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BFCSA
MORTGAGE
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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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Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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Subscribe to this list via RSS Blog posts tagged in APRA asleep at the wheel
Deary me.  Do we have no-one capable of telling the truth in Government and in particularly Treasury?  35% of loans are business and commercial?  So how do the banks account for the thousands of loans issued to pensioners and the documents were doctored to show "Self Employed" and then with a FAKE ABN attached that the borrower did not discover until BFCSA told members and Parliament in 2012.  Bank BDMS (Officers) sent emails to all 11,000 sellers of the broker channel: "you can now do ABN's for a day"...These loans were classified by Four Majors as "business"........................APRA never look behind the curtain and that's scary.  BOO!  Then again APRA told the Parliament 8 August 2012 there was only a 10% risk with RMBS Packs.  Then when I threw a few facts to dispel those myths onto the Senators' bench, Treasury announced it has scrapped the AOFM's purchasing of these products using...
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Remember when APRA chief told the Senate Inquiry into Banking POST GFC August 2012 "no systemic issues in banking!"  So everyone waking up from slumberland are we?  I will notify the long suffering consumers caught in these diabolical frauds in the Banking Sector. Bring on the Royal Commission into Banking as the regulators are dragged screaming and kicking into the sunlight?  Am I being too harsh here?  Ask the overpaid Dr John Laker if he has lost his home? Wakey Wakey............................. http://www.smh.com.au/business/banking-and-finance/banking-regulator-gets-tough-on-home-loans-20140718-zubfv.html Banking regulator gets tough on home loans Banking and Finance Date  July 18, 2014 The financial regulator has taken its concerns about the housing market to the boardrooms of Australia's biggest banks, in recent months asking chairmen to spell out how boards were managing lending standards responsibly.  Wayne Byres, the new chairman of the Australian Prudential Regulation Authority, on Friday gave fresh details on how the regulator has sought...
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https://www.businessspectator.com.au/article/2014/6/30/property/apras-inaction-brings-housing-crisis-closer APRA's inaction brings a housing crisis closer Callam Pickering 7 hours ago 30 June 2014   Is it time Australia took the plunge and introduced measures to slow household lending?   Given our similarity to both New Zealand and the United Kingdom -- from heritage, institutions and yes, housing -- it is time that we stopped being complacent and took steps to limit the potential fallout from a housing downturn.  Last week the Bank of England followed the lead of a range of other countries -- such as New Zealand and Canada -- and introduced measures which intervene in mortgage lending markets. Under the new rules, only 15 per cent of new home loans will be allowed to have loan-to-income ratios of more than 4.5 times (Will APRA follow in the BoE’s footsteps to reduce mortgage risk? June 27). This followed the Reserve Bank of New Zealand, which has already introduced...
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http://www.macrobusiness.com.au/2013/10/asic-blows-bureaucratic-smoke/ Posted by Houses and Holes in Australian Economyat 1:58pm on October 11, 2013   From ASIC chief Greg Medcraft................“Today, I want to set the record straight. My point is that in any foreign bribery investigation, criminal proceedings are the main game,” he said in a copy of his speech to the American Chamber of Commerce in Australia. “ASIC cannot – and will not – do anything to jeopardise the success of criminal actions. This is something the media has mostly chosen to ignore..........There are three points to make. ...................   The Four Corners expose on the case of corruption and bribery at RBA subsidiaries made the point that the Federal Police had investigated Securency then passed the issue to ASIC, where it disappeared.   From the ABC program: The AFP handed its evidence to the Australian Securities and Investments Commission (ASIC). In a statement, ASIC said it had reviewed the...
