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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: The word "systemic" will be ASIC's swan song. It's time for ASIC to be demolished and rebuilt!

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Dear members

For years Greg Medcraft, Chairman of the Australian Securities and Investment Commission and Chairman of IOSCO (International Org of Security Chiefs) and his minions have been telling various governments there are no "systemic" issues in the banking industry.  What fools he must of thought he was preaching to, and after all, it was his good mate ex Federal Treasurer Wayne Swan who got him the top job at ASIC after he made a hasty retreat from the U.S. regulators over the Societal General debacle.  With his expertise in securitisation of mortgages, why settle for $800,000 as a top public servant when you can earn millions elsewhere, unless there are some ex gratia bonuses in the offering.

For years it's been BFCSA firing most of the bullets at ASIC.  Now it's out in the open.  Now there is a Senate Inquiry into the Performance of ASIC coming up. Now people can put in their own submissions and the flood gates have opened. The more submissions I read the more I ask myself " What the hell have they been doing all these years". To merely pay lip service to all the people who have been wronged is criminal.

If hundreds and even thousands of people are coming to ASIC with problems and, even if it isn't exactly covered by their legislation, ASIC should be banging on the governments door to make them aware, so the legislation can be amended accordingly.  To bury it under the carpet and say there are "no systemic issues" is only delaying the inevitable. Heads have to roll NOW and starting from the top.  For far too long successive heads at ASIC have buried the truth and this self perpetuating lie has flourished unchecked.

The good Senators have a thorough knowledge of the banksters' behaviour by now.  The CBA even had a security firm photographing people at Senator Williams fund raiser, so he knows first hand the tactics the banksters use.  

I just hope this time the recommendations the Committe make will be fully implemented by the new Federal Coalition Government. The Opposition Labor party will no doubt be counting down the days for Joe Hockey's roots and branch investigation into the banks.  The Labor party should keep him to his promise, although they never did us any favours towards a resolution to the problem.   So far this new government wants to get to the job and fix our problems. I hope that's the case as only time will tell. Thanks Neil T.

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  • doyla66
    doyla66 Wednesday, 13 November 2013

    Heads of the Lending institutions need to roll as well Neil. I say lets start with the Nab. Funny thinking about Cameron Clynes head rolling. Where do you think it might roll to? Straight to that burning place where the devil lives I would think, where he would probably meet up with all the shyster Nab executives that have manipulated and ripped innocent aussies out of their homes. Oh!! I am a wicked old girl.

  • doyla66
    doyla66 Thursday, 14 November 2013

    Warning shots have been fired now lets start the war.

    I would hope every single person who has been wronged by our miserable crooked Banksters can be satisfied with their own efforts to expose the criminal behaviour we have been subjected to. I am in the throws of putting final pen to paper in my FOS claim/submission today and after about eighteen months of fighting for justice I have reviewed every bit of information over the last few days as we do the final collation. I am staggered that we have had to explain this gross injustice for a fourth time. I am aware that FOS and other regulators must dot their I's and cross their T's but the information is glaringly obvious and shouldnt really need the over explanation that we have had to go through. I think that maybe our regulators are hoping that we will make a mistake or an omission that they can jump all over and throw out the case, that would be fine with me now if they throw our case out I will head straight to the media. I feel all BFCSA members have been extremely patient and Denise Brailey has done an amazing job bringing exposure to our cause but if we get no backing from FOS, COSL, APRA ASIC all the other toothless consumer assisting agencies (so called) we have to use another method of exposing the real truth. Our big chance rests obviously with the Senate Committee but will government back their findings? who knows, and it appears that maybe our treasurer Joe Hockey after all his bleeting about his "ROOT & BRANCH INVESTIGATION" has gone stone cold on his pre-election rant.
    We all fired our warning shots that we intend to expose this injustice enmasse by putting in our Senate submissions (well done to all those who did) but if we are again disregarded after what is an obvious misappropriation of our trust we must go to WAR on the Banksters. There are still investigative journalists out there that have morals and decency and a real appetite for exposing the real truth some are already aligned to Denise and we want them and many more assisting us to get it out there to the world.
    Its high time that our fight was aligned to many other countries who are taking their fight to be heard to the streets and shouting from the highest hills WE HAVE BEEN WRONGED AND WANT OUR LIVES BACK.

