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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: Please explain to the public the MEDCRAFT appointment post Societe Generale

Posted by on in ROYAL COMMISSION URGENT
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Given the seriousness of the Australian Sub Prime Full Doc and Low Doc Mortgage Crisis we really do require an answer to this from the Federal Government.

Why was Greg Medcraft chosen and why was he chosen with a waiver of tender Prime Ministerial approval?  He needs sacking immediately and we know why.  Consumers are in grave danger when they ought to have been protected.  Medcraft placed consumers in harm's way and heading for financial ruin and despair.  There has to be a whole of parliament approach to this nonsense.

BFCSA Member asks this:

Senator queries PM's giving 'a mate' $700k ASIC job."Its run by someone who has a cloud over them. What on earth is going on here?" 

ABC-Radio: Senator Cormann; "the Govt threw their own processes overboard when it came to appointing Mr Medcraft as chair of ASIC. ..It didn't do it's homework & without going through proper process. ..I mean this is a very senior role. --It is a $700,000 a year job and they never even advertised the position. " 

 

SAMANTHA DONOVAN: It's emerged that Mr Medcraft held a senior position at international bank Societe Generale which is now being sued in the United States over huge sub-prime mortgage transactions in the lead-up to the global financial crisis. --and it's also been revealed that Mr Medcraft was named in a 2004 sex discrimination case in the US which was settled out of court.

 

Note: --Gillard granted a "special exemption" requested of Treasurer Wayne Swan to waive any tendering process, and simply anointed Medcraft notwithstanding dubious background material requiring further intensive scrutiny.

 

SAMANTHA DONOVAN: He (Medcraft) is understood to have overseen the bank's(Societe Generale) mortgage securities business during the time former employees alleged the bank's securitisation business engaged in fraudulent conduct between 2005 and 2008.

 

 ..The US Federal Housing Finance Agency is now suing the bank, alleging that in the lead up to the global financial crisis the bank was negligent, failed in its due diligence and misled American loan providers Fannie Mae and Freddie Mac.

 

http://www.abc.net.au/am/content/2011/s3361993.htm

 

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  • doyla66
    doyla66 Wednesday, 19 June 2013

    The sooner the better for a Royal Commission into the whole finance industry. ASIC is at the top of the list!

  • doyla66
    doyla66 Thursday, 20 June 2013

    You hear of not being able to trust a politician but this is going too far. How can the Prime Minister give a job to a mate without going through the right process? Where is her and her party's accountability? Little wonder they at ASIC think they are a law unto themselves.
    Let's clean them out and have a legitimate governing body to oversee the financial institutions dealings. They all should fall and each and everyone involved in fraud and maladministration made accountable. If not jail time then they too should lose all they have as they would have nothing if not for bleeding us dry to feather their own nest. Thank you to the politicians for having the integrity to get to the bottom of this debacle

  • doyla66
    doyla66 Thursday, 20 June 2013

    Email [email protected] --spread the "good news" and around pick a favourite editor of your choice?

    You may consider some timely letters-to-editors, but choose only(1)--Rules and tips for submitting letters
    It's not that easy to get a letter published in the Herald. We get several hundred submissions every day and generally publish about 25. But there are many things you can do to improve your letter's chances. Here are a few.

    Keep it short We ask for letters to be no longer than 200 words for The Sydney Morning Herald and 150 words for The Sun-Herald. Generally one is published each day that is longer; most are much shorter.

    Keep it simple Try to make one or two clear points. You can't solve all the world's problems in one letter.

    Keep it with us Don't copy your letter to other newspapers. We never publish letters we know have been sent elsewhere, and we are less likely to run them if we suspect that may be the case. If you write regularly to other papers, make it clear you have not offered your letter elsewhere. We do not publish form letters, open letters or press releases.

    Keep it fresh Please don't send the same letter over and over again. Or dozens of letters on one day. We like regular letter writers, but we want the greatest diversity possible on the page, so you should not expect to be published more than about twice a month or once a week. The more you write, the less likely it is that any given letter will be published. Save them for your most compelling thoughts.

    Keep it civil Don't abuse people. However strongly you feel about your point, extreme language and wild analogies are unlikely to make it more effectively. We tend to follow the old rule that the first person to mention the Nazis has lost the argument.

