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