  • doyla66
    doyla66 Thursday, 14 November 2013

    Yes Sam..pull the pin/s and spray the floor...my barrister asks of me yesterday.. "why would they want all this trouble"? Greed!!!

  • doyla66
    doyla66 Thursday, 14 November 2013

    Banks seem to belong to a different species to the rest of us. Their values are so different. They are foreign. Their wasting of money appears totally insane by Australian standards.
    If govts take the corporate view of the world and, by default, so do govt agencies like ASIC etc, we'll have a split society where the little guys, small business and sole traders are paying to feed these bloated toads of corporate greed. Of course ASIC "advises" govt to bail out banks: ASIC are on life support from the public purse as well!
    Let them crumble and fall, deflate and downsize, they're parasites and invaders in our normal Australian way of life. Aussies are very adaptable: the international corporates aren't as skilled.
    Let them suffer: it's the only way they'll change at all. Do not support their addiction to greed, gambling and the thrill of the kill - winning at all costs. They're sick bast*rd businesses. Let them die back naturally, as is right in a recession. Banks and the public service: too big for health, too big for success and unsustainable as they are. Pruning shears my weapon of choice!
    After all, we ordinary Aussies are the MAJORITY!!

    All the best Andy and every best wish for success! :)

  • doyla66
    doyla66 Friday, 15 November 2013

    I wonder if the Banks/Lenders have shares or some other interest in Gadens or other Law Firms?
    Expose the back stories on all of them and see how their trail of deceit links up the players ... and others/agencies/internationals.

    BTW....
    Quick search of Wayback Machine shows no reference to "Greg Medcraft" or "Medcraft" that includes Greg. Strange.
    No sign of Societe Generale (Soc Gen) having a website prior to July 2009. Hmmm.
    Recommend reading US Case FHFA vs Soc Gen for Fraud.
    Seeking Organistional Chart for US Soc Gen 2001 to 2007 - any suggestions? Maybe annual reports?

    ASIC should be given the task of regulating securitisation to death if Australia has to put up with this bastardised "lending". Something for ASIC to do while they sit and knit, waiting for the guillotine to fall and heads to roll.

    On with the People's Revolution!

  • doyla66
    doyla66 Thursday, 14 November 2013

    A big problem is the amount of control the banks have over the FOS and ASIC. The banks just walk all over them.

  • doyla66
    doyla66 Thursday, 14 November 2013

    We are all on the same wave length it seems. We have all worked out that it is the Banks that are holding a gun to ASIC's head but ASIC are enjoying the benefits. What is wrong with society these days.? Money/greed of course. What else can it be? These days no one is going to do anything for nothing. It is a mercenary world we live in. There is no give only take and the worst part about this is Banksters are taking advantage of the system, a system created by the Banksters, ASIC,and FOS and the Banksters are taking advantage of all of us, which is immoral. When the Banksters have had enough they will spit our ASIC, FOS without a second thought. This present unconscionable system allows the baddies to gloat. One thing I have learnt with age is "It is always darkest before the dawn" sounds corny and old fashioned but it is so true. Our efforts will be rewarded. We are not the baddies the Bankster /gangsters are. Things always have a way of turning around for the better.

  • doyla66
    doyla66 Friday, 15 November 2013

    This can no longer be pushed under the carpet, not now with all the Submissions of complaints against Asic. Asic cannot deny any longer, not when there are hundreds of complaints and proof right under their noses. The time has come for Asic to own up to their blatant lies and start telling it straight. They are now cornered and will be defeated by thousands of us with truth and evidence.
    As they say, the banks may be too big to tackle or lose but we as a nation can change this, they can be brought down to size. All it takes is persistent people power and standing up in strength for justice.

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