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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: D'Aloisio, Tregillis, Medcraft, Knott and Lucy in crime scene BUT failed to Nail/Jail one Banker yet investigated Hong Kong Banks

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Our intrepid Researcher Gladys trundled through a 243 page report by Tony D'Aloisio "The ASIC Summer School Report" from ASIC 2011

School was in for the Industry Bandits.  Consumers not invited to attend......very neat fella's..............................Has anyone asked Greggie Medcraft what the default figures are right now?  Of course Greg,  we would like to compare defaults with 17% five years ago.  

NB:  "Our Governments were not called upon to bail out our Banks".....yes Tony, that's because you and your successor and predecessors kept the banks covered-up, allowing the Mortgage Fraud Bank Scams to speed up to create mass damage to borrowers and with the ultimate intention of blaming the brokers and the borrowers and getting away with the Crime of the Century!  

TONY D'ALOISIO CHAIRMAN - now former chair of Australian Securities and Investment Commission ("ASIC").

I am Tony D’Aloisio, the Chairman of ASIC...........on behalf of my fellow commissioners, Dr Peter Boxall, Michael Dwyer, Belinda Gibson, Greg Medcraft and Shane Tregillis, and on behalf of all the ASIC staff, I welcome and thank you for supporting this important event..............In recent years, the Summer School has focused, naturally, on the global financial crisis (GFC). However, this year we are back to our regulatory landscape, with a lot of those issues now hopefully behind us...............I would like to start with 2 quotes...............

from Michael Duffy, when he introduced the Bill establishing the new Corporations Law in 1990 who said..............there is no doubt that the closing years of this decade will be remembered as one of the bleakest chapters in Australian corporate history. Tragically, these collapses have brought with them some appalling losses of shareholders’ and investors’ funds. They have also brought to light evidence of outrageous irresponsibility and excesses as part of the directors and management of some major corporations...............from the Treasurer, the Honourable Wayne Swan, in June 2010, where he said: Our financial system remains sound, underpinned by strong regulation and, importantly, effective supervision. Our governments were not called on to bail out major financial institutions, in stark contrast to the experience of the US and Europe, and our public finances remain among the strongest in the world.........

What is significant about ASIC’s approach to enforcement is that it remains focused on whether there is a case to take action and whether it is in the public interest to take that action............ It is not about winning or losing............A good quote to emphasise that point is from Chairman David Knott, who said in 2002, Am I conscious of the risk of failure? The answer is yes..............there is always a substantial risk with a high-profile prosecution, if unsuccessful.............. but if we’re not prepared to take those risks, I don’t think we can ever be a successful companies and securities regulator.....................’ Needless to say, as the current chairman, I entirely agree!

 

Importantly – and let me just underline this............our track record on major cases is stronger than might generally be understood from media coverage, which tends to highlight the losses. We have certainly won more than we have lost. Over the past 20 years, there have been 68 major matters – and you can see these reported through our annual reports – such as One.Tel, Rivkin, Rothwell, Spedley, and so on. Of these 68 cases, 57 have been finalised and 11 are in the process of resolution. Of the 57 resolved, 40 covered criminal matters and in criminal cases we had a success rate over 60%. Twenty-six of the 57 were civil cases, of which we won 10, settled 13 and lost two in court. It does depend how you view settled cases. We think they are wins and that, too, is a significant percentage or overall success rate in civil matters. So, we think that our enforcement activity, overall and in relation to major matters, is a significant general deterrent in these markets; it has been and will continue to be..............

 

By early 2009, arrears on Australian prime residential mortgage backed securities (RMBS) averaged around 1.8% of amounts outstanding. This is small in absolute terms and is only moderately higher than the pre-GFC average of around 1.1% in 2006 and 2007.

For sub-prime mortgages, arrears rose to around 17.0% in early 2009, again only moderately above the average in 2007 and 2008 of around 12.4%. 5..............At the height of the GFC, there was approximately A$17 billion invested in CDOs in Australia, with minimal losses..............

 

page 105..........the property seminar people geared her 50% against her house, sold her two investment properties in the back-blocks of Queensland, all geared to about 80%. Those properties have not been rented; she’s got a problem. She decides to try and solve the problem, went back to the property company, and ended up buying a third property to solve the problem. In many ways, it’s worse than Storm, you know, because these properties she’s bought for around about $300,000 are worth $180,000we’ve done a couple of proper valuations.So not only has she got the same gearing problem in Storm, she is being done over by a $120,000 valuation fraud, to be quite blunt with you..............

 

page 141...........customer detriment, the huge losses through poor practices, the mendacity of the people selling products, getting the wrong products to the wrong people at the wrong time............. we had them in Hong Kong.BOILER ROOM SCAMS sold to aussies by aussies sales staff in HK..............the most notorious one was a product called the ‘Minibond’.............and we had a lot of people, in fact they are still marching on the streets and they hold up banners and effigies and things, but we had a lot of public protest and people were shocked that their bank could sell them a product so complex................we went in and looked at the banks and the materials and their risk minutes,and they didn’t understand the products either................ But it was a sort of a ‘Me, too’ game............ Everybody was selling the product, so they were in there with every other bank........We ended up achieving a settlement...........At the retail end,they don’t understand risk, they don’t read the documents, and they don’t look at the details of the products..................

BFCSA COMMENT:

Yes Tony the very people you were sworn to protect, did not understand these complex financial products, engineered by Banksters were a GIANT BANK SCAM and your 243 pages of tiresome self importance could have been an eye-opener had you told the entire rotten truth.  Instead you used this report to waste tax-payers money, treat consumers with contempt as if they were sub moronic, blame consumers for not understand the fraud and corruption and kicked the boot into consumers every goose step of the way.   Heil Tony.  And that was shortly after you collected $7.9 million in ill gotten fund from the ASX......specifically that figure to avoid telling shareholders....limit being precisely $8 million.  Yes, we know how you all operated out of the ASIC gene-pool: massive self interest in your own rotten wealth, same as Medcraft and same with Tregillis.  Tregillis was the heir apparent to be your successor and then along came Greggie.  What a bunch of..................................bankers!

Right back to Davy Knott - all were rotten to the core when it came to real Consumer Protection.  Time to take ASIC out of COVER UP MODE.  We suggest you all visit our Winter School, then Borrowers can deliver their assessment of you people:

Your entire tribe of goons failed to nail/jail one banker....now why is it so?  I could be fascinated by the answer.  Over $50 billion.....more like $100 billion of toxic mortgage home loans hidden in the vaults of ASIC.  BIG CLAP for you chaps.  Your Mums must be really proud of you all.

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Comments

  • doyla66
    doyla66 Thursday, 06 March 2014

    So their cover is finally blown! Not the Mr. Fix-it Brigade we had all been deluded into thinking but they called in Whelan the Wrecker!

  • doyla66
    doyla66 Thursday, 06 March 2014

    Thanks Denise for painting a clearer picture for us all......... I am ready to read what next Gladys can dig up from her research.
    Thanks Gladys. Many of us don't know how to read report and analyze them the way you are proving to do. thanks

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