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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 David Murray AO
The rise and rise of the big banks Concentration of ownership Technical Brief No. 15 December 2012 ISSN 1836-9014 David Richardson http://www.tai.org.au/system/files_force/TB%252015%2520The%2520rise%2520and%2520rise%2520of%2520...   Summary The Australian banking industry is the most concentrated in the world and also the most profitable. In fact the ‘big four’ Australian banks make up four of the eight most profitable banks in the world.  The big banks have conceded that they are not highly competitive but have argued that their market power provides benefits in the form of ‘financial stability’. Yet in other contexts the big four banks argue that they are highly competitive. The following evidence shows clearly that this is not the case.  This paper examines the common ownership of the big four banks. It finds that the degree of common ownership seriously challenges the idea that the big four banks  are engaged in fierce competition. Examination of the top 20 shareholders in the banks’...
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http://www.smh.com.au/business/banking-and-finance/too-big-to-fail-hands-big-banks-45-billion-subsidy-20140827-108xta.html 'Too big to fail' hands big banks $4.5 billion subsidy Banking and FinanceBusiness Date August 27, 2014 The big four banks receive an annual subsidy of up to $4.5 billion from being perceived as "too big to fail" which should be paid for by a levy or increased capital charge, the Customer Owned Banking Association said in its second submission to the financial system inquiry.  The issue of how to reduce moral hazard when failing banks receive government support has been a hot-button issue for David Murray's inquiry. Ending the perception of "too big to fail" is also a key agenda item for the Brisbane G20 leaders summit in November. COBA's submission attached analysis from modelling firm Macroeconomics quantifying the annual average value of the subsidy to the big four from being seen as too big to fail as between $2.9 billion and $4.5 billion, as funding costs were reduced...
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  • Aries
    Aries says #
    Jail the crooks, confiscate their assets and throw them into jail where they belong.
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Sub Prime crisis on the way.  What a farce this sub prime lending fiasco has become and look deeply at the ramifications after banks failed to mind the consequences of bad lending practices, criminal activity and the like, and placed PROFITS BEFORE PEOPLE.   $42 million for Cameron Clyne?  It seems we reward our bankers and throw consumers of mortgages on to the bankers' mortgage bonfire!  We have been warning the industry and its lazy regulators for over a decade.  Now Banks are begging for mercy????  Mercy Me!  This email address is being protected from spambots. You need JavaScript enabled to view it.      http://www.theaustralian.com.au/business/financial-services/bank-chiefs-in-lastditch-plea-to-david-murray-on-tougher-rules/story-fn91wd6x-1227033753739   Bank chiefs in last-ditch plea to David Murray on tougher rules by:RICHARD GLUYAS From:The Australian August 23, 2014 THE four major bank chief executives have each made an 11th-hour appeal to members of the Murray financial system inquiry ahead of Tuesday’s closing date for final submissions, as concerns mount that the sector could be forced to hold even higher ­levels of bank capital due to the ­inquiry’s emphasis on resilience.   The closed-door meetings with...
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  • setup
    setup says #
    Show them no mercy, force them to lose their AA ratings. Cause them to experience high levels of hardships so they can maybe start
  • Aries
    Aries says #
    They are criminals and should be investigated. They don't deserve the AA credit rating. The word is reaching a wide range of the c
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http://www.theaustralian.com.au/business/murray-creates-confusion-says-cba-as-it-reports-record-87bn-profit/story-e6frg8zx-1227023515075 Murray creates confusion says CBA as it reports record $8.7bn profit by:MICHAEL BENNET From:The Australian August 14, 2014 COMMONWEALTH Bank has pushed back against the initial findings of the Murray financial system inquiry, arguing “further confusion” was being created about the banking sector’s strength while labelling it critical that firm rules were in place surrounding how much capital banks were required to hold. Handing down a record $8.7 billion cash profit, chief executive Ian Narev yesterday said he still backed the process of holding a major review into the nation’s financial system.  The inquiry’s interim report released last month flagged a raft of potential headwinds for the major banks, including the prospect that the big four lenders may have to hold more capital on their balance sheets.  “I don’t think we came into the inquiry thinking we’re going to get a whole lot of free kicks,” Mr Narev conceded to...
