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BFCSA: Time to Nationalise CBA. 65 YR OLD Professional describes es CBA / BANKWEST action as: Fraudulent for the benefit of bank shareholders & bonuses to the CBA executives!

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Economic References Committee, PO Box 6100, Parliament House, Canberra ACT 2600

28th May,2012

 

Excerpts taken from Submission 37. 

 

Background

My name is Trevor James Eriksson aged 65 years. I have held senior executive positions in a public listed companies, owned and operated a management consulting business which focused on the financial sector ( eg: consulted for the World Bank which included a review of the financial sector in Indonesia) since 1995. In addition to my management consultancy business., I have been associated with residential, commercial and industrial property development and investment for over twenty years.

 

 

Bankwest/ Commonwealth Bank of Australia defaulted my company, sold all real estates assets including that of the guarantors and issued Bankruptcy Notice on myself.

Bankwest created a default by under valuing real estate security and claiming that I had not returned loan documents thus there was no contact to advance funds. In addition they claimed that I was in breach of the Conditions Precedent but the Bank was unable to state what those conditions were.

It was proven that Bankwest had in fact received loan documents but the damage was done with the appointment of receivers.

 

I was never in arrears, never breached any of the Conditions Precedent relating to the loan.

I was victim of the CBA "cleanout"and motive to support the claw back in a deal with HBOS.

 

 

We had a successful business, forty years of hard work, saving and asset backing and a loving and supporting family.

I have lost all of this due to the dishonourable and grubby agenda of the CBA / Bankwest.

 

As one Sydney based law firm said.." you have been treated very shabbily."

Bankwest have hidden behind legal technicality to support their actions; they have failed in their duty of care and conduct.

They are dishonourable without any regard to the personal consequences of borrowers and their families.

 

Bankwest never consulted with me, gave the option of selling down assets voluntarily nor offered time to seek finance. Bankwest were in fact in breach of their contractual and credit commitments. They froze draw downs, failed to convert construction loans into three year investment loans and appointed receivers following a seven day Letter of Demand.

As brutal and callous as that.

 

 

Personal Suffering and Financial Distress and Loss

My wife, son and I have suffered depression, humiliation and significant financial loss as a result of the Bankwest / Commonwealth intentions to profit from deliberate impairment of loans and the fraudulent charging of penalty interest.

 

I had a successful business but this has been taken away together with our dignity.

At our stage of life we have losteverything and with legal and associated costs exceeding $600K, trying to defend my right for compensation, on a matter which was never my fault, our losses are in excess of $7m not to mention the break down of our 38 year marriage .

 

Why should the Commonwealth Bank / Bankwest be allowed to destroy the assets of decent and competent families and borrowers through deception, unconscionable conduct and concealment of interest rate penalties.?

 

The CBA systematically and fraudulently contrived defaults without consideration to the consequences to existing Bankwest customers:

Their actions are fraudulent for the benefit of bank shareholders and bonuses to the CBA executives.

 

My family, public accountant and close friends shake their heads with bewilderment.

The CBA / Bankwest should hang their heads in shame and remorse.!

 

Trevor J. Eriksson

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  • doyla66
    doyla66 Saturday, 13 October 2012

    i don't know what to write .. I am gobsmacked.. The damage is already done and still being done by banksters, regulators and white collar criminals to many thousands of innocent, hard working business people and their families.

    PRIME MINISTER GILLARD- PLEASE SHOW REAL LEADERSHIP AND FIX IT NOW.. STOP PLAYING STUPID GAMES WITH YOUR "PLAYMATES" AND ALWAYS WASTING OUR MONEY - STAND UP AND MAKE A NAME FOR YOURSELF JULIA GILLARD AND FIX THIS MESS. STAND UP AND MAKE HISTORY. PLEASE!!

    SUGGESTION - START WITH A ROYAL COMMISSION INTO THE FINANCE INDUSTRY, FOLLOWED BY A MODERN DEBT JUBILEE.