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  • doyla66
    doyla66 says #
    ASIC cannot – and will not – do anything to jeopardise the success of criminal actions. Huh? Does this mean ASIC will let the crim
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Risky Australian Lending Targeted as RBA Spurs Housing: Economy By Narayanan Somasundaram and Michael Heath May 25, 2014 11:01 PM EDT  3 Comments http://mobile.bloomberg.com/news/2014-05-26/australian-regulator-warns-of-rise-in-higher-risk-home-loans.html An artist's impression of a residential development is displayed outside a construction site in the suburb of Eastwood in Sydney. The Reserve Bank of Australia, which has held its cash rate at 2.5 percent since August, has signaled the housing upswing was needed to spur residential construction. Australia’s banking regulator urged mortgage lenders to maintain standards as higher-risk borrowing rises and home prices surge amid record-low interest rates. The Australian Prudential Regulation Authority is “seeing increasing evidence of lending with higher risk characteristics and it does not want this trend to continue,” Chairman John Laker said in a statement. Draft mortgage guidelines released today reinforce “the importance of maintaining prudent lending standards when competitive pressures may tempt otherwise.” The Reserve Bank of Australia, which has held its cash rate at 2.5 percent since August, has signaled the housing upswing...
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  • doyla66
    doyla66 says #
    Dr Laker is trying to avoid being blamed for this latest bout of lax lending practices? Fact is, Dr Laker, this has been going on
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Obviously, ASIC was a waste fo money - but then no regulatory oversight into financial products and services - run by the Banking Cartel - that's caused the Global Financial Crisis.  Sounds like Hewey Dewey and Louey in charge of This email address is being protected from spambots. You need JavaScript enabled to view it. Budget 2014: ASIC's funding cut in move away from financial sector oversight BY LEXI METHERELLUPDATED THU 15 MAY 2014, 9:17 AM AEST The Federal Government is cutting funding to the corporate watchdog, as it pushes for less regulatory oversight of the financial sector. Over the next five years, $120 million will be pulled from the Australian Securities and Investments Commission's (ASIC) funding. A spokeswoman for Finance Minister Matthias Cormann, the minister responsible for ASIC, says the saving is necessary for the Government to repair the budget. But less than a decade after banks sparked the global financial crisis, the Government is signalling it wants to reduce regulation of the sector. Parliamentary Secretary...
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If every BFCSA Member was sitting in a single auditorium tonight, watching FOUR CORNERS, a roar and thundering applause would be heard from all those who have suffered at the hands of the FOUR MAJOR BANKS.  Tonight was one peak at fraud, forgery, misleading & deceptive conduct, shredding documentation, cover-ups and lies at the hands of executives and lawyers at the Commonwealth Bank of Australia.  Yes on the surface it appears to be a "Rogue Planner," who was well paid for his silence.   Yet decent Planners have been speaking out that over 100 Planners in the same bank were all doing the same things, under instructions from CBA, driven by huge commissions paid by greedy bankers, with some of these banks recording $8 billion in profits per year and more.  Shareholders have no idea of the risk exposure they are under right now. Industry bods have been at pains to...
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  • doyla66
    doyla66 says #
    I remember I signed up for a con Bank Credit card due to a promotion. I never got the $50 promised as a reward. They cleverly avoi
  • doyla66
    doyla66 says #
    CommBank say they've cleaned up their act re rogue financial planners. Who believes it? CommBank were defending their concept of "
  • doyla66
    doyla66 says #
    Today I witnessed why all our cries for help to our elected leaders since 2007 have failed. We would of been better served to make
  • doyla66
    doyla66 says #
    How very interesting knowing both CBA and ASIC refused to take part in the story. Another huge admission of guilt of course re wh
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Debt-plagued lender gets another reprieve       inShare by Calida Smylie | 08 Apr 2014  http://www.brokernews.com.au/news/breaking-news/debtplagued-lender-gets-another-reprieve-186256.aspx   Troubled non-bank lender Firstfolio has received yet another extension on the maturity date of its $30.3 million Commonwealth Bank senior debt facility.CBA had given the company until 7 April to comply with its loan covenants but has extended the deadline to 7 July, according to an ASX announcement.The company said it was considering alternative proposals from a number of parties.“CBA’s extension of the maturity date of its senior debt facility will allow Firstfolio time to progress these alternative transaction opportunities,” company secretary Dustine Pang said.Firstfolio reported a heavy loss of $300,000 for the six months to December, compared with a net profit of $1.8 million in the previous corresponding period.Revenue was down 3% to $37.5 million and the value of the loan book fell by 2% to $18.5 billion.Firstfolio has had trouble paying its $30.3...
