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CBA AGM - Sydney - Protestor Silenced .... according to this report ...

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10.58am: The first bits of news are escaping from the CommBank AGM, with chairman David Turner telling investors the demand for credit would remain subdued while the world sorted out the current economic mess.

In Australia, Mr Turner said while he was optimistic about the medium-to-long-term outlook, the local economic climate remained uncertain.‘‘It’s difficult to see the catalyst for alleviating the uncertainty which will continue to affect consumer and corporate confidence,’’ Mr Turner told shareholders.

‘‘So, in the near term, we expect demand for credit to remain subdued and we will retain our conservative business settings.’’

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11.35am: More from the CBA AGM, chairman David Turner said it was unlikely there would be any significant improvements in macro-economic conditions in the coming year.

There were no signs of a sustained recovery in the United States, and it was difficult to see how Europe could resolve its problems quickly, he said.

While the medium-term outlook for the Chinese economy was sound, there was still short-term uncertainty and volatility which would affect the pace of economic growth there.

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12:12pm: BusinessDay's Gareth Hutchens is at the CBA AGM with some interesting news:

Less than one minute into Ian Narev's address a protester in the front few rows tried to stand up, it seemed he was about to yell something, but he was swiftly tackled to the ground before he could do so.

Mr Narev kept speaking while a phalanx of security guards subdued the man and escorted him - limping -  out of the auditorium.

They kept the man in a ‘secure’ area outside, and would not let the media approach him. We don't yet know what he was trying to protest about.

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2.05pm: Across the country to Sydney and the Commonwealth Bank AGM, where chief executive Ian Narev was tight-lipped on interest rate cuts but did say customers are paying off their mortgages faster, rather than reducing their repayments.

That isn’t a question of whether you pass on 25 basis points, 20 or 18, that is a function of what individuals are choosing to do, which is to accelerate repayment of debt. In these sorts of economies where people are looking northward and seeing a lot of ongoing volatility, it would be wrong to assess the wisdom of any particular RBA move based on what happens in two weeks or a month later, it’s a much longer game than that.

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3.10pm: More on the protester that was tackled to the ground and escorted out of the Commonwealth Bank's AGM:

The protester who was taken out by security guards was from a group called Unhappy Banking, reports BusinessDay's Gareth Hutchens.

The group represents Bankwest customers who say the bank forced them to default on their loans in 2008 – forcing many out of business - by charging unconscionable penalty fees to push them over the edge. 

They say this happened after Bankwest was taken over by Commonwealth Bank, for $2.1 billion, when its owner at the time, HBOS, was struggling during the financial crisis. 

Both banks have strenuously denied the group’s claims. 

The protester, Ross Waraker, said he was trying to stand up to make a “small, brief, symbolic, peaceful protest.” 

“I was going to hold one of these signs up, and the next minute I got crash tackled,” he said. 

Mr Waraker said he was going to hold up a foam sign cut into the shape of a coffin, with the Commonwealth Bank logo attached to it. 

He said it carried the words: “RIP 1000 businesses. Project Magellan. CBA hurting their communities, staff and customers.” 

Project Magellan was the name of the bank’s controversial wide-sweeping audit program that re-valued the loans of more than 1000 of its business clients.

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  • doyla66
    doyla66 Tuesday, 30 October 2012

    CommBank:- "Project Magellan"

    21:50: AGM protester is bound for a prison camp in the Urals city of Perm, a location used to jail 'project magellan' prisoners in this Bankster era. The protester, Ross Waraker, from a group called 'Unhappy Banking', has not yet arrived, but says..."the banking system itself is crumbling.'s becoming more repressive...those in financial power have very strong fears, and their behaviour is more and more wild....we could end with a total collapse, like the Icelandic event."

    2250: 'Unhappy banking' figures say the punishments, to Mr Waraker, formed part of a wave of repression against opponents of Australian banksters, now in it's 15th year ruling over AUS citizens, who have faced harsh, bankster-style prison camps, where their lives may be in danger, due to a total lack of bankster regulation and no hot water due to energy rationing, amid sub-zero winter temperatures, according to a recently released "Unhappy Banking" member.

    2350pm: The first bits of news are escaping from the CommBank Urals [aka as "The Urinals"], with chairman David Turner telling investors that the "protestor deserved what he got", because of his "punk prayer" in the auditorium - earlier today - CommBank's main "cathedral of finance", during which the foam-clad Mr Waraker played Pussy Riot's protest song which began with the phrase "Virgin ASIC, Mother of Banksters, banish Turner, Virgin ASIC, Mother of Banksters, banish him, we pray thee". appealing to CBA shareholders --as Chairman Turner is hurting their communities, staff, customers, and threatened the moral & financial foundations of the Commonwealth of Australia,"...and when people hear the lyrics, they immediately understand the purpose of our action", Mr Waraker said.

    "[Viewers] didn't see us, they didn't hear us, because the federal regulators have done their best to cut out our speech," he said. "They would cut all the episodes from the video [of Unhappy Banking performing in the cathedral], where you could hear the lyrics of the songs."

    Asked about popular hostility to the banksters, Turner said,"... that ASIC had used its control of state media and television channels to present a distorted picture of Unhappy Banking's performance".

    An Unhappy Banking spokesman said it's top priority now was to campaign to free the groups imprisoned members and it would call on other members for help.

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