Dear Members 

The depth and breadth of the Senate submissions so far is quite astounding.  As you would expect the bulk are aggrieved borrowers and investors who through the failings of ASIC to do the very job they were created to do, failed dismally which resulted in many borrowers facing financial ruin.

There is a huge cross section of Australian society involved, everyone from senior legal university academics, various law firms, business leaders, state and federal government agencies, banks, brokers, consumer groups and of course the multitude of victims and the list just keeps getting bigger.

There are definite patterns forming, as expected all state and federal agencies have circled their wagons and given ASIC the thumbs up to protect their public service brothers and sisters.  The legal fraternity seem to favour them as well.  I suppose whilst ASIC exists there will be plenty of work for them. Its quite obvious  some submissions want to placate ASIC and not rock the boat. Its obvious the ones that benefit from the regulators lack of conviction by the way they state they are happy with the status quo.

I have read all the submissions to get an insight into how others interpret the dilemma we all face. At times while reading the victims statements I have to stop and take a deep breath  before continuing to read about the inhumanity these poor souls have had to endure. I have stated in previous blogs that we should have victim impact statements read out at the hearings to try to get the message across to Greg Medcraft and his minions.

This man has moved amongst the upper echelons of money and power for too long.  Many of the problems the world faces are of his and his high flyer bankster mates making, and thanks to Wayne Swan, he has gone from law breaker to law maker and has the hide to hold court over the victims he and his mates created.

The good Senators will have their work cut out for them.  Some of the submissions are quite lengthy especially the bureaucratic government ones and there will be the pro- ASIC pile, then the victims pile, but there are some powerful ones in there.

Members, luckily there are some caring community leaders out there who have taken the time and effort to make the government aware of the suffering the people are under as a result of the banksters and their followers greed and ASIC's lethargy.

A rural G.P ( submission 232) and a chemist have put in submissions stating the devastation and break down of families these bankster orchestrated loans have caused. There's none of ASIC's or the banksters b/s about everything being rosey, its the factual truth of what happens when the government watch dog lets the greedy and malevolent banksters off the chain.

I look forward to the hearings. Thanks Neil T.