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  • doyla66
    doyla66 says #
    It's definitely time to get out of the credit industry, if possible. Much safer watching the cannibalisation of companies and the
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Changes to Penalties?  It's more of Australian Securities and Investment Commission ("ASIC") Chief Medcraft's Muddle and his equally mind-blowing smoke screens:  He wants parking ticket type fines increased for misdeameanors  BUT DOES NOT MENTION immediate action AGAINST LENDERS.  Lenders APPROVED these dodgy loans - every last one of them.  Medcraft's Banker Mates set up the consumers to enable the Banks to steal ordinary Mums and Dads homes and his Banker Mates set up the Borrower agents to take the wrap! Then there was the securitisation scandal re the Australian Office of Financial Management to buy the TOXIC products and and "profit from the fraud." Medcraft says he wants stiffer penalties but only takes the annual obligatory handful of actions via DPP, and only against the little cases - brokers with foreign names...........did you notice that?  Easy targets?  Not too much hard yakka?   Your bias is showing. Greggie, What about the...
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  • doyla66
    doyla66 says #
    Time to let you in on a few secrets I was told by somebody I know who just happens to work in a council. Councils are being given
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$3.5 billion reverse mortgage market a wasted opportunity http://www.brokernews.com.au/news/breaking-news/3-5-billion-reverse-mortgage-market-a-wasted-opportunity-179404.aspxby AB | 17 Sep 2013   The reverse mortgage market isn’t living up to its full potential and risks becoming a missed opportunity, according to Deloitte’s 11th annual study of the sector, released today. While the $3.5 billion market has clocked up more than 7% growth since 2012, the Deloitte report claims that, with the ‘tailwinds’ of the baby boomers retiring and an increasing focus on post-retirement funding, the opportunities in the equity release market are in danger of being missed by banks and other financial services organisations. As of 31 December, 2012, more than 42,000 senior Australian households had a reverse mortgage with total balances of $3.5 billion and James Hickey, the Deloitte financial services partner who led the study, says there’s obvious potential for even greater growth. “The size of the senior Australian population is set to increase by more than 50% in the...
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  • doyla66
    doyla66 says #
    Hear hear and make sure you read the fine print with a magnifying glass for they have been very busy sneaking inclusions into the
  • Denise
    Denise says #
    If you want to ask about the risks of Reverse Mortgage DO NOT ASK A BANKER or the broker agent! Very simple: Go and ask your ind
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The fisherman caught out by the low-doc loan DateMarch 13, 2014 - 1:29PM 43 reading now Read later Su-Lin Tan and Michael West   inShare submit to reddit "I am in a desperate situation now": Graham Filmer has fielded four letters from the Commonwealth Bank, which is trying to repossess his home. Photo: Supplied Graham Filmer used to earn a living 30 kilometres off the coast of Corny Point in South Australia long-line fishing for sharks – mostly bronze whalers, gummies and schoolies – and catching snapper. It was a hard life. Things had been better years before when he still had a licence to catch rock lobsters. The deep sea fishing took its toll on Filmer, physically. Five years ago, he developed rheumatoid arthritis in both wrists. Now he can't even reel in a hand-line. The boat Graham Filmer was forced to sell. Photo: Supplied Around the same time he was inveigled into...
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  • doyla66
    doyla66 says #
    Do you know that the fraudsters will have the cheek to say by giving you all this extra money. "We were helping you" Thats a good
  • doyla66
    doyla66 says #
    Yes we know the broker is the agent, we get that bit ..but at the final hour the banks approved 100's of 1000's of dollars to peop
  • doyla66
    doyla66 says #
    Yes indeed it is still happening. My loans are 2011 and 2012 And I defaulted in 2013 And $40k run up on credit cars to stop the s
  • doyla66
    doyla66 says #
    The customer/borrower relies on the bank to do the right thing... what CBA is telling Graham is exactly what all the banks are tel
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Another Reader - from Ali Absolutely spot on Robert. You hit the nail right on. The need to come away from selfishness and greed is a must in order to amend the financial, physical, and mental damage and return to better times. I just hope it won't be too long before some media outlet picks up and leads the way to exposing the truth around this shocking injustice brought upon the innocent and unsuspecting public. We the victims should have our fraudulent loans extinguished right away. We should not have to wait until someone in Government is willing to sort out the mess. This could take years and we just want to get on with our lives. It is so unfair to keep us imprisoned in this way as if we were the guilty ones. Bring on our deserved freedom.... ED:  One wonders why Bankers responsible for the dreaded SERVICE CALCULATOR are not IN...
