubious corporate behaviour, along with the possibility of increased penalties. The review is intended to strike a balance between the need to have strong sanctions that deter and punish corporate wrongdoing and protect the market’s integrity, as well as foster a competitive business environment.  In a speech given to the Australian Securities and Investments Commission (ASIC) summer school, Treasurer Peter Costello praised the strong record of the regulatory body. “ASIC’s enforcement record is a great testament to the assiduous work of...
    Jun 02 Tags: Array
  • BFCSA: APRA admits High Risk Lending in Australia's $1.3 Trillion Mortgage Market

    Posted by Denise - 1 Comment
    APRA worried about growth of high risk lending in Australia’s $1.3 trillion mortgage market   JEFF WHALLEY BANKING HERALD SUN MAY 26, 2014 8:27PM Qld Courier MAIL THE nation’s banking watchdog says it has witnessed “increasing evidence” of high-risk lending in the $1.3 trillion mortgage market as the scrap for market share intensifies in the face of low lending rates. The Australian Prudential Regulatory Authority has laid down the law to banks and other lenders with a series of new draft guidelines aimed at sharpening risk management. The Reserve Bank has maintained official interest rates at a historic low of 2.5 per cent since August last year. That’s created a hothouse atmosphere among banks which are fiercely competing to grab as much of the mortgage market as possible. “In this environment, APRA is seeing increasing evidence of lending with higher risk characteristics and it does not want this trend to continue,’’...
    May 31 Tags: Array
  • BFCSA: Dr John Laker, Australian Prudential Regulator APRA - warns banks on risky home loans. Only a warning John? $100 billion in toxic lending.

    Posted by Denise - 1 Comment
    Watchdog sounds warning on risky home loans DateMay 27, 2014 Read later Jacob Greber and Clancy Yeates  SMH Sydney Morning Heraldf Concerning trend: APRA chairman John Laker. Photo: Rob Homer The bank regulator has intensified its crackdown on risky lending, pushing back against a potential property ­bubble and increasing the Reserve Bank of Australia's capacity to keep interest rates at a record low. Concerned fierce competition for customers is driving down lending standards, the Australian Prudential Regulation Authority on Monday issued tough guidelines on how it expects banks to monitor and manage mortgage risks. This includes making banks consider geographic concentrations of risky loans; limits on loans relative to incomes; stress-testing borrowers; and avoiding giving managers financial incentives to make more loans. Analysts said the draft guidelines, which fall just short of the "macro­- prudential" rules adopted by regulators in New Zealand and Canada, mean the pace of growth in the mortgage...
    May 31 Tags: Array
  • BFCSA: Carolyn Bond called SERVICE CALCULATORS a hoax in 2004

    Posted by Denise - 1 Comment
     Huh????  ASIC panning the use of bank calculators re mortgages 2004 and then in 2005 exempted bankers from prosecution????   Its game on!!!  Thanks Gladys  This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.theage.com.au/news/property/end-of-the-line/2004/09/22/1095651380749.html   September 22, 2004   The Australian Securities and Investment Commission (ASIC) has shut down loan calculators on more than 100 Australian websites in another move against line-of-credit home loans that use false advertising to trick unwary borrowers.   The calculators were on websites of financial institutions, including banks, building societies, credit unions and mortgage brokers...............In response to ASIC's move, the Mortgage Industry Association of Australia (MIAA) this week released advertising guidelines for its members, prohibiting false advertising under the threat of sanctions.  "Brokers must portray things the way they really are," says its chief executive officer, Phil Naylor.   "You can use charts and graphs to sell loans but they must show the repayments correctly. The calculator is one of the issues we address specifically in the...
    May 17 Tags: Array
  • BFCSA: Who else has a Happy Loan Anniversary Card from RAMS?

    Posted by doyla66 - 3 Comments
    http://bfcsa.com.au/index.php/entry/bfcsa-nab-and-grab-priestley-the-farmers-story-reposted Comment by arree Monday, 24 March 2014                           " disgusting and appalling, unaustralian and UNBELIEVABLE!.. then again, not so unbelievable now that we know that we borrowers have been scammed all along, thanks to BFCSA and Denise Brailey. No one inside one bank department knows what the other ones are doing... eg. today I received a greetings card from RAMS stating "Happy Loan Anniversary" !!... Our maladministration in lending complaint against RAMS is with FOS and we have not paid RAMS a cent for 2 years whilst under investigation and we have been living in our home. RAMS is playing games and stalling proceedings so that the interest just keeps piling up. RAMS has put a proposal to us which could have been put to us 2 years ago if they had of agreed to meet with us, and we would have gotten on with our lives instead of living in...
    Mar 24 Tags: Array
  • BFCSA: BLYTHE MASTERS mastermind of J P MORGAN Carbon Trading, caused CTE and Global Crisis

    Posted by Denise - 0 Comments
    Banks jockeying to do it all over again with carbon trading  nb: everyone wins except consumers The woman credited with inventing credit default swaps (CDOs) is a key architect of the Carbon Emission Scheme, the future of which  is being debated by world leaders in Copenhagen. Blythe Masters, the JP Morgan employee who invented credit default swaps, is now heading JPM’s carbon trading efforts. Masters, 40, oversees the New York bank’s environmental businesses as the firm’s global head of commodities. Masters was part of JP Morgan’s team developing ideas for transferring risk to third parties and went on to manage credit risk for JP Morgan’s investment bank. Among the credit derivatives that grew from the bank’s early efforts was the CDO. As news circulates on the internet allegations that giant banks will make a killing on carbon trading, there are fears the scheme presents a high probability for fraud and insider...
    Mar 22 Tags: Array
  • BFCSA Message to Mindless GREG MEDCRAFT Chief of IOSCO friend of bankers; loathes Consumers

    Posted by Denise - 1 Comment
    Changes to Penalties?  It's more of Australian Securities and Investment Commission ("ASIC") Chief Medcraft's Muddle and his equally mind-blowing smoke screens:  He wants parking ticket type fines increased for misdeameanors  BUT DOES NOT MENTION immediate action AGAINST LENDERS.  Lenders APPROVED these dodgy loans - every last one of them.  Medcraft's Banker Mates set up the consumers to enable the Banks to steal ordinary Mums and Dads homes and his Banker Mates set up the Borrower agents to take the wrap! Then there was the securitisation scandal re the Australian Office of Financial Management to buy the TOXIC products and and "profit from the fraud." Medcraft says he wants stiffer penalties but only takes the annual obligatory handful of actions via DPP, and only against the little cases - brokers with foreign names...........did you notice that?  Easy targets?  Not too much hard yakka?   Your bias is showing. Greggie, What about the...
    Mar 21 Tags: Array
  • BFCSA: We warned Brokers selling bank products, Banksters have made YOU the Scapegoat!!!!

    Posted by Denise - 3 Comments
    Dear Mortgage Brokers You will all become the prize bunnies under the new NCCP laws.  Why?  Banks made onus on you to verify documentation, even though you do not have the resources, the training or qualification and are not licensed to do this task. Even though same laws apply to Banks (and have for years), ASIC is  taking NO ACTION AGAINST LENDERS.  Instead ASIC will ignore the piece of legislation that says the Banker is responsible for verification of loan documents and instead ASIC will ping a few Brokers. THIS IS A CRIME SCENE INVENTED BY THE BANKS.............................and in crime - there is always a scapegoat.   Look in the Mirror..........................say three times; "The Banks are setting me UP.  Approval of loans is the duty owed by the Bank to its customers under s27.1 of the Bankers Code....Banks owe that duty, not me, but I am being made the SCAPEGOAT." Then...
    Mar 19 Tags: Array
  • BFCSA: STORM victims done over by the Banks and Service Calcs, not Cassimatis. Read his own submission to Parliament # 387. Says: ASIC LIED TO PARLIAMENT. Our Members know ASIC is LYING!!!

    Posted by Denise - 3 Comments
    After 20 years of assisting consumers, I now have three excellent researchers who generously donate their time to our cause.  I do sift through and pick out some of the most significant information that the world wide web has provided for us.  Our latest is from an old forum site which contained chatter re the Storm victims 2008-2009.   CHATTER ONLINE from Storm people "Originator of the Contract - THE BANK RESPONSIBLE for fraudulent lending" Re: BOQ.....Where fraudulent activity is proven and it will be, with physical evidence, loans should be rendered null and void. The offending bank staff should be removed/ and or prosecuted and David Liddy should be forced to step aside. It may be deemed to be the customers responsibility, however, when an employee joins the bank in a lending capacity, they are trained to process material within the parameters of the Trade Practices Act, the Banking Code...
    Mar 16 Tags: Array
  • BFCSA: My Story - Phone call asking me "did I want a real copy (of my LAF) unedited, and if so to meet her, which I did."