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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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A true hero in our midst.  James Wheeldon.  Hockey at last admits ASIC and APRA have failed abysmally in holding bad banks and their planners who are really sellers of bank engineered dirty products) but fails to point out that David Murray AO has not the slightest interest in suggesting the miserable banker chiefs should be called to account....lest he name This email address is being protected from spambots. You need JavaScript enabled to view it. http://www.thesaturdaypaper.com.au/opinion/topic/2014/07/19/asic-one-eyed-watchdog/1405692000 August 9 2014   ASIC a one-eyed watchdog James Wheeldon    It seems everyone is piling on ASIC. In June, a senate committee handed down a scathing report on its failure to respond effectively to reports of fraud and forgery within the Commonwealth Bank’s financial planning division. Last Tuesday, Joe Hockey told his Coalition colleagues that the regulator had “failed miserably” in holding banks and financial planners to account.  Things are so bad, even the successful prosecutions of the Australian Securities and Investments Commission have become a source...
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Our intrepid researcher Gladys has found these gems re CommBank.  In 2009 promised to have best consumer service in the universe.............by 2010. Then read the second story re David Murray http://www.creditcardfinder.com.au/commonwealth-bank-customer-service-promise.html Commonwealth Bank Customer Service Promise Posted December 28th, 2009 and last modified June 10th, 2014 The Commonwealth Bank customer service has been improved and a series of promises have been put in place so that customers can be happy and the bank can become the number one bank in Australia for customer service by June 2010. At Commonwealth Bank customer service is a top priority and will continue to be so in the future. In the last three years this bank has worked towards its goal of becoming number one for customer satisfaction in Australia by June 2010. Every aspect of customer service has been refined including training, processes and systems. Everyone has his own reasons for dealing with a...
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Craig Isherwood‚ National Secretary PO Box 376‚ COBURG‚ VIC 3058 Phone: 1800 636 432 Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Website: http://www.cecaust.com.au   Tell Financial System Inquiry: NO to ‘bail-in’ of bank deposits! The Citizens Electoral Council calls on all Australians who oppose the “bail-in” seizure of bank deposits to prop up too-big-to-fail banks, and instead support a Glass-Steagall separation of real banking from financial gambling, to make that loud and clear in a submission to Joe Hockey’s Financial System Inquiry. The deadline for the second round of submissions to the FSI closes on 26 August; FSI chairman David Murray’s Interim Report released 16 July called for more submissions on the issue of too-big-to-fail (TBTF) banks, bail-in and alternatives including Glass-Steagall. Murray posed two questions for more discussion: Is it possible to reduce the perceptions of an implicit guarantee for systemic financial institutions [i.e. TBTF banks] by imposing losses on particular classes of creditors during...
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http://www.smh.com.au/business/banking-and-finance/financial-inquiry-head-david-murray-ponders-advice-super-20140718-zuc69.html Financial inquiry head David Murray ponders advice, super Banking and Finance Date July 18, 2014 Elizabeth Knight  Business columnist David Murray: Still wary about the trend in the government’s finances............. Sitting down to a disciplined breakfast of coffee and sourdough toast the morning after the release of the interim report of Australia's Financial System Inquiry, its head David Murray allows a moment to breathe out and reflect on the issues it raised and its potential to radically change aspects of the banking and superannuation industries.  He shows little sign of a fatigue hangover from the intense schedule of the week. But this cafe pitstop on the ground floor of Sydney's Chifley Tower is as close to downtime as he is going to get. Murray, a former career banker, a passionate student of economic history with vocal opinions on public policy, has never been one to shy away from ruffling feathers....
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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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http://www.theaustralian.com.au/business/opinion/ian-narev-must-show-he-wont-let-planners-crisis-go-to-waste/story-e6frg9io-1226969443463 Ian Narev must show he won’t let planners crisis go to waste by:John Durie From:The Australian June 28, 2014 THE old adage says you should never waste a good crisis and the question being asked is whether that is exactly what CBA chief Ian Narev is doing with his financial planner crisis.   Narev yesterday sent an email to staff saying, “As I’m sure you do, I feel very disturbed by the actions of those advisers, and the resulting impact on our customers, even though the events happened years ago.’’  Finance Minister Matthias Cormann takes the same attitude, arguing in response to a question from this column that the industry has changed and the rules were now in place even after his FoFA changes, which lower the bar for the big banks.  “The events investigated by the Senate committee happened sometime in the past, incidentally over the period of the previous...
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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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