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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: Australia's Corporate Cops Lying to Parliament. Big slam dunk for regulators and Banksters

Posted by on in Dumb ASIC
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Fudging Figures became a way of doing business for Australian Bankers.  Bankers must think we all believe in the tooth fairy!  This week the ABA suggested the Senate Inquiry into the Federal Regulator, the wickedly lazy Australian Securities and Investment Commission, means there is no reason to suspect Bankers bad habits are under any cloud of suspicions regarding mega-fraud capers.  Do you believe the gall of these arrogant species of humanoids?

ASIC will now be on the nose for NOT LOOKING INTO THE BANKS and, their increasingly tarnished image will be a right royal headache for its defunct media department.  Peter Kell, the master of attacks of the "will-bees"  (we will be doing something later this century) admitted this week that one of the minor problems they have is a rampant loss of staff.  He rationalised that just because a whistleblower blew a trumpet or two into the top floor windows of ASIC, at chairmanship level two years before, does not mean the ASICOIDS were not busy.  

Yes Peter we have heard all these little excuses since 1998.  You rarely blame staff, but this week you made an exception:- you blamed staff that had already left the building "the same investigators are no longer with us."  Meaning new recruits had to pick up the files and start from scratch and the so-called probes dragged for another two years.

In line with all the old protocols, ASIC wrote nice polite letters to the Banksters advising them they would like a little chat and gave them warnings they would pay a visit.  What you say?  Since when did Police ring the suspects of major crime, driven by cartels and ask for an appointment to have a little meeting?  What happened to old fashioned policing and using a few powers such as warrants for arrests, seizure of computers, impounding files, element of surprise, taking a few dozen sets of handcuffs with them?  The whistleblowers had stuck their neck out and then ASIC trainees politely ask the Bank Execs for a cuppa: keystone kop fashion.  

For the benefit of our overseas readers, ASIC is our Corporate Cop.  APRA is there to keep an eye on Bankster figures but it is ASIC that has the duty to take action against the banks and claims of internal bank staff fraud, maladministration in lending etc.    I recall Mr Lucy (calling himself The Enforcer) explaining why ASIC had a high turn-over of staff, circa 2005.  Somethings never change.  Each time we out the executives they seem to head for Hong Kong on $3 million packs tax free for three year posting.  Nice for fourteen lucky dippers so far.  You want the golden parachute list?  We can name everyone.

So we wanted figures last week, relating to number of Low Doc Mortgages in Australia.  A reasonable question under the circumstances.  We rang RBA who told us: "there is no update on the $57 Billion figures from 2011."  I mean whose counting?  We are.  Reserve Bank of Australia tell us those 2011 stats came from Australian Prudential regulator APRA.  So we rang APRA to ask for the update: "so sorry but we do not give out figures to the public.  Stats are only for Treasury bods."

We then ask APRA:  So could you enlighten us please, where did the 2011 figures or any of these stats on banking come from?  Answer was simple: "from the Banks."  hang on, Banks audit themselves.......its a free world and a free market.  Besides Bankers are taboo if you need to ask a  question relevant to the stability of the economy - off limits.  How dare we ask, we are mere taxpayers that may have to bail-out bad banks.

This means that if the Banks tell us we have low default rates and the Low Docs are not toxic and there are no LIAR LOANS in FULL DOCS (18% are toxic) we have to simply trust them.  We should also trust they did not poison ASIC executives' gin and tonic and cause them to race to the exit.

The Regulators' cosy arrangements with their banker mates is disgraceful and worthy of a Royal Commission into Banking.  However we will relish the Senators Inquiry into ASIC as a warm-up.

So to those who believe austerity measures are on the way..........................just keep reading Spanish and Greek newspapers.  The CYPRUS Bail-Out MODEL is about to be unleashed here in Australia.  Didn't we sign the agreements in April 2009?  Ah yes, Taxpayers can foot the bill.

Bankers have behaved like Mobsters and cannot be trusted every again.   So much more to come.  This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

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  • doyla66
    doyla66 Saturday, 22 June 2013

    Good post, Denise.
    We may not be able to find out anything of use or of truth about Lo Docs or Australia's economy, but at least if we do we can share it with the rest of the world. I guess Treasury are still adjusting to the idea that Wayne Swan's cuddly economic reports are out, IMF reports were all out of date, and we the people are dogging their footsteps to ensure that no more sneaky self-interested proposals or favours for Bankster mates will be brought into Parliament.
    BFCSA have a big job on a tiny budget, policing the legislative last minute slam in both houses plus tagging the sloppy and secretive regulators.