    Commonwealth Bank Maladministration with (NAME WITHELD) I have documented proof of all on this page and I also have a copy of my LAF from the bank.   This is a letter I emailed to dozens of Senators around Australia.  Can I please ask you Senator why ASIC, FOS and COSL never investigated my situation when I was in need and why the bank savaged me when I was most vulnerable, why I was made to pay for their own bank managers maladministration and greed, why I am now left on a Disability pension and mentally ill because of the Commonwealth Bank’s rape of my rights, why the Queensland Police are reluctant to investigate the obvious crime and what did I do wrong to deserve this?  Why do we have all these laws and regulatory bodies if they do nothing to protect the victims?  Here is my story . . .  It...
    Mar 13 Tags: Array
  • BFCSA: My Story - If the Bank had followed its obligations under the law (introduced in 2010) they would have refused any loan until I had employment....

    Posted by doyla66 - 3 Comments
    In 2010, I received settlement on my divorce and approached Maquarie Bank for a loan. I told them that I had lost my business - my divorce has undermined my enthusiasm for anything - and it has been sold. I advised them that I was unemployed - stated in writing, and was moving out of Sydney to cheaper housing. At the time, I was 55 years old. I was probably depressed, certainly upset, that I had lost both my marriage, long term dwelling and business in the space of one year. I combined all my savings - they gave me $480,000 on a 30 year loan, with the full knowledge that I was unemployed. The only thing that saved me, was I put my retirement savings from super (I was 55) into the offset account. At the time, I believed I would get work. I had been employed consistently for 20...
    Mar 13 Tags: Array
  • URGENT, URGENT, URGENT, ALL BFCSA members must email 2GB ASAP

    Dear members This is extremely urgent.  Please send your story to Alan Jones.  2GB We have over 1200 copies of fraudulent loan applications which have been presented to ASIC  but they refuse to act. Thousands of Australians have lost their farms, businesses and homes as a result of bank greed. This evidence was presented to the Senate Inquiry into ASIC in Sydney a fortnight ago. Rather than listen to disgruntled bank and ASIC customers I highly recommend you talk to Senator John Williams who was there and if you want to follow that up to also contact Denise Brailey who is the criminologist in our support group. Denise has over fifteen years of records detailing ASIC, FOS and COSL failings plus all the evidence against the banks and how they engineered this mass fraud on Australia's most vulnerable older persons - mainly pensioners. I IMPLORE ALL members to write a brief outline of...
    Mar 12 Tags: Array
  • BFCSA Banks NO lending limits yet pay FOS to keep limit of COMPO to $280K. Story of losing one's home to RAMS and Westpac

    Posted by Denise - 2 Comments
    The public have deep sympathy for bush fire victims losing their home.  The public also arrive with buckets and mops to help strangers that are victims of floods.  Australia is a land that does suffer tremendously devastating weather curve balls and disasters at times. Another one for the salvation Army to pick up.  Victims says: "So I'm moving too .... no home, no $155K refund ......to who knows where now???  Another financially ruined, middle aged person who will soon be homeless.... How does that help our economy?? Yet when one loses one's home (as an older person) from a Bank driven Service Calculator Fraud on a deliberate TOXIC Mortgage, two porters at ASIC crack their knuckles.  Why is that?   Well failure for the public to understand this phenomenon of widespread bank looting of homes is all of the reasons Australians will be much worse off during the next 50 years. This...
    Mar 07 Tags: Array
  • BFCSA ANZ boss spends big on Victorian coastal estate after cashing in some of his shares last month

    Posted by doyla66 - 4 Comments
      (0) ANZ boss spends big on Victorian coastal estate by Christina Zhou March 6, 2014 - 5:07PM lt;iframe id="dcAd-1-3" src="http://ad-apac.doubleclick.net/N6411/adi/onl.domain/buy/articles;cat=domain;cat1=realestatenews;ctype=article;sz=120x50;tile=3;ord=3.2441165E7?" width='120' height='50' scrolling="no" marginheight="0" marginwidth="0" allowtransparency="true" frameborder="0"&amp;amp;amp;amp;amp;amp;amp;amp;gt; &amp;amp;amp;amp;amp;amp;amp;amp;lt;/iframe&amp;amp;amp;amp;amp;amp;amp;amp;gt;   The 60-hectare estate at 2275 Portarlington Road features seven bedrooms, six bathrooms, "cigar bar-like" lounge, and stables that have been converted into four guest suites. Photo: Supplied ANZ chief executive Mike Smith has dropped more than $10 million on an iconic Victorian coastal estate after offloading $17.3 million of the bank's shares. Documents from the Victorian land titles office show that Mr Smith's wife Maria Shireen Smith has lodged a caveat on Spray Farm in Bellarine, indicating that the couple are the buyers of the multi-million dollar estate. Though the official price is yet to be disclosed, Gerald Delany, of Kay & Burton, told Fairfax Media in January that there was interest ''just in excess of $12 million''. Photo: Supplied The estate...
    Mar 06 Tags: Array
  • BFCSA: More mainstream outing of LAF fraud: The wild card is Banking. Nick Hubble

    Posted by doyla66 - 1 Comment
    Extracts from "Book in a Volatile Market"  by By Nick Hubble • January 23rd, 2014 The Daily Reckoning " We'd like to make a community announcement. There is a scourge sweeping our society. One that must be dealt with. More on that below. But first, financial matters. Yesterday we asked whether Australia can remain an island of prosperity while Europe and the US stay in the doldrums. The short answer is no. That's because we've got our own problems...." ..." The wild card is banking. Our story on LAF manipulation is likely to get an award for the slowest viral story ever. If you don't remember, mortgage brokers and bankers have been manipulating people's Loan Application Forms. They put a '1' in front of your income when you apply for the loan, turning $50,000 in to $150,000. And that makes the $500,000 loan affordable. --Nobody knows how common this is for sure....
    Jan 27 Tags: Array
  • BFCSA: Our story - RAMS RHG; These TOXIC LOANS which are devastating victims lives. must be stopped" RAMS RHG

    Posted by doyla66 - 2 Comments
      From: J & D    Sent: Saturday, January 25, 2014 To: BFCSA MEMBERS Subject: My Story -    In 2006 we took out a loan with RHG, now RAMS through a broker for $360,000.00 using the equity in our home.  We did this to invest for our retirement as we had very little superannuation, in our sixties.   At the time we asked how we would repay this loan as we were struggling to pay a small part of our original mortgage.  We were told that we wouldn't have to make any repayments as they would come out of the loan.     We were never provided with our LAF and so until we met Denise in 2008 and she told us to demand it, even then we didn't realise that we were only receiving a few pages and not the whole thing.   We didn't know that our income had been grossly inflated...
    Jan 25 Tags: Array
  • BFCSA: Our Story - Adelaide & St George; The Crooks get off scot free.... another innocent family is left to pick up the pieces.

    Posted by doyla66 - 3 Comments
     "Can You help us Please?  Something is very wrong here, and we are made to live with all these lies and we are a disadvantaged family.  We did default in 2008  But look at all the illegal things that they did between 2004 and 2005   and we got no justice at all for their wrong doing." Background history of our Case.  Extract of letter written to local MP.   Dear Sir,   My husband had two major accidents in 1989.  He fell off the roof at work about 6 meters high and dislocated his discs in his neck and lower back. He was out of work on medication. He had a neck collar on and a brace around his waist..Two weeks later he fell on a glass coffee table at home, and lacerated the inner fold of the left elbow. What we thought was a minor cut ended up having micro surgery, joining arteries, veins, muscles and tendons. If...
    Jan 25 Tags: Array
  • Show all entries from SUB PRIME LENDING
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Recent posts from this category

  • BFCSA: The ABS Debacle: Is the ABS turning Census data into a hacker's honeypot?

    Posted by Denise - 0 Comments
    The case for NO NAMES and NO addresses on the actual document.   Never truer words spoken..........the only way to prevent data breaches from occurring is to not hold the information in the first place. I will send a letter in with the form to say my name and address has been whited out and I am conscientious objector due to this debacle, my vulnerable age, disability and living alone.   I do not wish for my name to be in the same file as the data due to incompetence of the department.  In any case ABS still has the code on the document of being delivered to my home by hand, as it was in the "older versions."   Is the ABS turning Census data into a hacker's honeypot?  By Allie Coyne  Apr 19 2016 6:54AM   http://www.itnews.com.au/feature/is-the-abs-turning-census-data-into-a-hackers-honeypot-418280   In a short, innocuous press release that went widely unnoticed last November (except at iTnews), the Australian Bureau of Statistics announced it was looking into...
    Aug 13 Tags: Array
  • BFCSA: Morrison - How average income earners will be pushed into private health insurance by 2020

    Posted by Denise - 0 Comments
    Puts the mediscare lie into perspective...it was the Liberals who lied How average income earners will be pushed into private health insurance by 2020 July 23 2015 Caitlin Fitzsimmons http://www.theage.com.au/money/saving/how-average-income-earners-will-be-pushed-into-private-health-insurance-by-2020-20160722-gqbuzl.html   Scott Morrison's super warning    video Courtesy ABC News 24 It would cost half-a-billion dollars to abandon superannuation changes announced in the budget - and the ratings agencies are unlikely to react well, warns Scott Morrison.   By 2020 average income earners will be forced to buy private health insurance or pay extra tax after the government quietly extended a freeze in the threshold for the Medicare Levy Surcharge. The income threshold, where rebates start to phase out and taxpayers without private cover are charged the surcharge, will stay fixed at $90,000 for singles until June 2021.  The Medicare Levy Surcharge originally targeted high-income earners and was indexed to average weekly ordinary-time earnings. However, the first Abbott-Hockey budget in 2014 paused indexation...
    Aug 08 Tags: Array
  • BFCSA: Australia’s neglected fed up with being neglected by policy makers

