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ASIC's Legacy- financial stress to the country and its investors, heartache and pain to consumers.

Posted by on in Dumb ASIC
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Mr XXXX has threatened us, so in preservation of sanity we have removed his name from history as though he never existed.

Dear members

Just when I thought I had seen it all along comes Mr XXXX, what a vain and egotistical low life and to have the gall to openly expose himself to Four Corners with out even a hint of remorse just goes to show how evil this man is.

He deliberately targeted people in financial distress who were relying on him to work out business plans whereby people could negotiate plans to get back on their feet. Mr XXXX's plans were to strip them of everything they owned right from the start. The fact this man had a map of all the Aboriginal land councils land in NSW as prospective targets just shows what a base human being he is.

I like most bfcsa members before joining the group had hit rock bottom, we had lobbied numerous politicians( not Senators Cameron or Williams) and of the few who answered was get a lawyer even though ASIC had been approached and the politicians were aware ASIC were taking no action. Wayne Swan stated they had our best interest at heart even though they shut down our broker who hid the money in multi layered trust accounts and we weren't informed until it was all over.

Senator Williams has started to restore my faith in the system although he and a few other good Senators are the minority. The younger politicians seem to regard it as whats in it for me whether it be fame or fortune and have seen to lost good old fashion ethics along the way.

The heirarchy at ASIC are now in an untenable situation, they are not defending themselves from one or two complaints of non performance but there would be untold thousands of complaints they have refused to act on and I suppose most would of been deleted to the trash bin, God if these were still on record what a gold mine they would be in exposing how many and for how long this has been going on. We are all aware of the financial and emotional cost we have all suffered through ASIC's negligence but one has to ask what has it cost the country as a whole?

I know some bfcsa members have lost businesses with fairly high turn overs and what about farms ? That's lost income and jobs the country sorely needs. After reading the submissions to the Senate inquiry into ASIC the number of big companies who have lost countless millions because ASIC refused to act. Take Bankwest for example because of bankster greed how many businesses and lives ruined ? Well over a thousand commercial loans were called in and assets devalued by 75% and ASIC let CBA get away with it.

I suppose we will never know how many billions of dollars have been lost to shyster lawyers, liquidators, spruikers, financial advisers and worst of all the banksters, the human toll is much more devastating. For to long ASIC has sat on its hands doing nothing and spent far to much time defending its lack of action rather than enforcing it. If Senator Williams has his way a Royal Commission is the obvious solution but with a change in the Senate in July I hope that doesn't change the call for a RC although Senator Xenophon is aware of the problem.

Also Senator Williams is keen for some sought of regulatory watchdog whereby ASIC is accountable to a higher authority which is also another good idea, lets hope Parliament follows through with these recommendations because we can't live in a world where we are afraid to do business because we don't know who to trust or who to turn to when we are in trouble. Thanks Neil T.

 

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  • doyla66
    doyla66 Tuesday, 08 April 2014

    Good one, Neil.
    When it comes to white collar crime there is no fence sitting.
    Every politician must ask him or herself: Am I part of the problem or part of the solution?
    Of course they all think they're part of the solution but how actively are they striving to make Australia a safer happier more honest and financially secure society?
    Fence sitting is not an option in this issues and the game of wait and see is about to run out of time.
    In the end we'll probably need a bumper sticker campaign to ensure consumer protection happens.
    The government hasn't got the ticker for it - just like ASIC they're stuck in the mud of history and immersed in economic theories that are out of relevance since the GFC and are now breeding ground for every form of rort and rip off, beginning and ending with the almighty Banks.

  • doyla66
    doyla66 Wednesday, 09 April 2014

    This man makes his money from "defaulting mortgage securities" by the look of it business is booming.
    This begs the questions : If he is buying these defaulting securities and there are so many,why aren't there any systemic issues in the loans that these securities cover.
    For the uninformed.Banks bundled tranches of our loans into securities and then sell them to investors.They then pay the investors out of our repayments,big bucks to be made by everyone until it all goes belly up and you can't pay your mortgage,then you have defaulting securities,which Mr Lazar says he can fix,yep get another loan from another dodgy lender and the wheels keep turning.
    How many ordinary Aussies with home loans know this?
    We are behind the eight ball here in Oz,this has been happening for years,secret Bank business.

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