For the first time in two decades I did not contribute a submission into an INQUIRY.   I refrained from doing so because of the Hockey Roots and Branch Inquiry conflict of interest whereby the ex head of Commonwealth Bank Australia is head of the Inquiry.  What farce this is and YES exactly what happened in America prior to the GFC, is happening here right now in Australia.  The only difference: The people were blissfully unaware that Banks had a political; GREEN LIGHT to carry on as usual....no questions asked.  MURRAY has to resign immediately...anyone watching Four Corners Monday night would have seen why this must happen on so many levels.

The Banking Scandal is not about 7 financial planners running amok.  The real issue is the systemic targeting of pensioners with equity in their homes by major banks - a grab for their only asset - their homes.  First Home buyers and low income families are also targeted.  This email address is being protected from spambots. You need JavaScript enabled to view it.

One Reader tells us why this must happen:

There is absolutely no fair and just reason now with the information that has surfaced related to crooked Banking practices that we should not get a Royal Commission. The only thing that could possibly stand in the way of a Royal Commission is high ranking pollies with a vested interest in Bank protection more than being exposed for a couple of shares. The call for our political parties to lay on the table their source of donations will go a long way to exposing why they don't want Banks to be bought to account.

Our Bankster Industry all but buys protection from our political parties with their massive POLITICAL DONATIONS when will this be exposed and shown for what it is a BLIND EYE PAYMENT. Look for example at the treasurers Root and Branch Investigation which was supposed to be an open forum look into bad Banking and Finance issues, where did he run to to get his first investigator, you guessed it straight to a long term BANKER in David Murray. Why would you get a Banker CEO from the Bank now most in question to investigate the Banking Industry or is it simply that this approach allows Banks pre warning by an ex Banker that knows exactly what he is looking for to buy time while they get their house in order. The message would at present be, use the legislation we the BANKS sneaked through without the public notice that all original documents can be destroyed in preference of electronic records.

This little beauty has been very well hidden and I feel sure very well used by our Bankster Industry it gave carte blanche destroy and alter at will and nothing can ever be proved, what sort of morons would allow this type of legislation through our parliament, you would have to say only someone that could make a gain from destruction of original contracts. Make one wonder doesn't it.

A Royal Commission would alleviate any mystery as to who the Broker works for, the Mortgagee or the Mortgagor and what and why did the Aggregators not pick up the discrepancies between Bank and Broker copies of LAFs plus that Banker catch cry of you signed the contract but where was the verification process. All of the elements of codes of Banking Conduct will be tested and then used to bring the Banking Industry to account as so many of these processes were not only ignored but exploited by either clever wording or a total disregard for the codes as they were meant to be.

 

I can only appeal to the common decency of our politicians and law makers to hold an open and extensive investigation in the form of A ROYAL COMMISSION into THE BANKING and FINANCE INDUSTRIES and spare the country the cost of the Mickey Mouse version that is to be undertaken by our Treasurer in its present form. Only an every rock turned over version of investigation will give the citizens of our great country the confidence to return to the mind set of we must reinvest to prosper. Anything short of A ROYAL COMMISSION will only be seen as a cop out and make it obvious there is a great deal our two major political parties want to remain hidden.  Terrance.