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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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Subscribe to this list via RSS Blog posts tagged in Commonwealth Bank Australia
http://www.abc.net.au/lateline/stories/s783063.htm Australian Broadcasting Corporation  LATELINE     TV PROGRAM TRANSCRIPT LOCATION: abc.net.au > Lateline > Archives URL: http://www.abc.net.au/lateline/s783063.htm  Broadcast: 12/02/2003   Former bank exec pockets $33m payout The Shareholders Association has labelled as obscene a $33 million payout to a former executive of the Commonwealth Bank's fund management arm, Colonial First State. The figure was revealed at the Commonwealth's half-yearly results today, where profits had been hurt by another disappointing Colonial performance. Commonwealth bought Colonial just three years ago and the new business has a $430 million write down.   Compere: Tony Jones Reporter: Steve Letts     TONY JONES: The Shareholders Association has labelled as obscene a $33 million payout to a former executive of the Commonwealth Bank's fund management arm, Colonial First State.  The figure was revealed at the Commonwealth's half-yearly results today, where profits had been hurt by another disappointing Colonial performance.  Commonwealth bought Colonial just three years...
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Comment: Amazing that CBA engineered faulty financial products started with David Murray and Joe Hockey appointed him to Roots and Branch Inquiry backs by Sen. Bushby!!.  Then he passed on to R$alph Norris - another $10 million........................Music stopped and narve left without a chair or a prayer.  CBA loyal customers reduced from retirees to pensioners overnight - same with Macquarie - . http://www.crikey.com.au/2005/09/16/david-murrays-cascade-of-cash/?wpmp_switcher=mobile David Murray’s cascade of cash Glenn Dyer writes:| Sep 16, 2005   The media went through the motions looking at the final payments to David Murray, the long time CEO of the Commonwealth Bank who retires next week.  Murray will leave the CBA with cash, shares, super and other payments, plus owning shares he’s accumulated in recent years. The value of all this (some of which will flow in over the next four years) will be around $58 million................., You have to look through the CBA annual report carefully to find the details of his pay but they are found...
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https://newmatilda.com/2014/07/03/its-great-time-be-corporate-crook-australia It's A Great Time To Be A Corporate Crook In Australia By Ben Eltham 3 July 2014 The misdemeanours of the Commonwealth Bank reveal the need for stronger checks on the finance industry – but the Coalition are ensuring our weak regulators become even weaker, writes Ben Eltham. Australia has a banking problem. That’s the inescapable conclusion to be drawn from the Commonwealth Bank’s massive financial planning scandal – a scandal that the bank has steadfastly refused to address, until public pressure forced it to today. This morning, CBA boss Ian Narev held a media conference in which he finally apologised for the bank’s excesses and pledged to review a decade’s worth of financial advice (the review, however, will not be independently run). Given that the bank has already paid out $51 million in compensation to more than 1,100 customers, it could be on the hook for hundreds of millions...
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13 FEBRUARY 2003   CBA chief defends massive payout TO 7.30 REPORT Reporter: Kerry O'Brien KERRY O'BRIEN: And I'm joined now by Commonwealth Bank chief executive David Murray. David Murray, I have to say thanks for fronting up.   How many workers have you sacked in your ten years at the top of the Commonwealth Bank? DAVID MURRAY, CE COMMONWEALTH BANK: We've reduced our workforce by a considerable number with changes in the banking industry, a very considerable number. KERRY O'BRIEN: The union says 17,000, would that be about right? DAVID MURRAY: Well, it may be right, but everybody knows what sort of changes we've gone through to make the bank more competitive, and I understand how people would make that linkage because I understand why this sum of money is incomprehensible to a lot of people. KERRY O'BRIEN: And you'd understand why they'd also make the linkage with the number of...
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What is going on with our leaders?  Either PM Abbott or Treasurer Joe  Hockey have lost the plot or they are both best mates with the Bankers. The appointment of David Murray AO and ($50 million bonus packs from CBA for "job well done") cannot be tolerated by any citizen, even those not affected by the need for an INQUIRY INTO OUR FINANCIAL SYSTEM."  This "Son of Wallis" must be making Mr Wallis choke with embarrassment.  The arrogance of Murray shows through in that he accepted the appointment.  Had he enjoyed a modicum of decency he would have graciously declined, somewhat bemused.  Mr Wallis had a powerful presence of integrity. Mr Murray does not. The very reason we have lobbied for all these inquires (15 to date) is due to the aggrieved being thrown out into the streets because of the likes of David Murray.  Many BFCSA victims are suffering because...
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  • doyla66
    doyla66 says #
    I would think Joe's mum-in-law, Mrs Babbage, would have something to say about Joe's appointment of David Murray. Maybe Mr Murray
  • doyla66
    doyla66 says #
    Would David Murray have CBA Shares?? Not good to much of and interest if this is so.!!!!!
  • doyla66
    doyla66 says #
    David Murray taking this position is just defying logic. An ex Banker reviewing Banks. Something not quite right here. What woul
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The Australian Securities & Investment Commission ("ASIC") are virtually sitting on POWERS to protect the public.  They were given over $40 million to run cases in the public interest and that may have been an annual hand-out...............Whatever ASIC spent this money on it was NOT in the Public Interest but spent on continually replacing decent staff that desert the sinking ship "SS Corrupted ASIC" in large numbers.  Former staff are sick to the back teeth of Government's that do not respond to the obvious corruption of ASIC by Banksters.  ASIC is being paid $400 million a year to protect Banksters and in turn, neglect consumer complaints of losing homes and business.  I have no problem in naming CBA as one of the worst offenders according to my records. CBA are also bullyng customers into signing Privacy Statements to receive the Loan Applications Forms that they were legally entitled to receive as...
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  • doyla66
    doyla66 says #
    ASIC spent money earmarked for public cases on replenishing staffing levels ... and goodness knows what else. Where's the real acc
  • doyla66
    doyla66 says #
    Nab cannot produce the LAF's. "after extensively searching, neith hard copy nor electronic files could be located" Isn't that a
  • doyla66
    doyla66 says #
    I agree, NABbed Nanna. How did they establish the loan without paperwork? Is there no contract? No wet ink proof by NAB? Tell the
  • doyla66
    doyla66 says #
    Meanwhile, if you'd like to take a photo of the Mortgagee Sale noticeboard and send it to Steven Munchenberg at the ABA (via Twitt
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CBA covered up misconduct by rogue financial planner DateJune 1, 2013 Read later Adele Ferguson, Chris Vedelago Zoom in on this story. Explore all there is to know. Australian Securities and Investments Commission Commonwealth Bank   inShare submit to reddit Email article Print Reprints & permissions     EXCLUSIVE The country's biggest bank, Commonwealth Bank, concealed financial improprieties by one of its top financial planners who controlled an estimated $300 million in investments on behalf of 1300 clients, many of them retired and with serious health issues. The planner, Don Nguyen, who joined the bank in 1999 and has since been banned from providing financial advice until 2018, allegedly forged signatures, created unauthorised investment accounts and overcharged fees. A Fairfax Media investigation can reveal that bank staff participated in a cover-up that allegedly included the falsification of documents after Mr Nguyen left his position in July 2009. It can reveal the...
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  • doyla66
    doyla66 says #
    As they say “Injustice anywhere is a threat to Justice everywhere” - - - never a truer word spoken. I just wonder what version of
  • doyla66
    doyla66 says #
    Nothing would surprise me about the CBA. The harder they bully the more they are trying to hide, inflicting their angst on weaker
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