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BFCSA: Aussie Banks ask Medcraft his influence to help Mates: Chairman of IOSCO and ASIC

Posted by on in Corruption Exposed
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Derivative reforms could cost Aust banks millions

Source: Business Spectator

 Australia's big banks are challenging planned global financial regulation that would hit their heavily-used currency swaps, potentially increasing funding costs by hundreds of millions of dollars, The Australian Financial Review reports.

Under the proposed derivative regulations, Australian banks would pay a margin of 6 per cent on about $350 billion of cross currency swaps, which are used heavily by banks that rely on international funding markets in order to hedge foreign exchange and interest rate risk.

The Australian Financial Review says ANZ Banking Group, Commonwealth Bank of Australia, Macquarie Bank, National Australia Bank and Westpac Banking Corp had penned a joint letter to the International Organisation of Securities Commissions, warning the Australian banking system would be “severely impacted” by the requirement to post initial margin on cross currency swaps.

Local bankers hope ASIC chairman Greg Medcraft, who also currently chairs the IOSCO, can use his influence to persuade other countries to compromise on the issue, the newspaper reports.

 

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  • doyla66
    doyla66 Wednesday, 12 June 2013

    ALAN KOHLER, PRESENTER: Interview with Greg Medcraft Broadcast: 27/11/2011 - Aust Consumers Medcraft's 'Crash-Test-Dummies'

    Medcraft-Interview: KOHLER:"So you're not a poacher turned game-keeper then?..there was mortgage fraud, signing, filling out the mortgages, they were fraudulent." --touching on issues raised during Medcraft's time in charge of 'oversight of securitisation' of Societe Generale in respect of (subprime) 'securitisation', ---and notably, prior to Medcraft's conflicting 'dual-appointment' as Chairman of IOSCO effective 2013.

    GREG MEDCRAFT: "I think - that's what I'm saying. There was problems in the whole value chain, from the borrower through to the investors."

    ALAN KOHLER: I'm just wondering really how you reflect on all that now as a regulator (ASIC). You know - I mean, do you feel a bit like you did help create a monster?

    GREG MEDCRAFT: "I think it's, as I said before, it's a bit like owning a Porsche. It's a matter of the person that's actually driving the car...." (but we prefer to put crash-test-dummies, aka consumers in our Aust. 'Porsche' production line!)

    ALAN KOHLER: Are you confident that under your watch, in areas that you were responsible for, there were no false and misleading statements made, no fraudulent behaviour. I mean, can you be sure of that?

    GREG MEDCRAFT: "Look, I think they're matters for the court...."

    ALAN KOHLER: I suppose more broadly, you founded the American Securitisation Forum, you were a co-founder of that, and you were also head of the Australian - CEO of the Australian Securitisation Forum. And, I mean, not just SocGen, but there's lots of allegations of misdeeds in relation to sub-prime securitisation in particular. I mean, do you think looking back on it now that there was quite a lot of shenanigans going on with securitisation?

    GREG MEDCRAFT: "Look, you know, I think with securitisation, I've said before it's a bit like owning a Porsche.... It's a matter of the person that's actually driving the car."

    ( *Yea, right on -- "The-Med-Cartel" -- even if that car is deliberately fitted with faulty brakes designed by bank$ters thru immoral-lawyers, to fail in a timely manner in 3 to 7 years as an innocent 'passenger' approaches the proverbial 'fiscal cliff'. )

    ALAN KOHLER: Which does raise questions about your appointment. The Opposition has raised questions in Parliament about your appointment and the process and criticised the Government for the process. So can you tell us how you were appointed? I mean, did you apply? Did they - did someone tap you on the shoulder and ring you up?

    GREG MEDCRAFT: "That it was a rumour that I was going to be appointed."

    GREG MEDCRAFT: No. In fact, frankly, I'd actually prepared my holidays for - to Europe later for this year because my term was expiring, so ...

    ALAN KOHLER: So you read about it in the paper and then you got the phone call saying would you like the job?

    GREG MEDCRAFT: "I read about it in the paper then had a - yes, I spoke to Treasury, yes. And I'm delighted. I'm delighted to have taken up the role. I think it's a great privilege, so ..."

    ALAN KOHLER: And what if any changes do you think ASIC needs?

    GREG MEDCRAFT: My view is that Tony D'Aloisio did a great job. I think he set in place a structure that I think works. It's very market-focused, stakeholder focused. I think that it's a good structure. I've not changed much at all. What I have done is streamline, I guess, the objectives to really having three key objectives, which is confident, informed investors and financial consumers; the issue of fair and efficient financial markets; and our registry and licensing systems to make sure they're fair and efficient."

    ALAN KOHLER: Thanks for joining us, Greg Medcraft

    GREG MEDCRAFT: "Thank you, Alan."

    ( *yeah, right on the money; The-Med-Cartel and Aust Consumers, hmmm ...I suppose they're your 'Crash-Test-Dummies', right? )

    http://www.abc.net.au/insidebusiness/content/2011/s3377460.htm

  • doyla66
    doyla66 Wednesday, 12 June 2013

    Great find, Andy.
    "It's a matter for the courts" - so long as no one tries to sue ASIC, which I understand is impossible. Why? Do we have to take out a writ in the US to get ASIC focused on the job properly?
    My information from a friend is that Federal politicians know about the problems with ASIC. I gather consumers use "ministerials" to solve even basic registration problems.
    This level of competence and attitude at ASIC must be attended to by our politicians now - not in another 5 years time. Time is of the essence to protect Australian consumers.

  • doyla66
    doyla66 Wednesday, 12 June 2013

    So this is to help the Banks to maintain or improve their profit margins?
    How does Greg Medcraft's intercession assist ordinary Australians? Not at all, I suspect, apart from shareholders.
    Maybe Australia doesn't fit in the "big" games of Europe and the US.
    If they're making choices that will adversely impact Australians some parliamentary "regulation" of Mr Medcraft may be needed.

  • doyla66
    doyla66 Wednesday, 12 June 2013

    Duped

    After reading this no wonder we are up against a fair go with Medcraft, he couldn't answer any question. Don't worry about him he's a Bankster and he believes he's untouchable. It will be interesting to see what the Liberals do with him when in parliament, as if I can remember they weren't happy at the time with him and his appointment. My suggestion is to clean ASIC out starting with Medcraft, Kell and the woman who works for Macquarie and most of their staff and start again with clean non corrupt personel and by doing this we may get a fare and better regulatory system.

  • doyla66
    doyla66 Thursday, 13 June 2013

    ja1957

    Why are these people so untouchable? What are these politicians afraid of? Surely this is an election issue. Lets have Medcraft and ASIC liquidated and clean out the whole banking system. The banksters have had too long a run now it is time for justice. Any takers??

  • doyla66
    doyla66 Thursday, 13 June 2013

    Follow the money.
    Who is on the gravy train?
    Who is getting consultancy positions at banks after political life?
    Bob Carr went to Macquarie when he guit NSW politics.
    I believe there is much going on like this underneath the surface. Much more than lunches!

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