    Posted by Denise - 0 Comments
    Australia’s neglected fed up with being neglected by policy makers How the July 9 2016 Grace Collier http://www.theaustralian.com.au/opinion/columnists/grace-collier/australias-unprotected-fed-up-being-neglected-by-policymakers/news-story/dc0ad62f940e1c8f5037c5c73cc7418a   Here, now, we are seeing the rise of the “unprotected”, as defined by Peggy Noonan, a columnist with The Wall Street Journal. In February, Noonan wrote a piece under the headline “Trump and the rise of the unprotected”. In it, she sets out to explain the defiant political mood rising across the Western world. Noonan says that in the US, and much of Europe, the political elites cannot make sense of the world they created. The theory is deeply insightful and has real relevance to our present political predicament. Noonan says the terrifically intelligent types who “do politics for a living” seem to be the only ones who cannot see what is right in front of their noses. “In America now only normal people are capable of seeing the obvious”, and normal...
    Jul 15 Tags: Array
  • BFCSA: Italy passes decree to speed up recovery of $410 Billion of bad loans

    Posted by Denise - 0 Comments
    How bad are things in Europe???   Italy passes decree to speed up recovery of bad loans   29 April 2016 http://www.reuters.com/article/us-italy-banks-decree-idUSKCN0XQ2BK   Italy's Prime Minister Matteo Renzi gestures during a news conference in Rome, Italy, April 7, 2016. Reuters/Remo Casilli Italian Prime Minister Matteo Renzi's government on Friday passed a decree to speed up the recovery of unpaid credit in a banking system saddled with billions of euros in bad loans.  Italy's lenders have some 360 billion euros ($410 billion) in bad loans on their books, which could take years to recoup, but the decree aims to accelerate the process in the future. "This will reduce the time it takes to recoup credit from six to eight years to six to eight months," Renzi told reporters after the decree was passed.  "This decree aims to resolve... definitively the problems of our country's banking system," he said.  The government is seeking...
    Jun 17 Tags: Array
  • BFCSA: Australian young people today are overqualified, underemployed and swimming in debt: report

    Posted by Denise - 0 Comments
    Young people today are overqualified, underemployed and swimming in debt: report Sydney Morning Herald June 15, 2016 - 2:47PM Kelsey Munro   Young Australians are more educated than previous generations, but they are struggling to turn higher qualifications into paid work. And they are paying considerably more for an education that is not properly equipping them with the skills needed in a rapidly changing workforce, according to a new report that paints a grim picture of intergenerational inequity. In the middle of an election campaign where key youth issues have struggled for airtime, the report by advocacy and research group the Foundation for Young Australians suggests this generation may be the first to contribute more to government coffers than they receive, due to the ageing population, higher health costs and a shrinking tax base. "Sometimes we tend to blame the individual young person - sometimes they blame themselves," said the foundation's...
    Jun 16 Tags: Array
  • BFCSA: UK FCA wins landbanking case, but investors still likely to lose out

    Posted by Denise - 0 Comments
    Woe betide Aussies investors conned into making investments into slices of farm paddocks!  Funny how ASIC chases the tail of UK decisions OR is the truth the order is reversed with our record of world firsts!  All we ever export are ponzi schemes with instrutions on how to do and how to get away with it! FCA wins landbanking  case, but investors still likely to lose out Asset Land’s appeal rejected by supreme court but City regulator says investors likely only to get fraction of money back     21 April 2016   https://www.theguardian.com/money/2016/apr/20/fca-wins-landbanking-case-investors-likely-lose-out   The City regulator has won its case against those behind a land investment scam first highlighted by the Guardian in 2009. It is, however, a bittersweet victory for the investors who sunk money into the scheme because they might only get back a tiny fraction of the cash they handed over.  The case in the supreme...
    Jun 16 Tags: Array
  • BFCSA: USA Debt Slaves are the Government’s Largest Asset Class, and it will Haunt the Economy for Years

    Posted by Denise - 0 Comments
    And this is what the Liberals want to bring in here...$100,000 degrees and means tested student loans when most of them can’t find a job after they graduate!   USA Debt Slaves are the Government’s Largest Asset Class, and it will Haunt the Economy for Years by Wolf Richter • June 13, 2016   http://wolfstreet.com/2016/06/13/debt-slaves-student-loans-government-largest-asset-class-to-haunt-economy-for-years/   “One of the biggest threats to our economic outlook.” Endless discussions of how important inflation is to the US economy, and how there hasn’t been enough of it in recent years, and how more inflation would be a godsend, has become the standard. The threat of lethal deflation is being brandished to rationalize all kinds of absurd monetary policies. And we know why: inflation is good only for debtors, in an over-indebted country. But that’s not true either. Because a lot of debtors, particularly those who funded their education with loans, are being strangled by...
    Jun 16 Tags: Array
  • BFCSA: Archive 2006 Primelife saga, Sent, Walker and de Crespigny, Babcock et al

    Posted by Denise - 0 Comments
    We were right...peas in a pod!   Australian Broadcasting Corporation TV PROGRAM TRANSCRIPT LOCATION: http://www.abc.net.au/7.30/content/2006/s1730220.htm Broadcast: 31/08/2006 Court case reveals Primelife boardroom drama Reporter: Greg Hoy http://www.abc.net.au/7.30/content/2006/s1730220.htm   KERRY O'BRIEN: It would have to have been one of the most colourful boardroom dramas to have emerged from Australian business. The battle for control of the retirement and aged care corporation Primelife, involving some of the most famous names in business - has spilled into the Victorian Supreme Court, revealing publicly, in candid detail, how bruising and brutal boardroom politics can be. Now as a Supreme Court judge quietly considers his verdict in the case, control of the long-troubled corporation is again about to change hands. Greg Hoy reports. GREG HOY: The Victorian Supreme Court must now decide. Having heard the evidence in a corporate power struggle for control of an aged care empire - evidence including video of board meetings taken...
    Jun 10 Tags: Array
  • BFCSA: Archives 2003, Ted Sent and Ron Walker, de Crespigny and PRIME LIFE

    Posted by Denise - 1 Comment
    If this was all planned it explains why they went after ARIP’s enticing them to release equity and spend the kid’s inheritance... That is how a lot of members got roped into buying into investment properties and why they used spruikers to do the dirty work     Transcript Business identities buy into aged care Date : 03/08/2003 Reporter: Alan Kohler   http://www.abc.net.au/insidebusiness/content/2003/s916052.htm     ALAN KOHLER: One in four Australians will soon be of retirement age and providing them with a place to live is becoming good business. That's certainly what two of Australia's best-known business identities, Robert de Crespigny and Ron Walker, have decided - buying into one of the country's aged care developers, Primelife. Trouble is, someone else got there first - Ted Sent. He may not be as well known, but he's just as tough. Greg Hoy reports. GREG HOY: What warning would you give to Mr...
    Jun 10 Tags: Array
  • BFCSA: Budget nasties signals the 'beginning of the end' of community radio

    Posted by Denise - 0 Comments
    What other nasties are hidden in the budget? Budget signals the 'beginning of the end' of community radio A tiny line item in the 2016 budget -- $1.4m gone from community radio -- could devastate the sector, writes freelance journalist Denham Sadler. 3 June 2016 https://www.crikey.com.au/2016/06/03/budget-signals-beginning-end-community-radio/ While Treasurer Scott Morrison was delivering his budget night address a small band of dedicated community radio advocates had already launched into campaign mode.  Buried deep in this year’s federal budget was a small funding cut — an “absolute pittance” to the government — that could mark the beginning of the end of Australian community radio. Community radio advocates quickly jumped into action to rally an increasingly disenfranchised array of mostly young people to make yet another stand for a service they say plays a crucial role in diversifying Australia’s media and giving a voice to those who are usually ignored.  The government’s Community Broadcasting...
    Jun 06 Tags: Array
  • BFCSA: LOANS CRASHING in Ireland: Fears of large-sale evictions when investors leave Ireland: Peppers, GEM, Goldmans - the usual pillaging Banker suspects

    Posted by Denise - 0 Comments
    Fears of large-sale evictions when investors leave Ireland   25/04/2016 Shane Phelan and Peter Flanagan   http://www.independent.ie/business/personal-finance/property-mortgages/fears-of-largescale-evictions-when-investors-leave-ireland-34656300.html   Families renting properties owned or controlled by large investment funds are facing huge uncertainty over the future.  Several of the largest investment firms, who have swooped in to buy swathes of Irish property loans in recent years, are refusing to give assurance about how long they will continue to operate here.   Their silence will fuel fears for large-scale evictions, such as those threatened in Tyrrelstown in Dublin and Blackrock in Cork, where properties are being sold out from under tenants.  Many funds operate cycles of five years, or even less before they move to cash in on their investment.   The Irish Independent surveyed the major investment funds who have bought into the property market in recent years.  However, most refused to say how long they would be staying in the Irish...
    May 23 Tags: Array
  • BFCSA: 7-Eleven Head Office has turned a blind eye to wage abuse for years. Owners made Billions on backs of the poorest people.