    I'd like to see the Golden Parachute list, please. Will we be bringing them back for the Royal Commission?
    Australian can't afford these expensive exits by questionable executives - especially those parasiting on the public purse.
    If Medcraft and Kell are the leadership at the top of ASIC it is little wonder that ASIC have a staff turnover and 15% (at least) on stress leave, according to reports. When there is a lack of real leadership any organisation experiences serious problems further down the tree. The results are horrible if this is permitted to continue. Those who can leave. Thus there is a constant stream of newbies coming in to replace them, or existing staff simply continuing on as the backlog grows exponentially. Either way the consumer, the complainants and the corporates suffer.
    ASIC really does need a hose out, and not by anyone who shies away from the demands of honest restructuring, starting from the top down for a refreshing change. An organisation with the responsibilities of corporate regulation can't afford to be in the hands of the self-interested, the limp lettuce leaves, the uninspiring and the slack.
    ASIC is one embarrassing elephant in the lounge room that has to go. The closer one gets to the secret world of ASIC the smellier is becomes. Of course that depends on the standards one expects from Corporate Regulation. BFCSA standards leave Bernie Ripoll's in the starting stocks. It may surprise some ASIC staff to discover that higher expectations from their management and by Australians would make their jobs easier, clearer and reduce their stress load. Whether the Senate Inquiry has the opportunity to life the bar for ASIC and to go to that level of reinvention remains to be seen. There is much to be done before Australia can honestly say we have an ethical and reliable corporate regulator.

  • doyla66
    doyla66 Saturday, 22 June 2013

    Freedom of Information Act (FOI) ASIC's "good-staff" files marked ~ "troublesome-employee" (subsequently stamped, "former")

    ASIC's Mr Borchok said to whistleblower, "If you had not come in today, this would not have landed on my desk & 'nothing' would have happened." and notably Mr Kell says: "the same investigators are no longer with us." --of course, Mr Borchok's file is coincidently marked 'former' (ASIC staff).

    Senator WILLIAMS: " Mr Kell, we are going nowhere. I am going to remind you of something, the New South Wales, Crimes Act 1900 section (316), concealing serious indictable offences. I asked you to familiarise yourself with it. .. I disagree with you (Mr Kell) because it took you 16 months to actually act on this. When Jeff Morris, the whistleblower, in frustration went actually around to ASIC and approached a Mr Adrian Borchok—remember he works in a bank; he is pedantic with his notes—Mr Borchok said, 'If you had not come in today, this would not have landed on my desk and nothing would have happened." ...But the point is this (Mr ASICOID): when Miss Braun sat down with your staff through—and this was before you scrubbed Mr Nguyen out (a former CommBank ret-planning-crook)—and (the aggreived CommBank client) took them the forged signatures and the wrongdoing et cetera, your staff said that that evidence was 'not necessary' with the AAT. --Will (ASIC) reinvestigate this as far as forged signatures go? I can get them to you. "

    http://www.bfcsa.com.au/index.php/entry/bfcsa-senator-williams-questions-peter-kell-asic-extract-of-transcript-senate-estimates-committee-hearing-4-6-13

  • doyla66
    doyla66 Sunday, 23 June 2013

    The Regulators' cosy arrangements with their banker mates is disgraceful and worthy of a Royal Commission into Banking. However we will relish the Senators Inquiry into ASIC as a warm-up.

  • doyla66
    doyla66 Sunday, 23 June 2013

    Spring clean needed to rid ourselves of bank$ters in our own backyard ~ imported direct from USA?

    "Porker of the Month": "FOA's"--"Friends of Angelo": Bank$ter programs of pollies covertly receiving "cheap-loans" for "favours", who stand to benefit from "favourable-mortgage-legislation"(et al) pushed thru the House. "Without fear nor favour" ~ test required on ASIC personal to disclose any dubious "arrangements" with bank$ters inc?

    Countrywide financial political loan scandal:
    " The U.S. financial political loan scandal in 2008-2009 involved politicians who allegedly received favorable mortgage rates. "
    http://en.wikipedia.org/wiki/Countrywide_financial_political_loan_scandal

  • doyla66
    doyla66 Sunday, 23 June 2013

    Caesar judging Caesar.........(1557 – 18 April 1636) . We haven't progressed much have we?

  • doyla66
    doyla66 Sunday, 23 June 2013

    We must be the laughing stock of the world with our regulators. Fancy giving the banks a call to arrange a meeting, more like coffee and cake. They regulate abosutely nothing. No wonder they have such a high turnover of staff with these monkeys in charge. A suggestion Mr Medcalf and Mr Kell, get your hands dirty and take over some of the complaints in your department. It seems that you two don't believe you aren't going anywhere soon. Have a look at some of these files where your people leave or have left and take over until these issues are sorted. It is a joke to say this person is no longer with your organisation so the file is mothballed. Try earning the overstated salary you seem to enjoy so much. I hope that when you two are jailed your predessors take their roles a little more seriously and are held accountable.

  • doyla66
    doyla66 Monday, 24 June 2013

    New South Wales, Crimes Act 1900 section (316), concealing serious indictable offences.

    I hope the Senate will look into cases where ASIC closed the file when there is clearly an unlicensed financial service operator loosing 150 people's money. ASIC received complaints, closed the file and then received further information regarding the Famularo case. This further information was lodged by solicitors based on advice from an ex-ASIC lawyer whose legal advice stated there was NO DOUBT Famularo operated an unlicensed financial services business. This further information and request to look into this case further has been sitting in ASIC for many months. NO ACTION!

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