BFCSA Blog

Justice Steven J. Rares was blunt when he handed down his judgement in the long-running class action, Wingecarribee Shire Council vs. Lehman Brothers Australia, last week. Grange Securities, a subsidiary of Lehman Brothers, had engaged in “misleading and deceptive behaviour” in promoting sub-prime derivatives…Author Pat McConnell Honorary Fellow, Macquarie University Applied Finance Centre at Macquarie University Disclosure Statement Pat McConnell does not work for, consult to, own shares in or receive funding from any company or organisation that would benefit from this article, and has no relevant affiliations. The Conversation provides independent analysis and commentary from academics and researchers. We are funded by CSIRO, Melbourne, Monash, RMIT, UTS, UWA, Canberra, CDU, Deakin, Flinders, Griffith, La Trobe, Murdoch, QUT, Swinburne, UniSA, UTAS, UWS and VU. Articles by This Author 18 September 2012 Protecting taxpayers from systemic risk should be at the heart of APRA changes 13 September 2012 Debunking the myth of...

"It is not necessary to bury the truth. It is sufficient merely to delay it until nobody cares -- Napoleon Bonaparte" This must have been the motto of the Australian Public "Masters" for years! The unelected have run the country. Look at the results. More bureaucracy and less democracy. That's how they created "stability" - a hung parliament is the perfect justification. And nothing really changes beyond the window dressing. "Great coats on - great coats off"... Their objective? "Maintain the status quo and our positions and pay rises, our power and security ie. basically more of the same while politicians come and go. We run this country - forget that at your peril. Don't call us/treat us like public servants." And they're nasty if you try to threaten them in any way - not really nasty publicly, of course. It's all behind closed doors - that's how political power works....

For years Gadens have had the lion's share of the action in the Australian Mortgage Fraud. It is a matter of public record that they have defended the perpetrators of Fraud, orchestrated the bullying and repeated efforts to intimidate blameless and innocent home owners and witnesses to the Court hearings all in the name of "Justice" - and been allowed to get away with it by some of the "bank blinded" Australian judiciary! If you'd like a few samples of Gadens' handiwork on behalf of NAB, Bank West, Ing and others use the BFCSA blog search engine or see austlii.edu.au Gadens aren't the only lawyers willing to do this type of work.  After all this BANK SCAM has been going on for years under the watchful eye of both major Australian Political Parties. All borrowers and BFCSA members should check their documentation and report in with a list of all legal...

David Collyer was right. Denise's evidence and assertions are based in many years' research. There is no room for speculation in the black and white of her evidence. It's FRAUD. What is more it is intentional, premeditated and well organised systemic fraud. How can the regulators and the politicians deny the facts and keep their credibility? They can't. Further evidence has been revealed since the initial hearing at the Senate Inquiry. It underlines the even greater need for a Royal Commission. The Australian public want the truth. Investors want the truth. Borrowers want the truth. Our international reputation is also under scrutiny. Surely it is part of the job description of any chief regulator or parliamentary representative to supply informed, well-researched answers not off the cuff comments based on assumptions and their own opinion in order to protect their jobs! They are paid handsomely to supervise and ensure the stability our...

Things are not looking good for the government. Australia is getting further into debt. They have caught the debt disease too. Debt is not the solution - debt is the problem. When are they going to eat humble pie? Rather than become further indebted to foreign interests, would it not be better .... To ask the Australian Banks for their $55 billion bailout back? To ask the IMF for the $7 billion Aussie donation to the European banks? To look at the money Australian and overseas banks are syphoning out of all Australians? To seriously look at how the Australian banks are rorting the taxation system? To attend to the serious level of inefficiency and waste in all the regulators, especially ASIC? .... just for starters! Decisive action is needed yesterday. White collar and banking crime is costing Australians everywhere. Softly, softly with financial criminals has not worked and will only...

  Published 12:05 PM, 20 Sep 2012 inShare http://www.businessspectator.com.au/bs.nsf/Article/AOFM-sells-1b-of-Treasury-notes-YB3X2?opendocument&src=rss AAP The Australian Office of Financial Management has sold $1 billion of Treasury notes in two tranches. The first tranche was worth $500 million and matures on December 14, 2012. The second tranche was worth $500 million and matures on January 25 2013. The first tranche of the notes were sold for a weighted average yield of 3.3542 per cent, attracted bids that totalled $1.255 billion, giving a coverage ratio of 2.51. The second tranche had a weighted average yield of 3.2788 per cent, received bids totalling $1.990 billion and had a coverage ratio of 3.98. ...