    Posted by Denise - 0 Comments
    7-Eleven Head Office has turned a blind eye to wage abuse for years.  Owners made Billions on backs of the poorest people. 7-Eleven creates new public relations disaster Date May 14, 2016 Adele Ferguson http://www.smh.com.au/business/workplace-relations/7eleven-creates-new-public-relations-disaster-20160512-gou149.html When the opening line of 7-Eleven's press release turned out to be a blatant lie it didn't bode well for what came next.  On Wednesday the scandal-ridden convenience store giant issued a misleading statement that head office and the Allan Fels Wages Panel had agreed to "transition" to an internal unit within 7-Eleven. In other words it wants to do it itself and it wants us to trust it to do it better than an independent panel led by Fels, the former chairman of the Australian Competition and Consumer Commission.  This is coming from a company that is battling a crisis in confidence, and a track record of years of underpayment of wages by its franchisees...
    May 15 Tags: Array
  • BFCSA America: The OIL boom has now become a bust; Bank of North Dakota Soars Despite Oil Bust: A Blueprint for California?

    Posted by Denise - 0 Comments
    Bank of North Dakota Soars Despite Oil Bust: A Blueprint for California? Posted on May 2, 2016 by Ellen Brown https://ellenbrown.com/2016/05/02/bank-of-north-dakota-soars-despite-oil-bust-a-blueprint-for-california/ Despite North Dakota’s collapsing oil market, its state-owned bank continues to report record profits. This article looks at what California, with fifty times North Dakota’s population, could do following that state’s lead. In November 2014, the Wall Street Journal reported that the Bank of North Dakota (BND), the nation’s only state-owned depository bank, was more profitable even than J.P. Morgan Chase and Goldman Sachs. The author attributed this remarkable performance to the state’s oil boom; but the boom has now become an oil bust, yet the BND’s profits continue to climb. Its 2015 Annual Report, published on April 20th, boasted its most profitable year ever. The BND has had record profits for the last 12 years, each year outperforming the last. In 2015 it reported $130.7 million in earnings, total...
    May 03 Tags: Array
  • BFCSA: The CDOs That Destroyed AIG: The Big Short Doesn’t Quite Reveal What They Knew and When They Knew It

    Posted by Denise - 0 Comments
    The CDOs That Destroyed AIG: The Big Short Doesn’t Quite Reveal What They Knew and When They Knew It 05/15/2010 05:12 am ET | Updated May 25, 2011 David Fiderer It’s been eighteen months since AIG collapsed, and Congress has yet to seriously focus on the most important questions: What did they know and when did they know it?  “What” refers to the fatal flaws in the collateralized debt obligations, or CDOs, that AIG insured. “They” are the bankers that structured and sold the CDOs, plus the AIG executives who took on the credit risk, plus the rating agencies that handed out AAA ratings. “When” harkens back to 2005 and 2006, when those toxic CDOs were first issued. Just before the backdoor bailout of AIG’s banks actually closed, Michael Lewis addressed what they knew and when they knew it in Portfolio. He explained why the CDO market was ground zero for...
    May 02 Tags: Array
  • BFCSA: Where is ASIC? Grupo Arcano's fraudulent tale has an Australian chapter

    Posted by Denise - 0 Comments
    Where are the regulators?    Grupo Arcano's fraudulent tale has an Australian chapter 2 May 2016 Jessica Sier http://www.smh.com.au/business/markets/grupo-arcanos-fraudulent-tale-has-an-australian-chapter-20160427-gog2vu.html   It's not often that a self-proclaimed multi-billionaire disappears to Malta after his personal history as an early Google investor and Stanford graduate is revealed to be false. It's even rarer for such an elaborate tale of Chilean corporate fraud to reach the office towers of Sydney.  But in the case of Alberto Chang Rajii that is exactly what happened.   Last year, Mr Chang Rajii, 42, was settling in nicely as a jet-set resident: he'd purchased a $2 million Sydney apartment, had opened an office for his private asset management arm and was schmoozing some of Australia's richest families.   But after years of renting a plush new office in Sydney's Bligh Street, it was abandoned. Now, boxes are stacked against the walls and newspapers gather at the door. The same goes...
    May 02 Tags: Array
  • Denise Brailey's efforts to win for Consumers 2001: How one single mum battled a $1billion fraud

    Posted by organza - 1 Comment
      How one single mum battled a $1billion fraud - Denise Brailey's efforts to win for Comsumers   18 March 2001    http://www.crikey.com.au/2001/03/18/how-one-single-mum-battled-a-1billion-fraud/   She was almost elected to the WA Parliament, now finance broker campaigner Denise Brailey is really prodding the Howard government and ASIC into action as elderly investors could face losses exceeding $1 billion with dodgy finance brokers.  She was almost elected to the WA Parliament, now finance broker campaigner Denise Brailey is really prodding the Howard government and ASIC into action as elderly investors could face losses exceeding $1 billion with dodgy finance brokers.    When the Court Government in Western Australia proved incapable of acting against the brokers and Fair Trading Minister Dodgy Doug Shave was not sacked, Denise decided to stand against Doug in his seat of Alfred Cove in the state election on February 10.   Well Dougie lost his seat to Liberals for Forests...
    May 02 Tags: Array
  • BFCSA: Ireland's Bad Bank Shame: Irish Mortgage-holders have lost €17.6 billion in ‘wealth’ since property crash – S&P

    Posted by Denise - 1 Comment
    Mortgage-holders have lost €17.6bn in ‘wealth’ since property crash – S&P Posted on April 29, 2016 by Admin • 0 Comments http://www.castlecountrywide.ie/property-news/mortgage-holders-have-lost-e17-6bn-in-wealth-since-property-crash-sp/ Irish mortgage borrowers have lost €17.6 billion of their combined “wealth” since the property market crashed, new research has found.In a report which said the housing and mortgage markets are struggling even as economic growth accelerates, credit rating agency Standard & Poor’s found that more than 40 per cent of borrowers remain in negative equity. S&P said home loans originated in 2007, just before the crash, have the highest degree of negative equity, at 59 per cent. Buy-to-let borrowers were more likely to be in negative equity than owner-occupiers, it added. Homes in the Border and western regions are more likely than other parts of the State to be in negative equity. “We found that the depth of negative equity in Ireland is severe, averaging €53,900 per property,” said...
    Apr 30 Tags: Array
  • BFCSA: Icelanders loathe cheats and spivs: Why Iceland reacted so fiercely to the Panama Papers

    Posted by Denise - 2 Comments
    Why Iceland reacted so fiercely to the Panama Papers First published:  Wednesday 27 April 2016 http://www.abc.net.au/radionational/programs/rearvision/why-iceland-reacted-so-fiercely-to-the-panama-papers/7357692   https://radio.abc.net.au/programitem/pelDkxyAO3?play=true Iceland's Sigmundur Davíð Gunnlaugsson wasn't the only world leader named in the Panama Papers, but he was the first to lose his job over it. Why is Iceland so intolerant of financial misbehaviour? Keri Phillips explains. It took less than a week for Iceland's prime minister, Sigmundur Davíð Gunnlaugsson, to stand aside after the Panama Papers revealed details of his wife's offshore account. His message to the country was more or less that we should all be together, we are all in the same boat, but at the same time he had taken a boat of his own, filled it up with gold and moved it abroad. Guðni Jóhannesson, University of Iceland The leaked documents revealed Sigmundur Davíð had been the co-owner of a company called Wintris Inc, set up in 2007 in...
    Apr 29 Tags: Array
  • BFCSA: Wall Street Cartel Re-Grouping: USA SEC Regulator fires a warning shot

    Posted by Denise - 1 Comment
    Hiding behind technology.....   Is the Wall Street Cartel Re-grouping?  Regulator fires a warning shot   27 April 2016 http://wallstreetonparade.com/   Remember the chat rooms dubbed “The Cartel” and “The Bandits Club” that contributed to felony counts against the mega Wall Street banks last May for rigging the foreign currency markets? How about that classic from the Barclays chat room trader: “if you aint cheating, you aint trying.”  Well, apparently, one or more banks are causing concerns in this area again.  Yesterday, the regulator of national banks, the Office of the Comptroller of the Currency, sent out a severe warning to its flock that there could be a five year jail sentence waiting in the wings for anyone attempting to use technology to block its mandated access to bank records. The letter was authored by Bethany Dugan, Deputy Comptroller for Operational Risk. The statement read in part: “The OCC has become...
    Apr 29 Tags: Array
  • BFCSA: Open letter to Senator Arthur Sinodinos, from Kristina Keneally