  • doyla66
    doyla66 Saturday, 13 October 2012

    ASIC is to blame for this, fair and square. APRA as well. They cower in the face of corporates and their lawyer cohorts.
    ASIC are public servants who use complaint figures to produce what looks to us like a pack of lies and then serves them up to politicians as required.
    All the politicians, bar those in the "know", are buying the ASIC/Wayne Swan BS. The real information is hidden from them as far as possible.
    Sorry, Arree, Julia is probably unable to do anything at all without the OK of Caucus, which includes former politicians who were the architects of this mess. Same for the Liberal Coalition.
    We've been trying to be apolitical about this situation - from past experience that's in our interests. It just takes longer and can seem like nothing is being done - nothing obvious.
    That's where the rise of the new parties will make a substantial difference to parliament and the government of this country but only if their candidates are well prepared, politically savvy and strong enough to handle the job on a sustainable basis. They are badly needed to break the nexus of power in Canberra ASAP for the sake of the whole nation. Never trust the public service. Study the work of former successful politicians of all persuasions.

    As for the Banks?
    Many more banking and finance victims being created daily by our Banking and Financial Sectors and the obstructive practices of our regulators and public servants.

    Within the banking and finance sectors men and women are bribed and deprogrammed so that they will put aside their normal human responses and commit CRIMES AGAINST HUMANITY and outright HUMAN RIGHTS ABUSES by the standards of all decent Australians.

    Same happened in the US as shown on the interviews with former Bank employees from the US, Australia and other countries. This is systematic abuse and fraud - jail the leaders of the international cartel and bank executives without delay.

    ROYAL COMMISSION INTO BANKING & "FIRES" - WIDE TERMS OF REFERENCE - URGENTLY NEEDED

  • doyla66
    doyla66 Saturday, 13 October 2012

    I don't even know why i am writing this as i know that all you regulators Prime minister and Politicians are not bothering to read it as you are always too busy flying around everywhere at our expense. The only way to bring this massive out of control banking scandal to your attention is to stick it right under your noses with a flashing red light attached to it, but even then most of you take no notice because it doesn't affect your personal life. I am particularly disappointed with you Julia Gillard for your lack of response to our desperate calling so maybe your time as PM is running short and maybe you are not suitable for the job as PM. Whenever there is smoke up ahead many of you make sure that you are nowhere to be seen when you are needed the most - very convenient.
    Your'e all as bad as each other with maybe just a few exceptions. Asic you are the lowest of the low - the scum of the earth. You have a heart of stone and no blood running through your veins and the only thing that will bring you to your knees is for you to experience exactly our predicament, but the time is coming when everything will break open like a gigantic tsunami to totally expose this systemic wide spread criminality within our disgraceful and currupt banking system.
    In addition to the regulators and the PM, i have written to Abbot, Swan, Hockey, Xenophon and all 4 Senators and the only response i recieved was from Sen.J. Williams.
    It just goes to show what a laid back pathetic Government we have - LACKING EMPATHY!!!

  • doyla66
    doyla66 Saturday, 13 October 2012

    " you have been treated very shabbily" - these exact same words were said to me by another bank! The same head-shaking, bewilderment & disbelief - yes, got that too from respected people & professionals.
    Treated to the same foreclosure principle - got less than 24hrs notice by mail!

    BankWest are dishonourable, greedy & grubby. They were known as the 'rude & ignorant" when they were branded R & I Bank. A name change/rebrand/sale does NOT remove the banking culture. All they have done is to now integrate this within the CBA. It will not go away, neither will the stench that comes with it.

  • doyla66
    doyla66 Saturday, 13 October 2012

    It seems that the only thing left to do is to prosecute and jail/community service (um pun?) everyone of the offenders - regardless of their rank or former status.
    We must break the habitual hopelessness of Australians who have been conditioned to just accept corruption and appalling treatment.
    We must break the habit of apathy which has been cultivated in all those entrusted to take care of our country and all it's people.
    We must break the diseased culture of banking and remove the perpetrators.
    We must make it so hard that those who still wish to pursue a little life of crime within the Banking and financial Sectors will be packing to move off shore.
    We can do it by refusing to settle for less anymore.
    We achieved universal suffrage before other countries (correct me if I'm wrong) just over 100 years ago.
    We can lead out just like Iceland and bring an end to the world of pain and bank caused suffering with a zero tolerance attitude to corruption and crime.

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