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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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Its time for the" No Systemic Numbers" of loan fraud to be exposed and for Truth to emerge at last!

Posted by on in SENATE INQUIRIES
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Dear members

Its the ground swell of public discontent at ASIC's performance  that has now reached tsunami levels. Even on short notice of dates and venue BFCSA's presence will be felt. After ASIC head Greg Medcrafts appearance we are up against a majority of hard hitters who are predominately pro-ASIC from the ASIC Gene-Pool, you can form your own opinions because each witness has a submission number next to their title so you can refresh your memories.

I have read all the submissions to the Senate hearings and all those who are pro-ASIC seem to be people who have something to gain either directly or indirectly as ASIC stands in its present form . Some of the witnesses gain monetary profit from ASIC's inaction and others are protecting their jobs and futures while others are trying to protect the supposition that they weren't performing their duty of care to the aggrieved consumer.

Denise is the last cab off the rank Thursday afternoon which is a good thing, all the heavy hitters after giving evidence mightn't hang around but Denise and her little band of supporters will be there to give the evidence to the people who really count "The Senators". Any falsehoods or even out and out lies which might of been given by previous witnesses can be called into question and challenged, lets face it, its going to be interesting what utter bull and lies will come from Greg Medcraft's mouth and he is just the first to speak because on Thursday we have Commonwealth Ombudsman Colin Neave and then follows FOS luminaries Shane Tregillis and Phillip Field and finally we finish with "the fast and furious" COSL heavy weights Raj Venga, Scott Goodison and Allison Dam.

How many BFCSA  members have received take it or leave or go get a lawyer "letters" from the above names ?

Even mentioning their names evoke bad hardship memories.

There. is a large  contingent of senior  law academics and professionals represented and we all know they will say the laws and regulations ASIC have are good and comprehensive but that's not the point. Yes a lot of the laws are adequate but its ASIC's failure to carry them out that is the problem. Most of us wouldn't be in the position we are if only they had done what they were mandated to do which is to protect the consumer with the laws they have at hand.

How many people work at ASIC, FOS and COSL and yet with all the legal specialists both internally and externally thanks to the banksters providing their own lawyers to tell the government how to protect consumers they still can't get it right? I  ts proven to be a complete waste of money over to many years and there has to be a cull in senior management, people have just become to comfortable and lazy in their positions and won't rock the boat as well as pressure coming from above.

From past experience no federal public servant will sign off on anything without getting clearance from above.

Finally it doesn't matter if you don't make it to the hearings, its Denise getting her chance to hit them with facts that counts and not all the B/S that will precede her. A few of us will be there to back her up and I'm sure 2014 will give us the media exposure which is long overdue.  So come next week while some of us sit quietly listening (because we were taught to obey the rules) I can just imagine the expletives coming from members mouths as they listen to the likes of Greg Medcraft speaking drivel.  

So I suggest you all record what you hear and some will take notes because whats said on record will come back to haunt those who mislead Parliament and pretend that ASIC is running smoothly, when the opposite is the truth and we all bear witness to what is really occurring in the world of high finance and captured public servants.

There will be transcripts in Hansard's a few days after the hearing and history is recorded.  Thanks Neil T.

 "What a bunch of Banker Mates.............."

 

 

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  • doyla66
    doyla66 Saturday, 15 February 2014

    Too right - their system - their crisis - their rules - their lies - time now for a good dose of their own medicine! Must be a lot of script rehearsing going on over the weekend behind closed doors. If I were any of those Regulators I wouldn't be bothering and would be instead packing my bags for a hasty exit while there is still time!

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