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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: Chairman Greg Medcraft refuses to answer valid Consumer Questions: Which Bank?

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I asked two questions of Greg Medcraft in my November 2011 letters to him:

These vital Questions requiring a very simple response remain unanswered to this day.  The Chairman of the Australian Securities and Investment Commission ("ASIC"), Mr Greg Medcraft, soon to be head of www.IOSCO.org  refuses to provide the public with a sensible response.

We know you are an expert on securitisation.  You Sir, are either an expert on mortgage lending practices and maladministration in lending, or you are part of the cover-up.  You cannot continue to sit on the fence and pretend you do not know as you did on Monday on Four Corners.

The long suffering public have had enough!

Playing the line "what's SAFE for Greggie's career" is disgraceful conduct, and most likely unconscionable conduct worthy of a Royal Commission into Bankster and ASIC.  We shall try again.

QUESTIONS TO MR MEDCRAFT – ASIC Nov 2011

 On behalf of all consumers of banking products and services in Australia, the two key questions

we are seeking answers to are these:-

  •   Which Bank flagged a hybrid Low Doc Model to all the other lenders so that the product     miraculously appeared on every lender’s books at the same time?
  •  Which Bank designed the six degrees of separation between lender and borrower and ensured the plans were identical?
  •  If it wasn’t for the Banks intended ‘arms length’ to claims from down the chain, why was the same arms length, otherwise necessary?

Pensioners and Low Income families, labelled by those banks as “Asset Rich Income Poor”

(“ARIP’s”), are now dependent upon urgent responses to these two questions in order to avoid

being thrown out into the street.

Your urgent answers to these questions would be appreciated

Denise L Brailey,  President

Banking and Finance Consumers Support Association (Inc)

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  • doyla66
    doyla66 Friday, 08 March 2013

    Greg Medcraft: Employment History ~ immediately prior to ASIC appointment

    SocGen's [US]RMBS 'overseen' by Medcraft in 06/07 & was bailed out by US govt courtesy of AIG bailout against which SocGen had a "massive CDS exposure".

    [#American Insurance Group][Société Générale Bank]

    The S&P ratings relied upon were dubious:

    [emials revealed] --An analyst complained in 2004 that S&P had lost a deal because its standards for a rating were stricter than Moody's. "We need to address this now in preparation for the future deals," the analyst wrote.

    The documents "make clear that the company regularly would `tweak,' `bend,' delay updating or otherwise adjust its ratings models to suit the company's business needs," said acting Associate Attorney General[US] Tony West.

  • doyla66
    doyla66 Friday, 08 March 2013

    Questions being asked over ASIC chief's previous role -- Societe Generale's CEO, Chairman Are Questioned in Laundering Probe

    Medcraft:"I stepped down as global head of securitisation[Societe Generale]on 30 June 2007".Seven employees alleged that the bank's US securitisation business engaged in fraudulent conduct between 2005 and 2008.US Attorney alleges it engaged in misconduct & breaking corporate laws in the US, --which same division Mr Medcraft "oversaw" --was negligent, did shoddy due diligence and seriously misled two US loan providers, Fannie Mae and Freddie Mac.

    Societe Generale, is being pursued by the US government over massive transactions involving subprime home mortgages in the lead-up to the global economic crisis.

    The US is investigating a bank linked with the head of Aust's corporate watchdog [ASIC].

    Greg Medcraft was hand-picked by the Gillard government to chair the Australian Securities and Investment Commission. He took up the $700,000-a-year post.

    Read more: http://www.smh.com.au/national/questions-being-asked-over-asic-chiefs-previous-role-20111110-1n9nz.html#ixzz2MvAOlCve

    Societe Generale's CEO, Chairman Are Questioned in Laundering Probe

    "We confirm that our chairman, CEO and the chief executive of retail banking are being questioned by police in connection with an investigation into alleged money laundering," said a spokesperson for Societe Generale, France's second-largest listed bank.

    http://online.wsj.com/article/SB1011034196340501120.djm.htmlSociete Generale's CEO, Chairman Are Questioned in Laundering Probe

  • doyla66
    doyla66 Friday, 08 March 2013

    Medcraft ~ in the Land of Milk and Honey

    Critics Q'ed why SocGen's - disastrous entanglement of derivatives - was allowed to cart home $11.9b in US govt money.

    The A.I.G. contracts protected Société Générale from its large stake in "troubled American mortgage securities" — but only after the United States government bailed out A.I.G. in 2008 and agreed to pay companies like Société Générale 100 cents on the dollar.

    When Société Générale was eventually revealed to be one of the largest recipients of the A.I.G. bailout funds, some critics questioned why a French bank was allowed to cart home $11.9 billion in American government money.

    http://www.nytimes.com/2011/08/13/business/global/global-worries-about-the-french-bank-societe-generale.html?_r=0

  • doyla66
    doyla66 Friday, 08 March 2013

    It is blatantly obvious now to everyone that MEDCRAFT IS PART OF THE COVERUP.

    Thinking of your own career without any regard for the thousand of decent people that have lost everything because of your deliberate inaction turns my stomach & makes me want to vomit.

    No ethics, no morals, & absolutely no regard for decent human values.

  • doyla66
    doyla66 Friday, 08 March 2013

    Running a muck in this country seems to be the accepted way of life for these Corporate cowboys - nobody is answerable to anyone.
    If we are not a Corporate con artist we get thrown in Jail for the smallest crime.
    Shame on you people in Government.

    This mess needs to be cleaned up by agreeing to a Royal Commission now.

  • doyla66
    doyla66 Saturday, 09 March 2013

    Great info Andy. US Government attorney's serious allegations of fraud & money laundering by the company Medcraft set up?

    Seven employees alleged that the bank's US securitisation business engaged in fraudulent conduct between 2005 and 2008.

    US Attorney alleges it engaged in misconduct & breaking corporate laws in the US.

    Medcraft should be sacked immediately.

    Then, Medcraft gets hand picked by the Gillard Government to be chairman of ASIC- who are supposed to police the Banks?

    Come on, this stinks - does anyone else smell a rat here?

    How much corruption are we going to put up with in this country?


    The US is investigating a bank linked with the head of Aust's corporate watchdog [ASIC].

    Andy, which bank? And do you know what for or why are they being investigated?

  • doyla66
    doyla66 Saturday, 09 March 2013

    Which Bank? Perhaps Mr Medcraft is to blame .. After all he was an expert..

  • doyla66
    doyla66 Saturday, 09 March 2013

    Ground Hog Day: Medcrafts skill costs US tax payers $11.9b bailout of SocGen, reincarnates as ASIC Chairman creates $11.9+ billion AUS damages...go figure, which Road Scholar Treasurer appointed this genius?

  • doyla66
    doyla66 Tuesday, 12 March 2013

    Medcraft - an expert? Definition of expert: X = an unknown quantity, SPURT = a drip under pressure. Suitable described, I would say!

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