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BFCSA: Major Banks financially ruin thousands of Australian lives. Vladmir Putin's idea of shirtfronting is to park warships on our doorstep. The PM should have 'shirtfronted' our BANKS

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BFCSA were the only people to call for a ROYAL COMMISSION into the Banks at the 2014 Senate Inquiry into Corrupted Regulator ASIC.  Victims from four major banks have united under the BFCSA banner. The Royal Commission must be announced by Prime Minister Tony Abbott and soon.

Instead, his stupidity has caused the Russians to react with their version of "shirt fronting" - armed Russian warships on our doorstep!  The PM would have been better off 'shirtfronting' THE BANKS and Gail Kelly before she jumps ship!

ANZ and CBA face more questions over shonky banking practises

Pat McGrath reported this story on Wednesday, November 12, 2014 12:10:00

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ELEANOR HALL: But first today, two of the country's biggest banks are again in the firing line over their roles in the financial ruin of thousands of Australians.

ANZ is making a last minute appearance before a Senate inquiry into some failed forestry investment schemes it helped finance.

And, at its annual general meeting the Commonwealth Bank is facing questions from shareholders about its financial planning scandal.

Our business reporter has been at both events in Melbourne today and Pat McGrath joins us now.

Pat, first how did CBA managers answer those challenges from shareholders today?

PAT MCGRATH: Well those questions are just beginning now really Eleanor. I've just stepped out of the AGM meeting here where investors, shareholders, just begun asking questions. So we'll begin to see what they're asking.

One shareholder just asked how the bank can continue to employ some of these people involved in the scandal. And that was answered by the chairman, David Turner, which is obviously something they've been thinking about for a long time.

And, David Turner and Ian Narev have spoken about this scandal this morning, and this is of course the loss of millions of dollars by thousands of CBA customers who lost money when their cash was put into investments that they didn't want or were convinced to take on, even when they weren't properly warned about the risks.

Now a Senate inquiry into those matters earlier this year called for a royal commission. But the Government didn't take up that call.  CBA has since launched a compensation package for investors. And questions have just begun as I said, so we'll see what comes out of those. 

One shareholder who is here is the super fund First Super which has been urging other shareholders to vote against two directors from being re-elected onto the board again because they were directors at the time of this scandal. So voting will of course be interesting as well when that happens.

But Ian Narev just a short time ago spoke about the matter, the scandal, and addressed the first, the problems with the first compensation scheme which CBA carried out before these matters really came to light.

IAN NAREV: Though we set out to do the right thing, we were too slow to listen to views that more needed to be done for some affected customers and to generally build public confidence that we were indeed doing the right thing.

And I fully accept that criticism.

ELEANOR HALL: And that's the Commonwealth Bank's CEO Ian Narev.

Now Pat, there was a surprise appearance at a related Senate inquiry today, this one on the failed forestry scheme. Can you tell us about the late addition to the list of speakers there?

PAT MCGRATH: Yes, I was just at that this morning at the Melbourne Town Hall before I came over here to the AGM for Commonwealth Bank. This is a Senate inquiry into collapsed timber plantation investment schemes. And one of those is Timbercorp which collapsed in 2008, and now investors in that scheme, they owe about half a billion dollars, it's estimated, to ANZ Bank, which offered loans to investors and is now calling those loans in.

Now ANZ had said that it previously was unavailable to appear before today's hearing. But shortly after the hearing began, ANZ's head of corporate affairs, Gerard Brown, entered the room. And apparently that came after the urging of some of the members of that inquiry, a last minute request apparently. And he's been given time this afternoon to speak before the hearing.

But so far this morning we heard from investors, victims essentially of this collapse. And one of them is Naomi Halpern. She leads a group of investors who are now being asked to repay money that they took on to invest in this schemes that they now don't really have.

NAOMI HALPERN: We've been living in this nightmare now for six years, wxcept we don't ever get to wake up and say, oh, it's only a dream. We live it day in, day out, week in, week out. On and on for six years.

We're physically, we're emotionally, we're mentally exhausted. We're sick of the banks telling us that we're greedy, high end of town earners who were seeking tax breaks. And now that we're crying crocodile tears that it's not fair. We are people who have always paid our taxes.

ELEANOR HALL: That's Naomi Halpern, one of the Timbercorp investors testifying before the Senate inquiry in Melbourne. Pat McGrath our reporter there, and that will be a very interesting inquiry to watch as he pointed out.

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  • organza
    organza Thursday, 13 November 2014

    He must have picked up on Alan Jones the other morning who said Vladimir Putin might as well take over running our country for what is going on is no different to how it is in Russia!

  • stryker
    stryker Thursday, 13 November 2014

    I think that the P.M should pull his head out of his A#* and look in his own back yard and find out what these corrupt banks are doing, and why he is there look at F.O.S as well they need a royal commission as well. We don't need Putin Abbotts is doing a fine job anyway.

  • organza
    organza Thursday, 13 November 2014

    I agree. Makes you wonder what instructions Abbott has been ordered to follow from that little blue book for nothing done since the election is what had been promised and what has been done loaded with unexpected twists. Have just read an article where a rise in GST is on the cards, recommmended by big brother IMF. It's as if the Government is not running the country at all and are nothing more than puppets to - we all know who and why don't we?

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