    Posted by Denise - 0 Comments
    What a hoot..... Open letter to Senator Arthur Sinodinos, from Kristina Keneally Kristina Keneally 28 April 2016   http://www.theguardian.com/commentisfree/2016/apr/29/open-letter-to-senator-arthur-sinodinos-from-kristina-keneally?CMP=share_btn_tw   Woody Allen said 80% of life is showing up. Every single day of my ministerial career I showed up. I did my job. I answered the hard questions. I faced the opposition, the media and the public. Ask any NSW press gallery journalist. As premier I ended every media conference by asking, “Are there any more questions?”, and the journalists answering no. Ask your fellow Coalition colleagues in NSW. Every time they called an inquiry, no matter how politically motivated, I showed up. An upper house inquiry into the murder of Michael McGurk: I showed up. An upper house inquiry into the sale of electricity assets: I showed up. After Barry O’Farrell was elected he instituted a second electricity transactions inquiry, conducted by Justice Tamberlin. I volunteered to show up to...
    Apr 29 Tags: Array
  • BFCSA: Arthur Sinodinos says he won’t attend Senate Inquiry into political donations

    Posted by Denise - 2 Comments
    Time this was cleaned up.... Arthur Sinodinos says he won’t attend Senate Inquiry into political donations Leonare Taylor 27 April 2016   http://www.theguardian.com/australia-news/2016/apr/27/arthur-sinodinos-says-he-wont-attend-senate-inquiry-into-political-donations Cabinet secretary rules out appearing at inquiry set up by Labor to investigate associated entities, such as the Liberal party’s Free Enterprise Foundation Read the senator’s letter Cabinet secretary Arthur Sinodinos won’t be attending a special parliamentary inquiry into political donations on Thursday, despite a “demand” from the Senate that he show up to give evidence.  Sinodinos wrote to the committee late Wednesday saying he wouldn’t be attending during the two hours scheduled for him to give evidence on Thursday morning and that the “direction” was “objectionable”. “It would be inappropriate for me or any minister to appear ... the purported direction ... is without precedent, and violates well established Senate practice,” Sinodinos wrote. He said the inquiry had a “ludicrously” short time frame and the public could...
    Apr 27 Tags: Array
  • BFCSA: Liberals snub Senate inquiry into Free Enterprise Foundation

    Posted by Denise - 0 Comments
      SAVE PRINT REPRINTS & PERMISSIONS Liberals snub Senate inquiry into Free Enterprise Foundation April 26 2016 - 6:25PM Sean Nicholls Video http://www.canberratimes.com.au/federal-politics/political-news/liberals-snub-senate-inquiry-into-free-enterprise-foundation-20160426-gof4va.html Liberal Party figures have snubbed a Senate inquiry into the controversial Free Enterprise Foundation and similar federal fundraising bodies, while star witness Arthur Sinodinos has yet to confirm his attendance. It is understood former Liberal fundraiser Paul Nicolaou, former NSW party director Mark Neeham, former federal director Brian Loughnane and NSW finance director Simon McInnes were invited to give evidence, but declined. Arthur Sinodinos under pressure There are calls for the Senator to step down after questions were raised about the source of millions of dollars of donations to the NSW Liberal Party. Courtesy ABC News24. Senator Sinodinos, who is cabinet secretary, has been specifically directed by the Senate to appear to answer questions, but was listed as unconfirmed on a program posted by the committee on Tuesday....
    Apr 26 Tags: Array
  • BFCSA: Bonus restrictions, clawbacks proposed to rein in Wall St risk taking

    Posted by Denise - 0 Comments
    Bonus restrictions, clawbacks proposed to rein in Wall St risk taking 22 April 2016   by Jesse Hamilton and Elizabeth Dexheimer http://www.afr.com/business/banking-and-finance/bonus-restrictions-clawbacks-proposed-to-rein-in-wall-st-risk-taking-20160421-gocdey Wall Street executives would have to wait at least four years to collect most of their bonus pay and could be forced to return money if their companies lose big under rules being proposed to install one of the last major planks of the Dodd-Frank Act. The ban on bonus practices that reward excessive risk-taking would strike hardest at senior executives and key employees at financial companies with more than $US250 billion ($322.5 billion) in assets, according to the long-delayed incentive compensation measures released by the National Credit Union Administration. NCUA, one of the six agencies that must adopt the rule, voted on Thursday to put out the proposal for public comment. The other regulators, including the Federal Reserve and Securities and Exchange Commission, are expected to follow. The...
    Apr 22 Tags: Array
  • BFCSA: Banking royal commission 'more transparent' than ASIC investigation, Labor says

    Posted by Denise - 1 Comment
    Banking royal commission 'more transparent' than ASIC investigation, Labor says  By political reporter Caitlyn Gribbin     Updated 13 Apr 2016, 8:50amWed 13 Apr 2016, 8:50am    Chris Bowen has been pressuring the Government to call a royal commission into the banking industry.   Related Story: Murray offers the Government a way out from bank royal commission (Well  Cartel Member David Murray would say that wouldn't he?)    The Federal Opposition says it has evidence that a royal commission into the banking and finance sector would be more transparent than an Australian Securities and Investments Commission (ASIC) investigation.     Key points:   •Labor pushing for formal probe into banking misconduct •Parliamentary Library advice says ASIC investigation would be less transparent than royal commission •Treasurer says ASIC has greater powers than commission  The Federal Government said "serious issues" in the banking industry needed to be addressed, but has rejected the Opposition's calls for...
    Apr 20 Tags: Array
  • BFCSA: Never Forget: The Central Banks Have Engineered Collapse in Europe via Banking cartel

    Posted by Denise - 0 Comments
    Never Forget: The Central Banks Have Engineered This Collapse Corbett • 08/25/2015 by James Corbett TheInternationalForecaster.com August 25, 2015 https://www.corbettreport.com/never-forget-the-central-banks-have-engineered-this-collapse/ Good news, everybody! The markets are rebounding! Yes, we just a hit a minor bump in the road there, but don’t worry, everything is back to normal now. Let’s forget about the tail end of last week and this week’s Black Monday, shall we? Pay no mind to the uncomfortable lowlights of the global stock rout: The staggering $5 trillion wipeout of funny money paper promise “wealth” since the yuan deflation began ($2.7 trillion on Monday alone). The all-time record spike on the volatility index (aka the “Fear Index”). The 1000 point Dow plunge off the opening bell on Monday morning. The halting of every major US index during the market mayhem. The 4500 mini crash events that forced indices worldwide to halt and unhalt at a dizzying pace. The amazing...
    Apr 20 Tags: Array
  • Show all entries from CONSUMERS
  • 5 Posts
  • 1 Active Bloggers

Recent posts from this category

  • BFCSA: WA fraudster faces jail in the United States

    Posted by Denise - 0 Comments
    WA fraudster faces jail in US Western suburbs financial trader Paul Thompson was contemplating life behind the bars of a US prison last night after admitting his part in the international Libor scam, described as the biggest price-fixing scandal ever.     Thompson pleaded guilty to one count of conspiracy to commit wire and bank fraud, more than two years after being charged. Paul Thompson    The 50-year-old said sorry for his actions, while admitting he was taking medication for depression. “I apologise to those who were harmed by my actions,” Thompson told US District Court judge Jed Rakoff.  He had been accused of being one of seven Rabobank traders to have manipulated the London Interbank Offered Rate, or Libor, between 2006 and 2011.  The Libor is a benchmark interest rate used to set the rate on trillions of dollars of loans worldwide, including home loans in Australia.  Banks have...
    Jul 10 Tags: Array
  • BFCSA: Brogden warns our Super Industry

    Posted by Denise - 0 Comments
      https://www.finsia.com/news/news-article/2014/08/07/brogden-bullish-on-super-fees-despite-murray-concerns Brogden bullish on super fees despite Murray concerns by Andrew Starke | Aug 08, 2014 Australia’s challenge over the coming years is to take the present superannuation system from a world class accumulation scheme to the world’s best retirement system, in part by scrutinising competition, performance and fees.  In his keynote speech to the Financial Services Council (FSC) annual conference in Cairns yesterday, outgoing CEO John Brogden reflected on his five years in the role and delivered a few parting shots to critics of the superannuation system.  He predicted that calls for superannuation to fund “all of the ills in the economy” would only grow louder in the future. To counter this, the FSC have called for a national retirement income policy.  “We must embrace the opportunity and lead the debate on taking superannuation from a world class accumulation scheme to the world’s best retirement system,” he said, adding...
    Aug 10 Tags: Array
  • BFCSA: Iceland charge KAUPTHING bosses with fraud - other alleged crimes

    Posted by Denise - 0 Comments
    http://www.icenews.is/2014/07/13/former-kaupthing-bosses-charged-with-fraud/ Former Kaupthing bosses charged with fraud Business, Finance, Iceland 10:24 am July 13, 2014   The former chief executive and chief financial officers of Kaupthing have been charged with fraud and breach of trust by Iceland’s special prosecutor. According to the indictment, Hreidar Sigurdsson and Gudny Sveinsdottir, the CEO and CFO respectively, have been charged with fraud linked to financial transactions carried out in 2007. Kaupthing Luxembourg’s managing director Magnus Gudmundsson and investor Skuli Thorvaldsson have also been charged for their roles in the alleged crimes. The North Atlantic island’s three biggest banks collapsed in 2008 amid the global financial crisis and the special prosecutor has been pursuing cases against a number of former employees of the three banks for the roles they played in the crisis. The alleged fraud is linked to a 6bn Icelandic kronor transfer from Kaupthing to Marple Holdings, which is owned by Thorvaldsson, and Kaupthing’s...
    Jul 30 Tags: Array
  • PricewaterhouseCoopers report reveals the shocking extent of white collar crime in Australia