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  • doyla66
    doyla66 says #
    One does have to be Poirot or Agatha Christie to work out what is going on with an ex-banker at the helm of ASIC and a bank heavy
  • doyla66
    doyla66 says #
    Nab managed to retrieve files and documents from 1972 from their files. Mind you I had seen our original files from our country b
  • doyla66
    doyla66 says #
    Yes of course the files are missing because they have been shredded in order to hide the evidence of fraud committed by the bank o
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Now the true warnings are about to appear on mass as everyone ducks for cover.  APRA has just woken up as to how Mortgage Fraud invades and destroys economies around the globe.  Welcome to the real world Mr Laker and the new guy.  Its been under your noses for 14 years..........Will you then say like American regulators: "we did not see this (GFC) coming?   BFCSA kept sending out warnings backed by the date.  ADI's is a fancy name for Major Banks. These APRA figures have been ditto back 10 years!!!!  97% LVR loans and also INTEREST ONLY LOANS to ARIP's.   Australian Regulators have been in SNOOZEVILLE for their ten year slumber party.  Where does APRA get its figures from?  THE BANKS of course.  Then Naylor blurts out that regulators are certainly aware of these issues.  Yes Phil and you were guilty of same covering up of true situation but...
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  • doyla66
    doyla66 says #
    Oh thankyou Mr Kusher. It brings me a great deal of comfort to know that “These mortgages are typically insured". What a relief
  • doyla66
    doyla66 says #
    Thanks to ASIC the Aussie dream of home ownership has been decimated - no longer called rags to riches and eventual security but a
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I have been a little busy this week.  I have just read ASIC's ridiculous Supp Sub 45.1  Omissions are in fact a criminal offence and ASIC excels in omissions.  In fact, if you want a good LAF, this report that took 5 luminaries two weeks to write, is a must read.   My team is busy listing the errors in law, untruths, misleading statements and unsubstantiated claims, and yes, we are listing the glaring omissions.  In fact, the ASIC document is an historical and at times hysterical attempt to cover up one of the greatest banking crimes this country has ever seen.   So if there are only 750 of you (1200 people), why don't the lenders pay you right now and BFCSA has finished its job?  Its because the issues we have raised are TOO BIG.  ASIC has to keep all of the evidence swept under the carpet.  It continues its...
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  • doyla66
    doyla66 says #
    Asic refuses to accept their glaring liability to all the claims that they have recieved from these poor stressesd out suicidal pe
  • doyla66
    doyla66 says #
    Ali,I love the simplicity,for the broker/agent/lender scenario. If only the legal fraternity could see it as that simple. By the w
  • doyla66
    doyla66 says #
    Ali, our Broker also did not receive any payment or commission from us. He received .5% payment/commission from Nab and ongoing as
  • doyla66
    doyla66 says #
    Asic are still harping on about how the brokers are the agents of the borrowers. Wrong, We did not pay the broker anything but the
  • doyla66
    doyla66 says #
    As far as ASIC are concerned any loans entered into before the national credit act commenced are irrevelent, earlier this year ASI
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In response to comment on SMH 24 October, 2013  I felt I should explain the "warranted panic, for our Banking Industry."  The fraudulent loans are only a sample of the overall market of $57 Billion worth of Lo Doc loans.  The average loans with buffers and top ups by greedy banks now average out at $600K per loan.  But let us lower it to say half a million dollars per loan.  It means we have uncovered $400 million dollar fraud cases so far and not one clean loan amongst them.  These loans were all processed by Skippy the Computer with credit assessors ticking boxes, phoning no-one, verifying nothing other than an A1 credit rating (ie mostly pensioners and low income families enjoy an A1).  In fact insiders tell us that no loan was rejected as long as the hapless victims had an asset - their only asset - their home: ARIPs.......asset rich and...
