BFCSA Blog

0 0 0 0 0 0 The Human Race Film – a MATT NORMAN film Breaking News – High Court sets precedent against fraudulent banks 24 Jun 2010 High Court rules against financier of low-doc loans Message from Matt Norman; Before I let you read another great article by Anthony Klan, I just wanted to add my own thoughts on this outstanding result. This news comes just in time for my own high court application on the same grounds as below. The Supreme Court “MELBOURNE” are going to finally look at the professional misconduct of all cases against the banks they have deliberately turned away when they see the thousands of people who have all been led by the banks and the courts into losing homes, suicide, family breakups, bankruptsy because they are not allowing self litigants the chance to have their case heard. I also would like to say...

0 0 0 Extracts from : Submission to the SENATE ECONOMICS REFERENCES COMMITTEE INQUIRY INTO THE POST-GFC BANKING SECTOR Milind Sathye,  Professor of Banking and Finance, University of Canberra.   May 2012    The impact of international regulatory changes on the Australian banking sector,   Impact on Mortgage loans: Securitisation provided a major source of funding for mortgage loans. Under Basel III, there is enhanced risk weight for securitisation instruments. It means the risk position of a bank as depicted in the balance sheet doesn’t capture the changing reality and by the time the regulators, shareholders and investors know the reality it might be too late. A recent case of J P Morgan incurring a loss of $2 billion because of ‘error’ by the chief investment office is a pointer to the grim reality how fortunes of even mighty institutions can change overnight.   External regulation that can’t keep pace with these...

SUBMISSION TO SENATE INQUIRY Sub. 29.    May 2012 Dear Senators, Please find attached my submission that relates to how my business was treated by Bankwest. My business was a family business in the small country town of Forbes in NSW. It was created by my grandfather in 1913, which would of made it 100 years old next year. We were a Painting Contracting company. In 1999 we won a contract to maintain a lot of public schools in western NSW. This was the break we had worked hard for. Within 5 years we went from 5 workers to about 70 workers. This enabled us to tender for other contracts in other areas and in the 5 year period we worked across NSW for such companies as NRMA,TARGET and TRANSFIELD and as well as painting we also started to do building maintenance and insurance works. Life was good.   We were with...

0 0 0 Hold Corrupt Bankers Accountable for Fraud   BY OLIMPIA LEE   Target: European Parliament   Goal :  Hold corrupt bankers accountable for their fraudulent actions   Big banks have been caught rigging global interest rates and ripping millions of people off, but they still have not been held responsible. Now, the EU finance regulator is standing up to big banks and taking action to bring much-needed reform. Urge the EU to stand up to the powerful bank lobby and hold corrupt bankers accountable.   It is public knowledge that big banks such as Barclays have tweaked global interest rates to receive more money from people paying their mortgages, student loans and other debts. This behavior should be punishable by jail, but Barclays only got fined a small fraction of its profits due to the powerful bank lobby. Considering the waves of banking crises that continue to affect our economies and livelihoods, a...

Gold Coast Bulletin. 22/9/2012. New York. Victims of Bernie Madoff's massive PONZI scam will soon receive $2.39 BILLION DOLLARS to help them cover their losses.  Cheques ranging up to $507 million have been mailed to 1230 former customers of Bernard L. Madoff Investment Securities. The payout, the second of its kind, tripling the amount recovered, brings the total to $3.49 BILLION DOLLARS. Madoff is serving a 150 year jail sentence at a North Carolina JAIL.  He ripped people off for nearly $63 BILLION DOLLARS from clients over decades, paying out fake "profits" to some investors by plundering the new cash from others, before the fraud collapsed in 2008.   AUSTRALIAN BANK EXECUTIVES SHOULD BE NEXT IN LINE.  ...

0 0 0 0 0 0 These excerpts are taken from a Submission to Parliamentary Inquiry.  28 April, 2012 Senate Standing Committees on Economics PO Box 6100 Parliament House Canberra ACT 2600     Dear Sir I Madam, I wish to make a submission within the terms of reference above; regarding an incomplete and misleading valuation of a property, commissioned by the Commonwealth Bank of Australia, which was subsequently purchased under mortgage to the CBA. I am now trying to sell the property, and it is worth nothing like its valuation. This has caused me to be unable to discharge the mortgage, for which the CBA is now rejecting any form of responsibility.   Consequently, the valuation over-estimated the value of the property and provided a misleading basis for decision making regarding {a) the merits of purchasing at all, and (b) at the specific price that could be regarded as reasonable...

"A Royal Commission into the Australian Banking Sector is our democratic right. To deny us that right is truly unAustralian."   There are many strong arguments in favour of holding a Royal Commission into Banking with wide terms of reference.  One of the side effect of the Royal Commission is its capacity to bring the issues into every Australian home through the main stream media. This in turn will generate far greater awareness of the serious anomalies and inherent risks within the Australian Financial Sector. It may also answer the questions for so many Australians whose lives have been smashed by the deregulated "free market" Australian Financial Sector, directly and indirectly, including the big ones: Why weren't we told? How could this be allowed to happen in Australia? Consumer protection isn't for just for the elderly - it benefits all Australians. We've been badly misled by those entrusted to protect us,...

  http://www.macrobusiness.com.au/2012/09/westpac-offshore-borrowing-to-risky/ "This is the first time that I have seen a major bank  take responsibility for Australian bank liability management. Since the GFC it has been ceaseless excuses about prudence, great regulation and most importantly, that the banks were blameless when global markets froze and they needed government guarantees. "This is a breakthrough in the public debate about banking.... "... any new Wallis Inquiry faces a tension between the needs of funding and stability, which are not sufficiently addressed by the vested interest campaign for a return to non-bank and mutual cowboy competition."   EDITOR:   CROWDED HOUSE:   Too much Competition in a Crowded Market Place  Creates Cheating!!!...