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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 Brain Drain - Decent staff walking out the revolving regulatory door in disgust

Posted by on in Corruption Exposed
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Greg Medcraft is presiding over a basket case regulator.  He could well be the reason for the escalating high turn-over of staff at the Australian Securities and Investment Commission.  Decent people loathe having to work in a corrupted work environment.....they will simply move on.  Consumer complainants now realise that their cases are being dealt with in a slow manner but by "nice caring people" and then those people leave and another takes her/his place.  The complainant is told investigation into their case has to start all over again.  Shortly after its CASE CLOSED. My guess is there will be a mountain of submissions lodged with the soon to be opened Senate Inquiry into ASIC.  Submissions accepted after 8 July 2013.

I have kept a library full of stupid response letters from ASIC to consumers and RECA, dating back to 1998.  We will be releasing those shortly as an additional Breaking News link.  ASIC mastered the art of the FLICK LETTER:  How to say nothing, promise nothing and do nothing.  If anyone needed any evidence of why ASIC has failed so miserably to protect consumers, you only have to look at the history of financial loss and ruined lives.  Losses have escalated from millions into billions of dollars in less than a decade.  The average loss has risen from $200,000 per person to $600,000 per person.  In other words people are being wiped out and now the bankruptcies will be a key indicator of some overpaid public servant not doing their job.  

Medcraft bleated that consumers need to be educated.  Well they are Greggie!  They paid $600,000 and five years of struggle and hardship and anxiety and stress to learn that YOU and your department failed them in a most despicable manner.  I hope you are lecturing IOSCO on "how not to manage a financial crisis."  You were the Government's choice and that spells corruption.  Instead of insulting consumers with such drivel, perhaps you should realise your banking cohorts and best buddies will be your undoing.  In trying to defend the indefensible activity of mass sub prime lending, and hide the evidence, you ought to have been protecting consumers.

In 1998 I complained to ASIC about a market potential of $300 million in losses.   Two years later I went public with evidence of $1.5 billion in losses nationwide.  Retirees were being bilked of their life savings by Managed Investment Scheme Sharks.  ASIC wrote sympathy letters and did nothing to stem the tide.  Banksters were behind everyone of those illegal MIS strategies and decent ASIC investigators knew that to be true.  The Brain Drain started from there.  ASIC lost its intellectual Talent Teams.......investigators with some 15 years of experience.   Costello announced the "Best Consumer Protection system in the world" and promptly cut the staff levels at ASIC by 50%.  The cream of the Talent Team left and the Banks had a free reign at marketing every faulty financial product they could dream up.  

ASIC literally lost its intelligence.  ASIC suddenly, unlike me, lost its memory!  The new comers had no memory of who the worst offenders were and the same names kept popping up in various states.   Many experienced crooks were from the banking sector and most had crooked lawyers at that time!  Often it was failed lawyers running the rackets and everyone of those criminals had a banker mate!  Bankers, Lawyers and a thirst for other people's money was the driving force.  The public were never warned: Do Not Trust Bankers or Lawyers offering financial products.

During the next decade, ASIC continued running massive advertising bills to recruit new staff and within 12 months, most had left in disgust.  ASIC bleated in 2005: "corporations keep stealing our staff."  Once again ASIC blamed everyone but itself.  Then along came Greggie Medcraft.

Medcraft was going to wow the world just as he did at Societe General.  You should all re-read The Age story (11/11/11  see below) written by three experienced journalists.  Medcraft can now wear a BIG BUTTON ON HIS FOREHEAD as the person responsible for the average loss per person to have risen to a staggering $600,000 per person.  He permitted 30 years loans to be offered as a safe product to be used to make life "a little more comfortable" and forgot to warn all Australians these loans were ENGINEERED to implode within seven years just like Freddie Mac and Fannie Mae.  He KNEW of the service calculator being used by brokers and knew these calculators were maliciously fixed to "re-calculate" exaggerated and fictitious incomes.

He claims the new NCCP Laws have slowed down the practice.  New legislation (old laws revamped slightly) has hindered nothing and has not curtailed the banksters' appetite for stealing homes.  The only thing that has occurred is the buffer loans have been stopped.  Yet all those who have signed up for loans up to 1 July 2010 are being left to fend for themselves.  No prosecutions against Banks will take place.  

