It sickens me the way the New Zealand regulator and the Ombudsman and Serious Fraud Office (whom I met and including the Minister in 2009) are mishandling these serious complaints of LOAN APPLICATION FRAUD engineered by the Bank Engineers, using the same SERVICE CALCULATOR as preferred weapon of choice and have been making obscene profits from criminal activity for more than a decade and a half.  

Our regulators have all enjoyed over-bloated pay packets for playing in SNOOZEVILLE and continue this farcical denial campaign to Parliament.  "No systemic issues?"  Remember those words Greg Medcraft.  These victims lives are in tatters and you Sir can expect your brilliant career to become a down hill run from here on in.  You have been the Model of Cover-Up procedures by the Australian Securities and Investment Committee and then Chair to IOSCO to perhaps cover up there also.

Australia has permitted it Banks to enjoy criminal proceeds with impunity and then go and rape pillage and plunder the assets of our wonderful New Zealand neighbours.  On an international level, that takes the cake!  In fact wasn't it ex ASIC bod Jane Diplock who offered to run NZ's regulator?  Is Jane now at IOSCO?  

Reform is long over due.  The much anticipated Royal Commission into our Banking Sector is long overdue.  Every MORTGAGE LOAN written from here on in must be regarded by the public as being highly TOXIC.  Remember on 8th Aug 2012 when I told our Parliament "the Government cannot profit from a  fraud" - re the RMBS packs?   Treasury suddenly a month later, quietly decided to dump the purchasing of the RMBS packs that Government had invested tax payer dollars in.  Yes indeed, we sold $24 billion of them to other poor dudes.

YIK.  We had to rid ourselves of the Toxic packs and at the same time have ASIC pretend there are no systemic issues!  Our Members come for 5 nations and rising.  They cannot all be lying like ASIC.  

We have serious banking fraud in this country and next door.   Time to Jail these Banksters.    This email address is being protected from spambots. You need JavaScript enabled to view it.

 

From a New Zealand reader re Australian and New Zealand Bank:

I took an issue I have with ANZ here in NZ to the banking ombudsman.

The Ombudsman found just this month that ANZ had not conducted any assessment of my company's ability to pay its loan. The Ombudsman also found that ANZ breached its own lending policy and the lending code obligations.

ANZ have reckless lending practises simply because they can. There is no consequence for their behaviour except to refund fees and interest. The Association code - not worth the paper its written on.