    Keep it relevant Your letter will have a better chance if it refers to a story in the paper or on the website, or a previous letter. Not all letters published do so, but most do. And it is one way we know it is meant only for us.

    Keep it open Disclose any relevant information. If you work for an organisation, belong to a political party (especially at election times), have academic links or any affiliation that may be remotely connected to the subject matter of your letter, please tell us. It may not need to be published, but it helps us judge the letter and it may also help the readers. We welcome the inclusion of sources to back up what you say, again not necessarily for publication.

    Get there early There is no rigid deadline for readers, but there is for the page editors. The later in the day your letter arrives, the harder it is to get it in the following day's paper. Of course it will still be considered, but after another 24 hours the story may have moved on.

    Follow the rules Please read the submissions criteria carefully. We always need your full name (not just initials), home address and a phone number. A work address is sufficient if you are writing on behalf of an organisation at that address. If we cannot find you in the White Pages, on the electoral roll or by other reliable means, we may be unable to publish your letter.

    We think readers should be able to trust that those published are who they say they are. Disguising or blurring your identity is, at best, a waste of everyone's time. This includes the use of maiden names. We do not allow the use of an alternative name for men, single women or married women who do not take their husband's name – it is unfair to make an exception for women who want to alternate between two names.

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    Read more: http://www.smh.com.au/opinion/rules-and-tips-for-submitting-letters-20100115-mcal.html#ixzz2WirnOA00

  • doyla66
    doyla66 Thursday, 20 June 2013

    And the Government has extended the Medcraft appointment for 7 years. SCANDAL!

  • doyla66
    doyla66 Thursday, 20 June 2013

    Sone "selective" facts -- substantive omission/s could be construed as early onset of amnesia? -- as shown on ASIC website:

    ASIC Chairman ~ Greg Medcraft BCom (Melb) was appointed ASIC Chairman on 13 May 2011 for a five-year term.

    Greg joined as ASIC Commissioner in February 2009. Prior to ASIC, Greg was Chief Executive Officer and Executive Director at the Australian Securitisation Forum (ASF).

    Greg spent nearly 30 years in investment banking at Société Générale in Australia, Asia, Europe and the Americas. More recently, he was the Managing Director and Global Head of Securitisation, based in New York.

    In 2002, Greg co-founded the American Securitization Forum and was its Chairman from 2005 until 2007 when he returned to Australia. The American Securitization Forum is an industry group representing some 350 member institutions comprising all major stakeholders in the US$1 trillion US securitisation market. In January 2008, he was appointed Chairman Emeritus of the Forum.

    Appointed in March 2013, Greg is the Chair of the International Organization of Securities Commissions (IOSCO).

    Appointment as ASIC Chairman
    Appointment as commissioner, Treasurer's press release, 15 December 2008
    http://www.asic.gov.au/asic/asic.nsf/byheadline/ASIC+senior+executives

  • doyla66
    doyla66 Thursday, 20 June 2013

    Gaby, did fellow BFCSA members "break-a-mirror"? Have no doubt --Medcraft's dubious tenure is on "borrowed" time, pardon the pun!

  • doyla66
    doyla66 Friday, 21 June 2013

    Australia's top financial controllers cheated to "win"

    Seven years - :( - an appointment like that can't be sustained - only thing is that Australian Govt would have to pay out his salary if it were cut short. Unless there is some reason in his contract that this can occur without penalties. Failing to respond appropriately to loan fraud (conflict of interests +++) and all the advice he and his predecessors were given. But in the interests of a booming economy and looking successful a thousand or so borrowers are expendable - is that it? so long as you can rob them so they don't get any cases up in public that might blow the lid off it.
    Pull up a chair, Greg. Can we talk? In Australia cheats seldom prosper for long. The rest of us don't want to be tarnished with the same reputation as the crooks and crims. As far as coverups go this is going to be a nice slow stripping of the band aids, one at a time, to find what's underneath.
    Yes the entire house of cards could come down in one hit and without warning.
    And you'll be watching the meltdown of the Great Australian Deception that you were a part of from a ringside seat.

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