Greggie, you could have taken on every NSW and Victorian case and nailed the banks based upon the High Court decision which was the result of my work and the Neil Jenman and Jenman Agents in 2005.  No thanks to ASIC at all.  ASIC said in a  letter "not in the public interest to take on the Permanent/ Firstmac case." You failed.  You could have assisted victims in all other states under the ASIC Act "unconscionable conduct" provisions.  You failed to take any action against your banker mates.  People who innocently signed up for loans....the vulnerable were being targeted and spruiked....post 1 July 2010 are yet to realise the money will dry up and the loans will implode within three years.....tick tick tick.....right about NOW.

What galls most victims is the fact that Medcraft was the chosen one, chosen by Swan for his "expertise" in world securitisation issues.  So are you now going to tell Parliament you did not see this coming in Australia?  Pull the other one mate....it plays Jungle Bells!  Were you hired to cover up?  We want the truth and we are growing in numbers (over 1600 hits to this site per day).  Consumers will fight back and you are the target because you failed to warn consumers what was really going on with faulty bank products known in the states as LIAR LOANS.

You refused to meet with me?  You only meet with Banksters?   We know.  Shamefully ours is the only consumer protection advocacy service in Australia, dealing with these monstrous crimes.  Having 200,000 Mums and Dads lose their homes because of sub prime lending, is good for the economy is beyond my comprehension.  So as the losses mount, ASIC's EDR's have confessed they are overload with consumer complaints against the major Four Banks in particular.  

BFCSA members have lost a collective $420 million and Chairman Medcraft is instructing his staff to tell Parliament "there are no systemic issues."

THE AGE   11th Novemebr 2011   Nick McKenzie, Richard Baker and Simon Mann

THE new chief of Australia's corporate watchdog is facing questions about his past role with a major international bank that has been accused in the US of breaking corporate laws and engaging in misconduct.

Greg Medcraft was hand-picked by Treasurer Wayne Swan earlier this year to chair the Australian Securities and Investments Commission, and took up his powerful, $700,000-a-year post in May.

It has since emerged that a bank with which Mr Medcraft held a senior position, Societe Generale, is being pursued in the US over massive transactions involving sub-prime home mortgages in the lead-up to the global economic crisis.

The US Federal Housing Finance Agency has alleged in a lawsuit that Societe Generale's securitisation business - which Mr Medcraft oversaw - was negligent, did shoddy due diligence and seriously misled two American loan providers, Fannie Mae and Freddie Mac.


Read more: http://www.theage.com.au/national/watchdogs-link-to-us-bank-fiasco-20111110-1n9le.html#ixzz2XXoQpW30

 

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  • doyla66
    doyla66 Friday, 28 June 2013

    Medcraft is responsible for everyone of us borrowers being fleeced by his corrupt banker mates.
    Is FOS closing "dispute cases" instructions from Medcraft?
    Is FOS calling manldministration, unconscionable conduct and fraudulent lending as "disputes" on instrucions
    from Medcraft?
    ALL CASES WITH FOS ARE THEREFORE NOT INVESTIGATED AS THEY SHOULD BE.

  • doyla66
    doyla66 Saturday, 29 June 2013

    Greggie: No more 'evasive' junkets to St Petersberg. Breath before 'The House' lest enjoy the 'Big House'

    Senator to ASIC-deputy in place of Medcrsft predisposed in St Petersberg:"Don't take me on a waltz around the merry-go-round.''

    BFCSA members ask "Were you hired to cover up?" that is, to cover-up the bank$ters menace-aforethought to 'storm-the-castle' of every citizen, to steal their Australian "dream" --of owning their own home, "outright".

    The bank$ters international grand-larceny, in effect, perpetrating a "home-owners-pogrom".

    Well greggie, don't try to feed the good people "cake" under the spotlight of "The House Enquiry", or your attendance may be a mere "stopover" on transit to the "Big House" with no such free passage to the Oriental Republic of Uruguay / República Oriental del Uruguay (Spanish) Flag Coat of arms --Motto: "Libertad o Muerte" (Spanish) "Freedom or Death".

    "Senator comes out breathing fire" ~ Date: June 06 2013, Ben Butler

    " It's not every day a senator complains about the way you breathe, but that was the sad fate of ASIC deputy chairman Peter Kell on Tuesday night.

    Kell was appearing in front of Senate estimates in the place of chairman Greg Medcraft, who was in St Petersburg for a meeting of the global peak body for securities regulators, IOSCO.

    Extending a bipartisan hand, ALP stalwart Doug Cameron arced up after witnessing the National Party's John ''Wacka'' Williams lay into Kell over alleged wrongdoing by Commonwealth Bank financial planner Don Nguyen.