    Posted by doyla66 - 1 Comment
    Christopher Russell Hill, 24, is accused of sharing sensitive information with his friend
          June 05, 2014   Christopher Russell Hill, 24, is accused of sharing sensitive information with his friend who worked at NAB. Source: News Corp Australia FRAUD. Insider trading. Bribery and corruption. They’re the insidious crimes committed by white collar criminals. Now new research reveals the extent of corruption in Australian organisations. PricewaterhouseCoopers’s latest report Corruption: From the boardroom to the backroom surveyed more than 5000 people in 95 countries, more than half of whom were senior executives. A snapshot of the findings show: • 57 per cent of Australian organisations experienced white collar crime in the last two years. • 47 per cent suffered more than 10 fraud incidents over this time. • One third of organisations lost more than $1 million. • Perpetrators are likely to be male and university educated. • 65 per cent work in middle management.   Nearly six out of ten Australian organisations...
    Jun 07 Tags: Array
  • BFCSA: New York State says Wall Street should be standing Trial for TOXIC Securities. Goldman Sachs

    Posted by Denise - 0 Comments
    NY Appellate Court Rebukes Goldman in Toxic Securities Case  NEW YORK (Jan. 30, 2014)    http://basiscap.com.au/documents/announcements/BYAFM_NYAppellateCourtRebukesGoldman_31Jan14.pdf In a significant blow to Goldman Sachs, the Appellate Court for the state of New York said in one voice that the Wall Street powerhouse should stand trial for its role in the sale of so-called toxic securities, which played a major role in the 2008 financial crisis. The 5-judge panel unanimously rejected Goldman’s attempt to have the case, brought by Basis Yield Alpha Fund, dismissed based on fine print disclaimers in the security offering. The case alleged that Goldman sold two collateralized debt securities (CDOs) to Basis in 2007, on the basis that they were well priced and sold at Goldman Sachs’ own internal marks.   Behind the scenes Goldman considered the securities to be subpar, and said in a cynical internal memo that the infamous Timberwolf security was “one shitty deal. “ Goldman had...
    Mar 08 Tags: Array
  • Show all entries from WHITE COLLAR CRIME
  • 319 Posts
  • 1 Active Bloggers

Recent posts from this category

  • BFCSA: Senate Inquiry in 2014 found that ASIC was a weak and hesitant regulator. Throwing money at ASIC is a waste.

    Posted by Denise - 0 Comments
    'Investing in a proven failure': whistleblower Jeff Morris sceptical of ASIC changes Updated 20 Apr 2016, 1:12pm http://www.abc.net.au/news/2016-04-20/'investing-in-a-proven-failure':-whistleblower/7342124 Eleanor Hall Source: The World Today | Duration: 6min 9sec Someone who's long had concerns about ASIC's power and effectiveness is Jeff Morris. He's the whistle-blower who tipped ASIC off to wrongdoing and cover-up within the Commonwealth Bank's financial planning arm. But it took ASIC more than a year to act on his information. ELEANOR HALL: Well, we have one of those whistleblowers with us here in the studio, someone who's long had concerns about ASIC's (Australian Securities and Investments Commission) power and effectiveness: Jeff Morris. He's the whistleblower who tipped ASIC off to wrongdoing and cover-up within the Commonwealth Bank's financial planning arm. But it did take more than a year for ASIC to act on his information. And Jeff Morris, thanks so much for joining us. JEFF MORRIS: Thank you. ELEANOR...
    Jun 12 Tags: Array
  • BFCSA: The Brotherhood of BIG GAS - inside the Turnbull camp

    Posted by Denise - 0 Comments
    Dr David Pascoe BVSc PhD OVH Repro November 3 at 2:32pm · Edited · THE BROTHERHOOD OF BIG GAS  EXPLOSIVE TIP-OFF FROM INSIDE THE TURNBULL CAMP IGNITES A BUSHFIRE It was the kind of message from Canberra we really weren’t expecting – a bombshell straight from inside the Prime Ministers very own camp. It seems that Senator James McGrath – Turnbull’s own numbers man for his recent leadership coup and the campaign strategist who delivered power to Campbell Newman in the 2012 state election - has now been hurriedly dispatched to Queensland as a forward scout with two missions: first, to find out how Turnbull has been received by Queensland – and the second, much more deadly strategy: to completely wipe out Alan Jones. McGrath is a political strategist, head kicker and toe-cutter of the highest order: he previously worked with Lynton Crosby, whose company Crosby Textor runs campaigns for both APPEA and the...
    Nov 17 Tags: Array
  • THE AUSTRALIAN CODE OF BANKING PRACTICE:

    Posted by Denise - 0 Comments
    REVISITING THE AUSTRALIAN CODE OF BANKING PRACTICE: IS SELF-REGULATION STILL RELEVANT FOR IMPROVING CONSUMER PROTECTION STANDARDS? NICOLA J HOWELL   Page 35..   In 2012, Andrew Wilkie MP presented a private member’s bill to the Commonwealth Parliament: the Banking Amendment (Banking Code of Conduct) Bill 2012 (Cth).  The Bill provided for a mandatory Banking Code of Conduct (based on the then current Banking Code) to be made by the relevant Minister, and to be enforced by the Australian Prudential Regulatory Authority, which would have the power to impose civil penalties for ‘particularly grievous breaches of the code .   In explaining the impetus for the Bill, Mr Wilkie argued that: ‘[t]here is clear evidence that the current voluntary Code of Banking Practice – set up by the banks, run by the banks, overseen by the banks – does not work and is a toothless tiger’.  Mr Wilkie also indicated that he...
    Oct 11 Tags: Array
  • BFCSA: Revealed: how developers exploit flawed planning system to minimise affordable housing

    Posted by Denise - 0 Comments
    Ditto Australia.....   Revealed: how developers exploit flawed planning system to minimise affordable housing The release of a ‘viability assessment’ for one of London’s most high-profile developments – seen exclusively by the Guardian – sheds new light on how developers are taking advantage of planning laws to ramp up their returns 25 June 2015 http://www.theguardian.com/cities/2015/jun/25/london-developers-viability-planning-affordable-social-housing-regeneration-oliver-wainwright   Golden towers emerge from a canopy of trees on a hoarding in Elephant and Castle, snaking around a nine-hectare strip of south London where soon will rise “a vibrant, established neighbourhood, where everybody loves to belong”. It is a bold claim, given that there was an established neighbourhood here before, called the Heygate Estate – home to 3,000 people in a group of 1970s concrete slab blocks that have since been crushed to hardcore and spread in mounds across the site, from which a few remaining trees still poke. Everybody might love to belong in Australian developer Lend...
    Aug 07 Tags: Array
  • BFCSA: IOOF's Boiler Room throws customers to the Wolves!

    Posted by Denise - 0 Comments
    Back to where it started............. IOOF's boiler room throws customers to the wolves 20 June 2015 Adele Ferguson and Sarah Danckert   http://www.theage.com.au/business/banking-and-finance/ioofs-boiler-room-throws-customers-to-the-wolves-20150619-ghrdl6.html   As Christmas parties spilled onto the side streets of Sydney's CBD, two men from listed financial services group IOOF were not in the mood to party. One of the men, a senior equities analyst, was about to become a company whistleblower, a move that would expose another financial scandal and cost him his job It was Friday December 12, 2014 and the other man, the company's head of investigations Rob Urwin, wanted to discuss a few matters before heading home The conversation turned to some questionable behaviour inside the company, most notably its research division and some of the antics of its head of advice research Peter Hilton, so Urwin suggested the discussion continue over a beer.   As they settled in at the Shirt Bar, discreetly...
    Jun 21 Tags: Array
  • BFCSA: Desperate Greeks in default caused by corrupt Bankers and Bank Regulators

    Posted by Denise - 0 Comments
    Greece debt crisis: Desperation sets in as talks grind on By Chris Morris BBC News, Brussels 12 May 2015  http://www.bbc.com/news/blogs-eu-32710724  So Greece has successfully completed its latest €750m (£538m) debt repayment to the International Monetary Fund (IMF), but even that news has a twist in the tail. Greek officials say most of the money was taken from a buffer account held at the IMF itself - an account that is only meant to be used in cases of emergency. In such circumstances it is hardly surprising that Greek Finance Minister Yanis Varoufakis used his visit to Brussels on Monday to re-state the obvious - the liquidity situation is "terribly urgent", he said, and a deal to release further funds was needed in the next couple of weeks. A word of caution. If every warning from either Athens or Brussels that Greece was about to run out of money had proven to...
    May 14 Tags: Array
  • FOS Determinations paid for by Bankers, Run by Bankers and "Expert Bankers" $5000 per "Determination." What a corrupt bunch!!!

