Quite simply, the reason ASIC has under performed, causing wide spread misery for consumers of financial products and services, is due to the FACT that the Australian Consumers and Investment Commission inherited a massive conflict of interest in attempting to serve two masters.  After the Stan Wallis Inquiry, Phil Hanratty's critique pointed out the possibilities of this conflict.  Government at the time decided that would be true if only one departments but ASIC had several departments.....a little backward thinking of course.........but there we are!   The solicitor mortgage scandal cost citizens of this great nation over $1.5 billion recorded in 2000.  Spruikers ensured another $2 billion disappeared from retiree savings, aided by the Banks.

Next came the spectacular collapses of the managed investment scams - again by operators licensed by ASIC and sold by those licensed by ASIC.  ASIC simply handed out a few fines.  By 2006, I asked the Chairman: what's the update on Lucy's 2005 figure of $5 billion in losses.  D'Aloisio announced $35 billion in losses in response to Parliament (my questions) but then said: "wait there is more."  He mentioned categories.  I choked! what categories?  He had never mentioned those.  I asked media to dig further.......ah yes he really meant there are $80 billion of Mums and Dads savings at risk and likely that its already gone....we just wait for the cracks to appear and the Liquidators to rub their hands with glee!

Now we have losses brewing since 1999 in the covert world of toxic mortgages a la the Banksters and estimates would be the boast of 2005 of $50 billion (x 2) that's $100 billion.

Just who was ASIC protecting?  Obviously not consumers of mortgage investments, managed investment scams, promissory note scams, ANZ two tiered marketing scams, Low Doc and Full doc lending scams....and losses pile upon losses.

ASIC'S NEGLECT caused $200 billion of questionable transactions and no-one in Government sees fit to ask why?  No-one except BFCSA members are suggesting a Royal Commission into Bank and Finance.....because?

I think its high time citizens who have suffered devastating financial loss, start to take regulatory control into their own hands and demand changes.

This country has economic problems, hence the daily announcements of austerity measures.  These are necessary, not because of a slanging match between the political divide, but because no-one questioned the integrity of the corporate regulator and we ignored the massive conflict of interest flagged by Hanratty in 1996.    The ASIC FOLLY has cost citizens (mostly older Mums and Dads) around $200 billion in losses and rising!

The Evil Banks and its Banksters have done to Australia what bankers have been taken to task for in every other country.  Now the perpetrators in the USA and the UK are jumping out of windows.  Well you people that engineered the service calculators and Low Doc Loans, the toxic managed investment schemes (yes banksters at the forefront of those too, assisting "distressed developer" clientele and their own bonuses) are directly responsible for the nation's current economic worries.

The task we have ahead of us is to convince the Senators that they have one opportunity to put out an outstanding report on ASIC - warts and all.  Ladies and Gentlemen its time to put your hands up.

We have the proof, the evidence and we have completed our homework....a ten year investigation into this sorry mess.  Its a community effort worthy of David and Goliath.  In fact Goliath was ASIC, busy little bees on cover-up duty, decided to shred every bit of of evidence that we have presented for the past 15 years.  However we kept copies.

We need a Federal Consumer Protection Bureau with full powers to lay criminal charges and jail those who threaten our unique way of modest living for most citizens and above all uphold the values we were brought up on: common decency and truth.

If the Senators fail to respond we can expect more of the same plunder down under.    This email address is being protected from spambots. You need JavaScript enabled to view it.