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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: David Murray's Payout 2005, lest we forget! $30 million plus super of course!

Posted by on in ROYAL COMMISSION URGENT
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Comment: Amazing that CBA engineered faulty financial products started with David Murray and Joe Hockey appointed him to Roots and Branch Inquiry backs by Sen. Bushby!!.  Then he passed on to R$alph Norris - another $10 million........................Music stopped and narve left without a chair or a prayer.  CBA loyal customers reduced from retirees to pensioners overnight - same with Macquarie - .

http://www.crikey.com.au/2005/09/16/david-murrays-cascade-of-cash/?wpmp_switcher=mobile

David Murray’s cascade of cash

| Sep 16, 2005

 

The media went through the motions looking at the final payments to David Murray, the long time CEO of the Commonwealth Bank who retires next week.  Murray will leave the CBA with cash, shares, super and other payments, plus owning shares he’s accumulated in recent years.

The value of all this (some of which will flow in over the next four years) will be around $58 million................., You have to look through the CBA annual report carefully to find the details of his pay but they are found around page 54.

Murray’s pay jumped $1 million to $5.4 million last year, thanks to a story term incentive of $760,000 ($450,000 a year ago) and a similar sized payment labelled STI deferred in cash ‘At Risk’ (nil the previous year).

In addition he gets $11.8 million in super (is that based on his final year’s or years’ salary? If it is it’s a nice gift from the board as his salary has doubled in the past three years). Murray will receive a further $2.3 million in accrued long service and holiday pay, $2.4 million in “Contractual Entitlements” and $1 million in “Deferred STI Payments”.  In addition he has around $10.4 million in shares to come over the next four years (268,000 shares in total) under the deferred long term incentive plan. This depends on the bank reaching certain hurdles.

That’s a good scheme as it makes sure whatever changes Murray has made in the past three years (and they have been considerable), he will only get his big payoff if those changes prove to be long lasting and profitable to the bank and shareholders.  That puts his total departure package at a smidge under $28 million (but will rise if the value of the bank’s shares increases).  But what no one realised, or they forgot, was that Murray already owns more than 670,000 CBA shares, worth well over $25.2 million.  On these shares, his dividend income (based on 2005’s total payout of $1.97) is $1.32 million, which about how much he was making about eight years or so ago.

If Murray received the additional shares over the next four years, his holding would total more than 938,000, worth more than $35 million at current prices, with a full franked dividend income approach $2 million a year. Very tasty indeed!

read more   http://www.crikey.com.au/2005/09/16/david-murrays-cascade-of-cash/?wpmp_switcher=mobile

 

 

 

http://www.smh.com.au/news/business/murray-payout-touches-28m/2005/07/15/1121425722894.html

Murray payout touches $28mBy Lisa Murray
July 16, 2005

 

Outgoing Commonwealth Bank chief executive David Murray could take home a retirement package of $27.9 million, equal to almost three-quarters of a million dollars for every year he spent at the bank.  Mr Murray, who started as a bank teller at CBA's Lindfield branch in 1966, will pocket $11.8 million in accumulated superannuation benefits, annual and long service leave entitlements of $2.3 million, a "final contractual" payment of $2.4 million and an incentive payment of $1 million, CBA said on Friday.  The 56-year-old could also receive 268,100 shares as part of the long-term incentive arrangement. The shares, which have been granted over the past three years, are subject to performance hurdles based on total shareholder return.

 

On Friday's closing price, they would add another $10.4 million to his bank balance over the next four years.  But the bank values the long-term incentive arrangement at just $5.2 million, referring to the accounting practice it uses in its financial accounts of assuming that Mr Murray will receive just half of the total shares.  CBA said Mr Murray would leave the bank on September 22 with CEO-elect Ralph Norris taking up the reins the following day.

 

"Under his leadership, the bank has been transformed from a partly privatised bank with a market capitalisation of $6 billion in 1992 to a $49 billion integrated financial services company." 

 

The Finance Sector Union criticised the payment as being "hard to fathom".  Mr Murray oversaw the "Which New Bank" restructuring program, which includes the loss of 3700 jobs, and he has had a rocky relationship with the union.

 

When he joined the bank, Mr Murray would have become a member of its old-style defined benefit super scheme.  These schemes were particularly generous to members, causing problems for employers that had to fund them - both private companies and governments. As a result, they have gradually been replaced with less generous accumulative schemes...

 

 

read more     http://www.smh.com.au/news/business/murray-payout-touches-28m/2005/07/15/1121425722894.html

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