    Posted by GRAM236 - 7 Comments
    FOS repeatedly have stated "The FSP is not liable for the conduct of the Broker!  Even though FOS agree that a  payment of commissions has been made to the Broker, and the Brokers assistance with the submission of LAF - but they agree with the FSP, that the Broker is now classified as a "MORTGAGE ORIGINATOR", and that any other factors, as stated above, are irrelevant and insufficient to show that the Broker was acting as the FSP's agent.  Total disregard for the many Court Decisions and precedents already validated. Further, FOS, agreed with our complaint to St George Bank, that the loan in excess of $400,000 should never have been approved, had the FSP acted responsibly when it advanced the loan.  We quote "FOS found the FSP did not comply with good industry practice when it approved the loan.  If it had done so, it would have realised that the information about the Applicants income, upon...
    Sep 08 Tags: Array
  • Protected : FOS IS NOT BELIEVABLE-royal commission into banks NOW:

    Posted by GRAM236 - 0 Comments
    Our CBA determination from FOS is unbelievable. Quote: "The FSP acted responsibly when it advanced the loans. It was entitled to rely on the income information provided which showed they could afford the loans."  Quote: "The Broker was not the FSP's Agent for the purpose of completing the LAF or verifying the applicants income because he had no actual authority from the FSP to do so".  SO WHY DID CBA, NOT ASK THE APPLICANT , (AGED 69 and on age-pension) to provide PROOF OF INCOME? FOS "specialist banking officer" queried some details from the Broker BUT FAILED TO ASK THE APPLICANT ABOUT THE $154,000 income typed in BY THE BROKER! Quote: "The Specialist has considered the FSP's actions in this respect and was comfortable that the FSP had complied with good industry practice by making these inquiries - TO THE BROKER--how about talking to the APPLICANT-we are talkjng about our House Loan  and a...
    Sep 08 Tags: Array
  • Protected : FOS Determination an absolute fiasco and useless.

    Posted by GRAM236 - 0 Comments
    Our CBA determination from FOS is unbelievable. Quote: "The FSP acted responsibly when it advanced the loans. It was entitled to rely on the income information provided which showed they could afford the loans."  Quote: "The Broker was not the FSP's Agent for the purpose of completing the LAF or verifying the applicants income because he had no actual authority from the FSP to do so".  SO WHY DID CBA, NOT ASK THE APPLICANT , (AGED 69 and on age-pension) to provide PROOF OF INCOME? FOS "specialist banking officer" queried some details from the Broker BUT FAILED TO ASK THE APPLICANT ABOUT THE $154,000 income typed in BY THE BROKER! Quote: "The Specialist has considered the FSP's actions in this respect and was comfortable that the FSP had complied with good industry practice by making these inquiries - TO THE BROKER--how about talking to the APPLICANT-we are talkjng about our House Loan  and a...
    Sep 08 Tags: Array
  • BFCSA: Financial System Inquiry - David Murray over 6000 submissions. Australians not happy with BANKERS Joe!

    Posted by Denise - 2 Comments
    CEC just called - 6000+ was early yesterday morning so the count will rise for they were still flooding in - Malcolm Fraser wrote one I believe pushing for Glass Steagall!    from Gladys.........................   http://www.cecaust.com.au/ 27th August, 2014 Public floods Financial System Inquiry with 6,000+ submissions—not happy, Joe The Australian public has overwhelmed Joe Hockey’s Financial System Inquiry with more than 6,000 second-round submissions, a massive increase on the 280 submissions made in the first round. The sheer volume of submissions sends a clear message: Australians are not happy with the state of the financial system, nor the direction in which the FSI is heading, evidenced by its interim report. Former ANZ Bank director John Dahlsen spoke for many Australians who have monitored the inquiry when he charged in his second-round submission, “The interim report has been prepared by bankers, on behalf of bankers, for bankers.” (Australian Financial Review 18...
    Aug 28 Tags: Array
  • BFCSA: FOS report ASIC permitting PHOENIX COMPANIES 2011

    Posted by Denise - 1 Comment
    http://www.fos.org.au/custom/files/docs/submission_future_of_financial_adive_legislation_senate_fofa_sen_elc_jan_12pdf.pdf  Our Gladys is busy digging into FOS Reports - wonder what happened to those complaints and outcomes and what happened to the Directors?  We know what ASIC do - bleedin nothing and hence why ASIC is subject to 2014 Inquiry.  We should have mandatory Inquiry into ASIC every year until they start understanding corrupt behaviour is not acceptable. page 7  Phoenix Activity   In the course of our dispute resolution work, we see Phoenix activity.  Where this occurs, consumers can be left with unrecoverable losses while the financial advisors responsible for the losses can continue to provide advice.  Over the past two years, we have identified four cases of Phoenix activity that affected about 125 disputes.  There are many forms of Phoenix activity.  One example is outlined below and a case study is also provided:    Example of Phoenix activity   A large number of disputes against one licensee are...
    Jun 09 Tags: Array
  • BFCSA: Big ASIC slam dunk by Crikey 2010. Nothing has changed from LAZY ASIC

    Posted by Denise - 1 Comment
    http://www.crikey.com.au/2010/12/22/new-york-shows-asic-the-way-to-pounce-on-gfc-villains/ New York shows ASIC the way to pounce on GFC villains Adam Schwab| Dec 22, 2010   The announcement yesterday that New York Attorney-General Andrew Cuomo is seeking $US150 million in damages from mega accounting firm Ernst & Young over the collapse of Lehman Brothers is indicative of just how irrelevant Australian corporate regulators have become. While US authorities have taken legal action against the likes of Ernst & Young, Goldman Sachs, Ponzi-scheme operators Bernie Madoff, Alan Stamford and Marc Dreier and Countrywide’s Angelo Mozilo — ASIC, Australia’s so-called corporate watchdog, has laid no criminal charges and only a smattering of civil actions against the villains of the GFC.  In the claim against Ernst & Young, Cuomo claimed that: E&Y substantially assisted Lehman Brothers Holdings Inc, now bankrupt, to engage in a massive accounting fraud, involving the surreptitious removal of tens of billions of dollars of securities from Lehman’s balance sheet in...
    Apr 24 Tags: Array
  • BFCSA: Systemic rorting of financial system claims AMP linked adviser SMH

    Posted by Denise - 0 Comments
    Big company bias has rigged financial advice system, advisor tells Murray inquiry Banking and Finance  Date  April 8, 2014 An AMP-linked adviser has warned the financial advice system is rigged against consumers because big companies have a bias towards pushing their own products.  This bias towards in-house products reduces competition and may result in savers paying over the odds for investment products, Rhys Wood, a director of financial planning at Elite Wealth Solutions, has argued.  In a damaging submission to the Murray Inquiry into Australia's financial system, Mr Wood says that the high costs of regulatory compliance have prompted many planners to obtain a practicing licence through a large institution, which in turn supplies products for advisers to recommend. Queensland-based Elite Wealth Solutions is licensed by listed wealth company AMP.  "The most pressing issue within the advice industry is the existence of bias within the advice process," says Mr Wood in...
    Apr 12 Tags: Array
  • MORE MORTGAGE TOXIC AUSTRALIAN LOAN VICTIMS IN DESPAIR. I am one of 2.7 million time-bomb loan victims

    Posted by doyla66 - 1 Comment
    Another comment from our petition on change.org   Why? because I'm on the brink of homelessness. I also want to ask THE LEADER OF OUR COUNTRY and the entire Government why have they let this go on for so long and why they have made changes to the ACT to benefit the banks. Why is there special help in bending the rules for financiers in the ASIC government web site for the sake of the shareholders. Why is the Government giving investors nearly $10,000 a year to invest in homes for Low Income Earners to rent. Why aren’t they giving the Low Income earners the $10,000 a year subsidy to live the Australian dream of having a home? Why are they backing the mega wealthy investors and financiers to get richer at the cost of families having a home of their own? The Government has allowed the Low Doc loans to come...
    Mar 14 Tags: Array
  • BFCSA: Both ANZ and Westpac went over to New Zealand and pulled the same dirty Low Doc Tricks

    Posted by Denise - 1 Comment
    It sickens me the way the New Zealand regulator and the Ombudsman and Serious Fraud Office (whom I met and including the Minister in 2009) are mishandling these serious complaints of LOAN APPLICATION FRAUD engineered by the Bank Engineers, using the same SERVICE CALCULATOR as preferred weapon of choice and have been making obscene profits from criminal activity for more than a decade and a half.   Our regulators have all enjoyed over-bloated pay packets for playing in SNOOZEVILLE and continue this farcical denial campaign to Parliament.  "No systemic issues?"  Remember those words Greg Medcraft.  These victims lives are in tatters and you Sir can expect your brilliant career to become a down hill run from here on in.  You have been the Model of Cover-Up procedures by the Australian Securities and Investment Committee and then Chair to IOSCO to perhaps cover up there also. Australia has permitted it Banks to...
    Mar 13 Tags: Array
  • Brokers are AGENTS OF THE BANKS. Judges agree. Obligations transferred from Bank to Broker under AMLCTF Act