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  • doyla66
    doyla66 says #
    I can't find anywhere that states the Securitisation process is legal in Australia. It's not regulated either as far as I can see
  • doyla66
    doyla66 says #
    Just started on this journey - latest info from GE Money (lender), speak to AFIG (broker) - nothing to do with the Mortgage Manag
  • doyla66
    doyla66 says #
    If as in the SMH article at the weekend there is only 800 toxic loans a total of only around $320M wouldn't the Banks just pay the
  • doyla66
    doyla66 says #
    "The 800 loans mentioned represent a total of about $320M and even if they all defaulted they are not going to bring down the bank
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Our Members are continually asking this legitimate question.  We know the Low Doc product was predicated on fraud and forgery.  We have the collective evidence.  We know 36% of member loans were arranged by bank managers and no brokers involved.  We know that 18% of total loans surveyed are TOXIC FULL DOCS by Bank Managers.  We know that masses of defaulting loans have been "topped up" in order to hide the bodies.  We know the Major banks are now saying the original documents have gone "walkabout."  We know the banks cannot PROFIT FROM A FRAUD but clearly that is what they have been doing.  How do we have only 23 million people and our banks boast most profitable in the world?  Where are the experts???? So who is confident over bank shares placed on the edge of a sub prime precipice? One of our members explains: "What happens to all the...
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  • doyla66
    doyla66 says #
    Have you read the submissions that are already up? I just heard from a member who phoned the Senate. Apparently there are many mo
  • doyla66
    doyla66 says #
    Denise, Very prophetic ; check the below from cnbc A unit of British bank HSBC was hit on Thursday with a record $2.46 billion f
  • doyla66
    doyla66 says #
    Does A-Sic Greg Medcarft practice what he preaches? Non! Greggie says "if in doubt, disclose". Well, letz see? As head of SocGen's
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If ever there was proof that the entire global banking scene needs a big "woman's look" into what on this earth they are doing......... look no further than the Overnight the Yorkshire and Clydesdale banks, owned by NAB in the United Kingdom.    So NAB claim "it was an error," that affected more than 42,000 customer accounts?   Bollocks!  Yes the old "computer glitch" excuse, yet authorities in the UK did fine these Global Banksters around $15 million AUS or say 9 million euros and a weekend in the "naughty corner."  But hang on to your bonnets....................wasn't this the same mob of Banksters that set up and ran the Homeside Lending scam in the United States of America?  Yes, the very same.   AND, isn't NAB being labelled the biggest Nabbers in Australia?  Just ask NabbedNanna which cretins stole Nanna's home a few months ago?  Yes indeedy!  Regulators stood by and defended the Banks and their...
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  • doyla66
    doyla66 says #
    Lets not waste anymore time Mr Hockey. The quicker the show gets on the road the better for all concerned. We are all waiting with
  • doyla66
    doyla66 says #
    Great post, Denise. Thankyou! The noose is tightening on these racketeers as we join the thousands and then millions of dots righ
  • doyla66
    doyla66 says #
    Treasurer; get this Root & Branch Inquiry into Bankster Sector on the road; NAB 1st-up>CommBank>Westpac>ANZ/NZ>ING DIRECT>et al r
  • doyla66
    doyla66 says #
    NAB "Masters of Spin" at it again. Again, I repeat. FOOLISH, FOOLISH NAB. My God Nab we are not stupid. Stop treating us as imbec
  • doyla66
    doyla66 says #
    Don't forget Adelaide Bank (now Bendigo Adelaide Bank) and Firstmac Denise. And don't let their kindness, helpfulness and smiles
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APRA warns banks on lending 50 min ago  SMH By a staff reporter Banks have been warned not to let the combination of record low interest rates and increased competition in the property sector lead it to relax its lending standards. In a paper released by the banking regulator, the Australian Prudential Regulation Authority urged banks to take extra caution when offering home loans to ensure customers will be able to meet repayments when interest rates increase. "Slow credit growth increases the pressure on authorised deposit-taking institutions to compete for business on price and – of concern to APRA – by relaxing lending standards," the paper read. "A sustained low interest-rate environment poses further risks to lending standards. "It is important for authorised deposit-taking institutions to ensure that new borrowers are able to service debt and afford higher repayments when interest rates rise from current record low levels." APRA also pointed...
