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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: ASIC Report misses the BIG ISSUE: What does ASIC Really Do?

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I saw this title in my inbox this morning so went to have a read of the story, "Watchdog dodges real issue of complex products".

Firstly, there is no surprises about the toothless "watchdog" missing real issues, especially the complex ones. We've all seen how they miss even the most simplest of issues like those foundational documents, the LAF's or the supporting documents like the service calculators. Simple, basic documents that someone without bookkeeping or accounting knowledge understands are required. Yet the likes of ASIC, FOS & COSL are afraid to request or demand these. We all know why. It upsets their merry-go-round of free bankster lunches! After all, they do have to keep their pals on-side.

This report has me wondering what the heck they really do? Is it an educational report to teach you how to understand these particular complex products? Is it a warning document? What is ASIC really reporting on? To whom are they reporting? Was it a necessary "report" in the first place? They receive massive funding from the federal government & I now question, why? In order that they can produce something as useless as this? Funny thing is, I feel completely conned as an Australian citizen when I discover funds are being wasted in this manner. This is supposedly our "corporate watchdog", the watchdog who is meant to oversee how they behave but all they do is produce this rubbish.

Interesting how this tripe gets published right on cue to the federal budget being handed down. I wonder how long is the bow or that piece of string between these "complex products" & our super or the new ingenious "complex products" that will no doubt be invented for the benefit of those who have been in their homes for the minimum 25 years? Will ASIC then raise another useless report to educate once again? After reading that report, I believe more than ever that this country of Australia is in desperate need of a full Royal Commission into the white collar crimes of the financial sector.

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  • doyla66
    doyla66 Wednesday, 15 May 2013

    Good coverage, Lindie :)
    My thoughts on this:
    1. Greg Medcraft is supposedly an expert in securitisation and complex products. Why the shyness now, Greg?
    2. Why do ASIC permit these complex products? If they don't understand them how do they expect Mr and Mrs Average to cope with the bizarre varieties that have been spawned from the home loan and investment industry?
    3. Capital guarantee and capital protection - who underwrites the guarantee and pays the money back when the investment company goes bankrupt or the directors move to the Caymans with their holiday bonus, all thanks to Mr and Mrs Average's nest egg and the regulator's sloppiness with the rubber stamp?
    What I sense is that ASIC don't want to be drawn on the subject as the name of the game is still "caveat emptor" or tough luck Teddy Consumers.
    And where does securitisation go to when derivatives products are licensed as gambling products?
    Sounds like Fido is going to be scratching his fleas for a while out in the regulatory twilight zone while the legal eagles figure out what to do with home lending in a deregulated banking environment post Justice Rares' Wingecarribee vs Lehmann Bros decision.
    Of course a Royal Commission into Banking and Finance is the obvious solution in order to protect all Australian consumers asap. But when did any Australian government undertake the best, obvious and simplest solution? It will take some pretty strong incentives to get the powers that be to shift their stuck thinking. Too many have investment in the status quo to willingly participate in an exercise in rigorous fiscal honesty and justice. There is no excuse for this situation, just a whole lot of reasons that no one in Canberra wants to voice openly (apart from a few noble exceptions) because most are so afraid that the consequences of doing the right and sensible thing could be worse than what we have at present.
    All I can say is walk a mile in my shoes - or those of any BFCSA member - and please don't bother even asking for my vote until you do.

  • doyla66
    doyla66 Saturday, 18 May 2013

    Medcraft running 'amok' score USA:- $11.9billion AUS - $100b? --- $150b ------- $200 billion?

    Medcraft: former (US)head RMBS SocGen, was allowed to cart home $11.9 billion in US bailout govt-money, Critics asked why??? ---Société Générale may be even better remembered for its disastrous entanglement of derivatives contracts with the giant insurer American International Group.

    The A.I.G. contracts protected Société Générale from its large stake in troubled American mortgage securities — but only after the United States government bailed out A.I.G. in 2008 and agreed to pay companies like Société Générale 100 cents on the dollar. When Société Générale was eventually revealed to be one of the largest recipients of the A.I.G. bailout funds, some critics questioned why a French bank was allowed to cart home $11.9 billion in American government money.

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