    When brokers say they will get you a "loan" and they won't charge you anything, then they are obviously working for the banks as they get a commission. I can't see how the banks can say that the brokers were not working for them or on their behalf. Have I missed something?   ED:  Spot on PT,  but the Prime Minister has hasn't yet worked out who pays commission to the brokers.  He is a smart man, so he obviously has not been briefed by Treasurer Joe Hockey, on the Banks ignoring the fact they have a very important responsibility to ensure ID Verification under the Anti Money Laundering and Counter Terrorism Financial Act 2001.  Banks ask Brokers to sign a Statutory Declaration to Verify the Borrower and collect personal financial details and ID documentation.  Banks must comply with those legal requirements.  All Brokers must sign the STAT DEC and then...
    Feb 12 Tags: Array
  • BFCSA: Financial Ombudsman about to mislead Parliament, I fear Victims drowning in Debt by fraudulent banking practices

    Posted by Denise - 3 Comments
    Medcraft is very clever at delivering misleading information, deceiving Parliament, suggesting there are no systemic issues and then asking FOS to bury the true statistics of 90% EDR decisions re consumer complaints favour banks, and yet FOS released in its annual report that 85% of complaints re Low Docs are resolved by "agreement."   No doubt Medcraft (after chats with Banksters) must have ordered FOS to cut out the RECOMMENDATION process and the Panel of REVIEW process to just have one "take it or leave it" offer/solution.  The complainant is then bullied into accepting a totally unfair "solution" or as FOS say in writing: "you can take the matter to court and we will close our file."  Dine and dusted!!!  FOS KNOW the client has no funds for a lawyer that's why they use that free service.  The Financial Ombudsman's Service ("FOS") is licenced and under the thumb of ASIC.  At...
    Feb 08 Tags: Array
  • BFCSA: Senators - do we really need ASIC? NO, due to $200 billion in financial carnage for citizens. Australia needs new Federal Consumer Protection Bureau

    Posted by Denise - 16 Comments
    Quite simply, the reason ASIC has under performed, causing wide spread misery for consumers of financial products and services, is due to the FACT that the Australian Consumers and Investment Commission inherited a massive conflict of interest in attempting to serve two masters.  After the Stan Wallis Inquiry, Phil Hanratty's critique pointed out the possibilities of this conflict.  Government at the time decided that would be true if only one departments but ASIC had several departments.....a little backward thinking of course.........but there we are!   The solicitor mortgage scandal cost citizens of this great nation over $1.5 billion recorded in 2000.  Spruikers ensured another $2 billion disappeared from retiree savings, aided by the Banks. Next came the spectacular collapses of the managed investment scams - again by operators licensed by ASIC and sold by those licensed by ASIC.  ASIC simply handed out a few fines.  By 2006, I asked the Chairman:...
    Jan 31 Tags: Array
  • BFCSA: FOS, COSL, APRA and ASIC must heed REGULATION OF FAIRNESS: How to AVOID sub prime low doc mortgage scams

    Posted by Denise - 7 Comments
    FAIRNESS IN LENDING as a revered regulation and policy of Government that could have stopped the greed of Major Banks, had it been properly applied.   Government could have stopped the fraudulent Loan Application Scams that has been taking place inside the Banking Machine of Australia.   TO FOS, COSL, APRA and ASIC - why did you not think of this? To adhere to regulations relating to FAIRNESS in FINANCIAL PRODUCTS AND SERVICES: 1.  It is most unfair to have a banker seconded TO FOS from a Major Lender to adjudicate and view a client file who is a complainant of any of the Lenders..........................and please tell us who dreamed that one up?????? 2.  The statue of limitations is six years from when the awareness is evident, so please cease using that as an excuse to close files and treat consumers of banking products with  contempt. 3.  The statue of limitations is UNLIMITED in cases...
    Dec 26 Tags: Array
  • BFCSA: NON BANK LENDERS: ASIC Place Consumers at Ongoing Risk of Losing Home. COSL Must Be Closed Down!

    Posted by Denise - 4 Comments
    Time to write Merry Christmas letters to Australian Securities and Investment Commission ("ASIC") and send me a copy please.  ASIC lie to Parliament about the number of complaints they receive.  We have the evidence to prove it.   COSL NEEDS TO BE CLOSED IMMEDIATELY:  The EDR is simply a fraud in the way it presents itself. All Consumers who borrow from NON BANK LENDERS and are Members of Credit Ombudsman's Service Limited (it has a P O Box and no street address) are at risk of CRIMINAL ACTIVITY from NON BANK LENDERS. Treasurer Joe Hockey said last year on Channel 7: "I would not be dealing with a non bank lender - ever."  Yes Mr Treasurer, you and I know the non bank sector is riddled with fraud and fraught with RISK....but no-one Joe is really hammering warnings to the public: DO NOT DEAL WITH NON BANKS IN AUSTRALIA. First thing...
    Dec 14 Tags: Array
  • BFCSA: FOS Policy Meeting, "'At FOS, we don't break the rules! We change them!'

      Debt collection guideline (96) for “collectors and creditors” Sec.23 The role of independent external dispute resolution schemes  ==================================================================== I visited ASIC Qld Offices last Wed (4 Dec) and spoke to Misconduct & Branch(analysts) Reporting who strongly inferred the "other teams" had right of way when it came time to seek an "enforceable undertaking" against ING DIRECT who have willfully contravened its own Banking Codes (clause 29) by pursuing Debt Collection Processes at the same time my FOS Dispute No.272192 is before the Financial Ombudsman Service(FOS), a sham organisation who purport to act in fairness and impartially when nothing could be further from the truth.The two young "analysts" listened intently, took down notes (but not for show) and asked many relevant questions in a genuine effort to get at the heart of the matter over a 1.5hr period and apologized for having to conclude the conference, encouraged me to lodge the...
    Dec 09 Tags: Array
  • BFCSA: ASIC employees too intimidated by Senior Management....We know! And so are the Consumer Complainants

    Posted by Denise - 1 Comment
    "People who complain are gotten rid of": ASIC   Monday, 9 December 2013 11:00am   By Laura Millan  |  In Regulatory      Financial Standard     A submission to the Senate inquiry into the regulator's performance provides yet another testimony of a culture of "cronyism and favouritism" which includes threats and harassment of employees. The testimony comes from a former employee of the Australian Securities and Investments Commission (ASIC) who worked in the regulator's stock exchanges operation from 2010 to 2013. The submission states that "many ASIC employees are too intimidated by senior management." "Typical responses [to matters of concern] include: you don't do that here, people who complain are gotten rid of, I've seen things done here to staff and don't want the same to happen to me, they'll get rid of you, there's nothing you can do, it's the way things work here." The former employee lists several examples where ASIC...
    Dec 09 Tags: Array
  • BFCSA: ASIC's Chairman - MUST GO - NONE TOO LATE !!!

    Posted by doyla66 - 1 Comment
     Scrutinising A-SIC Puppy: ...Is it a watchdoggie? ...or just a spoilt dog with no teeth? DateThe AGE      November 23, 2013 Read later Adele Ferguson, Ben Butler, Ruth Williams Investors have lost billions under its watch and the business scandals are many, but opinions are divided on the cause of ASIC's problems.   Under fire: Greg Medcraft and ASIC now facing criticism from a range of quarters. Photo: Arsineh Houspian ASIC chief's overseas trips draw criticism It was a busy June day in 2010 when Jan Braund, a Sydney retiree, bundled herself and her frail husband Alan onto a train for their long-awaited shot at justice. A year earlier, the Braunds had been left financially ruined after a Commonwealth Bank financial planner named Don Nguyen switched the couple's life savings from conservative to disastrously risky investments. He did it without their knowledge or permission, allegedly forging their signatures along the way.     Now,...
    Nov 26 Tags: Array
  • BFCSA: The word "systemic" will be ASIC's swan song. It's time for ASIC to be demolished and rebuilt!

    Posted by doyla66 - 8 Comments
    Dear members For years Greg Medcraft, Chairman of the Australian Securities and Investment Commission and Chairman of IOSCO (International Org of Security Chiefs) and his minions have been telling various governments there are no "systemic" issues in the banking industry.  What fools he must of thought he was preaching to, and after all, it was his good mate ex Federal Treasurer Wayne Swan who got him the top job at ASIC after he made a hasty retreat from the U.S. regulators over the Societal General debacle.  With his expertise in securitisation of mortgages, why settle for $800,000 as a top public servant when you can earn millions elsewhere, unless there are some ex gratia bonuses in the offering. For years it's been BFCSA firing most of the bullets at ASIC.  Now it's out in the open.  Now there is a Senate Inquiry into the Performance of ASIC coming up. Now people can put in...
    Nov 13 Tags: Array
  • BFCSA: ASIC, FOS and COSL, the only jobs where incompetence is rewarded, ineptitude an asset.

    Posted by doyla66 - 3 Comments
    Dear Members, I don't know whether its part of the ageing process but as I'm getting older, the angrier I get, not with everything in general but when dealing with government bureaucracy. In principle you would think that once you have discovered that a contract has been substantionally altered after you signed and without your consent that it would be straight forward in getting justice and the culprits punished. Herein lies the problem. To seek justice we have a plethora of choices with both state and federal options, everything from state police to the federal bastion the much vaunted ASIC. So at the start of this long journey it looks like shooting ducks in a barrel.  Who shall we pick? Who will be our knight in shining armour? If only it was that easy. In the seventies I used to get into fits of laughter watching Yes Minister and the way...
    Nov 12 Tags: Array
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