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  • doyla66
    doyla66 says #
    Same with other banks too, NAB, the lot, Dr Laker. All Australian banks. Banking code applies here in theory. Thousands of example
  • doyla66
    doyla66 says #
    "Relaxed Lending Standards" APRA you are really funny, these sort of comments dont worry the Banks they just treat them with indif
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Greg Medcraft is presiding over a basket case regulator.  He could well be the reason for the escalating high turn-over of staff at the Australian Securities and Investment Commission.  Decent people loathe having to work in a corrupted work environment.....they will simply move on.  Consumer complainants now realise that their cases are being dealt with in a slow manner but by "nice caring people" and then those people leave and another takes her/his place.  The complainant is told investigation into their case has to start all over again.  Shortly after its CASE CLOSED. My guess is there will be a mountain of submissions lodged with the soon to be opened Senate Inquiry into ASIC.  Submissions accepted after 8 July 2013. I have kept a library full of stupid response letters from ASIC to consumers and RECA, dating back to 1998.  We will be releasing those shortly as an additional Breaking News...
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  • doyla66
    doyla66 says #
    Greg Medcraft doesnt just need to be sacked but fined for his apathy.
  • doyla66
    doyla66 says #
    It sounds like you would do a great job. Plant a BFCSA member inside ASIC with wires. I can see you lasting a week at least, befor
  • doyla66
    doyla66 says #
    Thanks, Maria. I just thought I might make some pocket money and do some good at the same time. At least until ASIC is shut down .
  • doyla66
    doyla66 says #
    How hard is it to get a job at ASIC assessing these cases? What qualifications are needed for the job? Does anyone know? Are th
  • doyla66
    doyla66 says #
    Lisa, RBA/Treasury-headhunter's footnote; precursor-- "only mates of PM & 30bank$ters need apply", and have a nice day :-)
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Australian Banks boast the World's biggest profits from 22 million people.  Newsflash: you cannot profit from a fraud!  Yet it appears to be the case down-under in the land of the long lunches and long weekends. The Senate has acknowledged that the regulatory oversight of banks and finance is so appalling and so corrupted,  as to having the Senate hold their own Inquiry into the Australian Securities and Investment Commission.  Consumer complaints by the thousands, have been utterly ignored over a shameful 14 year history of ASIC "protecting a fraudulent bankster driven market" at the expense of ordinary Mums and Dads.  My own letters relating to consumer protection issues, or lack of, were responded to in the most shameful way, by successive Chairmen, commencing in 1998. Banks are blowing massive Bubbles in the property sector and in late 90's, set up the Broker Channel to cop the blame.  The "fudged income...
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  • doyla66
    doyla66 says #
    Medcalf and his team should have their homes and any other assets they hold conficated and sold as they are the proceeds of crime!
  • doyla66
    doyla66 says #
    Claims can be closed and homes can be lost while the Senators are busy organising the inquiry into the operation of Asic. So it's
  • doyla66
    doyla66 says #
    Due to what we have just read FOS must cease to close cases immediately. NO MORE PEOPLE TO LOSE THEIR HOMES BECAUSE OF THE CORRUP
  • doyla66
    doyla66 says #
    ASIC knew and intended to crucify all chances of financial recovery for all mortgages borrowers? To save the corrupt banksters? La
  • doyla66
    doyla66 says #
    Apparently ASIC chair Medcraft needs 'empirical' data, so let him test drive a porsche with faulty-brakes on the Great Ocean Road,
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