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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: Australian Banking Cartel of Despots dictating our Financial System

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Dear members

Both sides of pollitics have now put on the gloves with a September 7 election looming, already the airwaves are inundated with election fever. I cannot look at both candidates without an air of disdain, We have written to Julia Gillard, Kevin Rudd and Tony Abbot in turn and all have failed to even acknowledge our existence, how many bfcsa members are in the same boat ? 

I doubt whether we would see either party leader in our  electorate as we are not a marginal seat BUT if they did come I would try to speak to one of the media to ask  the party leader what commitment they are prepared to give victims of Australia's own sub prime lending scandal, put the person on the spot without their spin doctors to guide them. I doubt that in a crowd we would get a chance to voice our complaints and a lot of the time its only the party faithful invited to these functions. 

The refusal of both sides to openly admit there is a problem in the Australian financial system is both frustrating and alarming.  By not admitting there is a problem won't make it go away. If they admit there is a $100 billion n scandal looming, are they worried about the whole Australian banking system collapsing?

Why is Australian politics  slave to the bankers' whims? Kevin Rudd imposed a levy on deposits last week and straight away the  bankers mouthpiece Steve Minchenburge said it would be passed on to customers. We now have a cartel of banking despots dictating  how the financial system and regulators work to their advantage................ and even a change of government won't affect the status quo. Thanks Neil T.

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  • doyla66
    doyla66 Monday, 05 August 2013

    Agree, Neil.
    Typical precious Bank threats.
    I'd love to know the details of the agreements reached between regulators, govt, all political parties and Banks since GFC. I'm getting the picture it involved laying off the Banks and trying to keep their unlawful conduct out of the spotlight of public censure.
    The cost of the levy to the Banks and credit unions is tax deductible ie. no actual cost to them.
    Thus double dipping to ask customers to pick up the tab. No chance :)
    Notice nothing yet from Abacus on behalf of the credit unions :) - hope they keep this up as it makes the Banks look like the whingeing threatening spoilt immature willful sniveling secretive little stand over merchants that they are.
    At some stage a government minister must be found who is willing to stand up to Munchenberg and the Banking cartel, on behalf of the Australian voters. Their record to date makes the government look like wusses ...
    If any Bank attempts to pass on the proposed cost to account holders we the Australian people will vote with our feet. Whether we have a small account for our pensions or a savings account, it makes no difference. We have a real choice to dump the Banks and let them just deal with it. We could also use our accounts as leverage to negotiate a no fee arrangement, if we could be bothered playing dice with the devils again. :)
    If enough account holders stop depositing money to the Banks could they make the capital reserve compliance harder?
    If it dropped low enough then APRA would have to suspend the Bank's credit license - assuming that APRA were willing to be "less flexible" and more in keeping with the regulations, requirements, Basel III and IV, and the Law ie. the assumed expectations of the Australian public. (It's amazing how many financially educated people don't yet realise what our Banks have been up to...)
    Overseas Banks, e.g. in the US, may think twice about trading with non-compliant banks.
    Australian Banks could lose their nonsensical triple AAA ratings, which have some of their roots in fraud loans anyway ...
    And everyone with any sense would go off and use local community credit unions and buy all their food from trusted local suppliers, because of their lack of trust, making the free trade agreements look silly.
    Not impossible if enough Australians wise up to what free trade, globalisation and open season banksters have done to our country - and the moral compasses of politicians, regulators and formerly proud Australian companies.
    Imagine that ... ;)
    Could we make sure that every candidate in the election has a clear understanding of Loan Fraud, like a fact sheet, in addition to our letters to them asking where they stand on this unlawful conduct? That way no one can say they weren't aware, warned, given the real story ... etc.

  • doyla66
    doyla66 Monday, 05 August 2013

    ABA = Australia's Bank$ter Ar%eh#les

    Well said Lisa--next ABA's, Munchenberg & Bank$ter cabal shall demand depositors pay 'their' tax on ill-gotten gains to rub salt in the wound?

  • doyla66
    doyla66 Tuesday, 06 August 2013

    Silly Silly Pollies done over again

    They have done it again. Our dopey pollies have allowed the banks to manipulate the system in their favour. No outlay to the banks with this new plan of so called protection just pass it on, the community will cop it. Just wait until the bubble bursts and all this fraud is exposed the banks will be protected but guess what pollies you will be ousted for using public money to bail the banks out again. Our banks will never learn their lessons if we keep putting public protection money in place to cloud the crime, yeh sure we are going after our regulators now but that would be unneccessary if our banks were not crooks. The next level of government dependant aged pensioners will be a massive growing list and they will all have nothing. So many of us BFCSA Members are in the same boat honest hard working Aussies setting up a financial future to be non burdening self sufficient retirees. I will now be very proud to say I am going to be a fully Government funded retiree with not a penny to my name living week to week, day to day hand to mouth as a total burden on the system. Where as before I was robbed by my bank I could say well Government you dont need to look after me I will support my own interests and hell maybe I might even contribute back to the ecconomy by buying new goods travelling and spending. But alas that will not be the case lets just leave the banks ripping off the system destroying lives and dictating the terms. After all Mr Rudd and Co the Banks will return the favour three fold, they will continue to rip common folk off as they are now or find a new scheme, they will send all their dollars offshore minimise their tax as usual and fail to employ Aussies sending all their jobs to Malaysia, Indonesia and India. Beautifly done our Pollies you can certainly see why we protect our banks so much they are such contributors to our country's future, well at least honest people are now aware of how much they have F#%ked up our past. Lets all hope we get "A NEW WAY".

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