    ''You don't seem to take a breath when you're asked a question and it really is quite annoying, I must say,'' Cameron told Kell following one lengthy response. ''You can answer these questions much quicker.

    ''I watched your responses to Senator Williams - please don't do that to me … Don't take me on a waltz around the merry-go-round.''

    http://www.smh.com.au/business/senator-comes-out-breathing-fire-20130605-2nqh1.html?skin=text-only

  • doyla66
    doyla66 Saturday, 29 June 2013

    Sack Medcraft Now - for the sake of every Australian - ASIC negligence destroys homes & lives

    Denise, that's an appalling track record by Medcraft. These are our HOMES - not our "security properties" or "realisable capital". Our homes are our families, our memories, our lives, our livelihoods and farms, our right to keep a roof over our heads.
    Muchenberg said "Banks don't repossess homes" - we're holding him to that, publicly if necessary.
    If the Chairman of ASIC cares so little for the well-being of his fellow Australians then sack him.
    He is proving us right - we said it and he's doing it - Medcraft cannot hold two positions which are resulting in his not doing his job in Australia.
    He might cost a bit to get rid of but it will save us money almost immediately.
    Closing files because staff lack the knowledge and experience is not acceptable. How much of a fight do we have to put up in order to get these people the education they require in order to do more than a token effort? No excuse.
    Clearly they lack the skills and clearly they're still in the dark about the Senate Inquiry.
    Any sensible manager or chairman would be giving the troops pep talks and helping them get up to speed so there will be fewer complaints.
    What's Medcraft doing? Ensuring that he has a job to go to when the ASIC Titanic sinks.
    Note to Senators and Reps: Don't wait for the Inquiry - it will be too late by then - get cracking on it now.
    Suspend Medcraft now and put in an administrator with real commitment to the job.
    The moral of this story - don't put any cases with ASIC if you can help it, except AAT cases over ASIC negligence and appalling track record for accuracy!

  • doyla66
    doyla66 Saturday, 29 June 2013

    FOS do not and will not investigate your cases appropriately. I know I have been there and done that. FOS do not collect the correct documents from the banks ours of course was Nab notably the best at hiding documents. Nab were always asking for an extension of time to get their answers back to FOS which gave them time to scrutinise all the files and selectively remit documents which justified their own case. FOS did not demand the Files which would have incriminated Nab. FOS allowed Nab to get away with answers of LOST files. Rubbish!!! just hidden. Nab like foxes sneaking up on their prey and then bang in for kill.

  • doyla66
    doyla66 Saturday, 29 June 2013

    Jobs up for grabs at ASIC?

    How hard is it to get a job at ASIC assessing these cases?
    What qualifications are needed for the job?
    Does anyone know?
    Are they recruiting staff or temps now?

  • doyla66
    doyla66 Saturday, 29 June 2013

    The answer is yes ... top job going in Brisbane ASIC ... :D

  • doyla66
    doyla66 Saturday, 29 June 2013

    Lisa, RBA/Treasury-headhunter's footnote; precursor-- "only mates of PM & 30bank$ters need apply", and have a nice day :-)

  • doyla66
    doyla66 Saturday, 29 June 2013

    The job listed online is a good one ... just a bit far to travel each day ...
    But it would be fun to be on the inside ... especially if I had the chance to sign off on credit provision investigations lol!
    They've probably got me listed on some security clearance alert: Warning BFCSA radical activist and benign anarchist - never to be employed by the government or ASIC!

  • doyla66
    doyla66 Saturday, 29 June 2013

    I mean, I'd enjoy telling the case managers to go back and check this and that and get in touch with the borrower about what they meant by this and that and where's the Loan Service Calculator and can't the case manager see that's fraud and did they alert the borrower about correct practice and what form of assistance they could get etc etc ...
    I'm a compliance freak at work ... lol ... and that's the job ...

  • doyla66
    doyla66 Sunday, 30 June 2013

    It sounds like you would do a great job. Plant a BFCSA member inside ASIC with wires.
    I can see you lasting a week at least, before they cotton on. Your not suppose to help the consumer
    you are supposed to help the criminals remember?

  • doyla66
    doyla66 Wednesday, 03 July 2013

    Thanks, Maria. I just thought I might make some pocket money and do some good at the same time. At least until ASIC is shut down ....

  • doyla66
    doyla66 Saturday, 18 January 2014

    Sack Medcraft Now!

    Greg Medcraft doesnt just need to be sacked but fined for his apathy.

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