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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: White Collar Crime In Australia amongst Banking Elite at all time high. Treasurer Hockey and Minister Cormann have nowhere to hide.

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Its seems Federal Treasurer and Finance Minister Cormann were too quick to say NO to Royal Commission into Banking.  The simple answer ought to have been YES.  Now the warranted mistrust and lack of confidence in Banker Elites and their captured mates at the Australian Securities and Investment Commission ("ASIC") and the Australian Prudential Regulatory Authority ("APRA") has rubbed off onto the Government itself....all because of a three letter word: NO!

The Treasurer should have known better to defend too quickly, the indefensible conduct of Bankers under the self-regulation regime for privileged Bankers who preyed on the under privileged and put profits before people.  No matter who is to blame, this problem must be exposed and severely dealt with.  We cannot stand by and see $10 million bonuses per person to those who ran amok leaving clients in financial ruin and without homes.  How does that help the economy.  The Bankers were the Engineers of everyone of these products and Retirees and Pensioners were the prime target.  

Our society is governed by money - therefore money should be heavily regulated, policed and an active enforcement of LAW, the opposite of which is ANARCHY.   We have strong laws back 30 years - no-one was policing and laying criminal charges so white collar crime took hold as it has in every other lawless democracy.  

The Federal Government led by Tony Abbott as Prime Minister must stand up and say: WHO WHAT WHY WHEN AND HOW DID THIS HAPPEN? 

Minister Cormann is trying to sell his "watering down of consumer protection laws," with a political fire storm created by Banker Greed is raging all around him.  Shame on you.  If you believe all these oldies will not come jumping out from the trenches and charging into Parliament.......you need to rethink your message to retiring educated, experienced  baby boomers.  This is when NO means YES - Royal Commission into who gave banks immunity and why and why were there no consumer warnings as to stop the carnage head on?  You cannot water down laws, when you have deliberately attempted to sabotage a chance to find out WHO AND WHY.  You appear to have been given the poison chalice - remember your anger at spruikers a year or so ago? You knew Kell was lying - back to 2001......you knew the Bankers were funding the Spruikers.  

Mathias, you need a better set of spin doctors. 

The recent and gruelling Senate Inquiry was into ASIC's neglect of consumer protection, in all areas of financial products and services.  The Inquiry revealed so much more thanks to the leadership of Senator Mark Bishop and the dogged persistence of Senator John Williams.  

It is the SENATE INQUIRY into ASIC that has called for 61 recommendations to be adopted including a Royal Commission into the types of faulty products engineered by the Commonwealth Bank of Australia and then sold by and army of commissioned salespeople with a two week certificate, who were paid to sell BANK PRODUCTS.  

CBA deliberately concealed the product risks (distressed property development syndrome) from the unsuspecting sales team who were dressed up as financial planners and told :"you will be helping people."  Yes Sir....helping them into an early grave - stress, depression, suicide!

Meanwhile the greedy Elite Bankers given "Class order immunity" from prosecutions by a captured regulator known as ASIC, peddled these high risk investments to the most vulnerable in our community that for decades had never done anything other than plan for their own selfish retirement, at the expense of thousands of victims.  CBA was not alone - all banks were playing the same game as a CARTEL.  We presented the proof to Parliament in 2012 and again in 2014 and BFCSA members demanded a Royal Commission and sent in submissions as to why.

Not satisfied, these wretched Bankers, eager for more profits and bonuses controlled the entire operation but with the help of so called "clever lawyers" thought they had escaped liability and therefore punishment.  They set up a second army of Mortgage Brokers to rip-off Pensioners with Low Docs loans and grabbed 85% market share of this INTEREST ONLY - no-way-out 30 year loans - till death us do part via unimaginable stress.

BFCSA and its predecessor RECA uncovered both version of these banker scams in 1999 (reported then in Joint Committee in Tas) and reported as much to ASIC.  ASIC has now admitted on the Senate website in "Additional Documents" it incorrectly advised Parliament...meaning it had to eventually be bullied into admission IT LIED!  And, so did CBA.  Instead of 3000 victims (intentionally misleading Parliament) the Senators said: "hang about.....we now have evidence presented there are 10,000 plus!"  ASIC and CBA conspired to throw that last bnit in to hidden boxes after the hearings were completed!!!!

Jail is the only appropriate place for all ASIC Commissioners and Chairman and Deputy that were responsible for this 1998 - 2014 cover - up.

Stealing with INTENT is a heinous crime and worthy of a custodial sentence.  ASIC has no appetite to take cases to the Federal DPP, lest they incriminate themselves.  The obvious ASIC habit of bullying whistleblowers and downplaying the wisdom of independent consumer groups and sources should be the first thing to be examined by the courts.  CBA is the biggest and most obnoxious of all the Major Banks but the others were all doing the same thing!  We all know that to be true.  Then smaller lenders said: "me too" and some were subsidiaries of the Majors.  

Consumers do not benefit from this "free market" thinking, but a few Bankers do.......................and took full advantage.

For all the above reasons, there has to be a ROYAL COMMISSION into the Banking and Finance sectors IMMEDIATELY.  

My message for the Prime Minister, the Finance Minister and the Federal Treasurer is simple: "NO SOUP FOR YOU...........................until you acknowledge you are fully conversed in what this issue into Banks is all about. "

My door is open and I am happy to brief all three of you.  NO to a Royal Commission into the cover up of Bankers and ASIC is not an option.

This email address is being protected from spambots. You need JavaScript enabled to view it.

Memo to Joe,  I am an aged pensioner now after doing 30 years of voluntary work, plus holding down jobs and winning awards for services to community.  Do not preach to older persons about living frugally on soup bread and vegs after you flew your own chef and truffles to New York for a quiet $40k lunch.  Not a good look.........................taxpayers are not amused.

 

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Guest Thursday, 26 November 2020