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BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

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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BFCSA Blog

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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Dear Mr Medcraft Take a tip from  our Members:  Go down to your nearest Banksters - no not for lunch - take an army of ASIC officers and, taking a search warrant with you to go over the premises may come in handy.  But since they are your buddies they will let you in anyway.  Ask for the $57 Billion Tour! Yes I realise your officers are not used to search warrants.  Ask the AFP to join you or, let us know and we can assist you.  Demand to see every Service Calculator Form that inhabits the client files and contains financial information personal to the customer.  The Mortgage customers wish you to do this on their behalf. Its the least you can do, due to all the losses ASIC has caused and for those victims in the future. Look at the Service Calculator and and the Loan Application Form.  Your officers should have a walloping Golly Gosh moment!  If...
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  • doyla66
    doyla66 says #
    Mr Medcraft, money is the root of all evil as it has proven in this great Australian banking scandal. The greed for money has caus
  • doyla66
    doyla66 says #
    Mr Medcraft, is there not enough of us who have been touched by this fraud??? one would have thought that one person affected woul
  • doyla66
    doyla66 says #
    Mr Medcraft, Brian is right - if you do the right thing by the people you will always be remembered throughout history for your c
  • doyla66
    doyla66 says #
    Mr Medcraft - We are one case of thousands; a couple aged 59 in WA, who have fallen victim of the fraud Ms Brailey refers to. Our
  • doyla66
    doyla66 says #
    The only problem is - is that they are far too dumb to understand the assistance & advice you so 'freely' give them. It is NOT yo
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Dear Mr Greg Medcraft Your letter to me of the 28th August suggesting that I should bring all evidence of Bank Fraud (note....not a few misleading bits) to you.  I did not respond.  Shortly you will understand why. One point, you suggested to Parliament there are only 17 complaints re Loan Application Fraud and you refer to Brokers, not Banks, doing the fudging of figures, after the signature has been obtained and without the knowledge or authority of the Borrowers or Brokers.  That's cute! You did not mention Service Calculators.........we ask why? May I remind you, that our Members sent around 400 letters to you stating specific details of Loan Application Fraud and how documents were altered by third parties AFTER they reached the Banks credit assessors.  You also told Parliament these letters were "of a generic nature.....and no evidence etc."   Big Porky that one!  May I remind you that if ONE COMPLAINT is received by ASIC, it could well be a KEY INDICATOR of...
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  • doyla66
    doyla66 says #
    That's why they pay him the big bucks, Wayne. It costs a lot to get a person who can take that kind of heat.
  • doyla66
    doyla66 says #
    Our income was stated as $185,000 when we had NIL income in the 2007 Loan Application Form. The bank also had 4 different copies o
  • doyla66
    doyla66 says #
    Mr Medcraft,on our last loan our income was noted at $100,000.PA, Our total income for that year was $9,500, along with a whole he
  • doyla66
    doyla66 says #
    Mr Medcraft The bank listed my occupation as a Solicitor, I am not a solicitor, have never been one and never said I was one. They
  • doyla66
    doyla66 says #
    Love it - - so appropriate
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Jon Denovan, Partner, Sydney 29/11/2012 We summarise the key findings about mortgage lending in the Senate’s Economics References Committee’s report ‘The Post GFC Banking Sector’ tabled on 28 November 2012. The GFC lead to significantly less appetite for credit amongst households and businesses. Banks generally tightened their lending criteria. As a result, both wholesale markets and retail markets repriced risk. One apparent outcome was an increase in the price of small business loans. The number of disputes referred to EDR increased, with the biggest increase relating to financial difficulty. However, this increase largely arose from the commencement of the NCCP Act rather than the GFC. The report noted some unease about certain aspects of consumer lending including for example predatory lending and higher LVRs. A number of instances of loan fraud and inappropriate lending were discussed, and the Committee appeared satisfied that they formed a very small minority of loans....
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  • Denise
    Denise says #
    Broker News readers are bored with Denovan's drivel. WE are not surprised there are no comments. [email protected]
  • doyla66
    doyla66 says #
    Went to Broker News as this was published on their website too. Hmmmm..!! Interesting not only NO comments about his article on th
  • doyla66
    doyla66 says #
    Oh, that's right. You remain actively engaged & involved because you foolishly believe that your clients are way too big to get bu
  • doyla66
    doyla66 says #
    Wasn't it Jon's emails over the years to brokers that we used as evidence to FOS to establish that the broker was the agent of the
  • doyla66
    doyla66 says #
    This sentence by Gadens is a VERY MISLEADING, in fact LIE. "....a number of borrowers had written letters generally making broad
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WARNING to innocent home owners and young first home buyers: Do Not let Santa down your chimney this Christmas.  And no cookies, milk and carrots either. He most likely will roll up in a BMW with no reindeer attached, so he is easy to recognize   Instead of a sack he will have a sack load of promises and a bundle of papers to sign wrapped inside an expensive leather briefcase. Beware of the papers and its wretched "fine print" because the intentionally tricky wording will mean he wishes you the best bundle of DEBT ever.  He will then issue you with a lifetime of DEBT Guarantee! He will be chasing bigger than ever Christmas Bonuses at YOUR expense.  He will try to convince you this is GOOD FOR YOU.  He will pat the dog, sing "Jingle Bells" ("Jingle Money") with your kids and help YOU wash the dishes.  He will tell you both that working three jobs each and...
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  • doyla66
    doyla66 says #
    Classic, Denise! Certainly stay away from the banks and the brokers.
  • doyla66
    doyla66 says #
    That was when I discovered the hard way that Bankwest & Gaden's had been ever so secretly to court & had me served with a Writ of
  • doyla66
    doyla66 says #
    Yes Denise, that is precisely how it works. We were all so gullible and naive so now we pay the price. If you have read the above
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Senator John Williams has battled away on this issue of corrupt banking for over a decade.  He lobbied for this particular Inquiry, despite its limited Terms of Reference. We salute you Senator John Williams.  You were the one to stand up there and tell it like it is. Had the people been voting for a Royal Commission into the Banking Sector, the vote would have been heavily in favour. To our elected Senators: Victims of Banksters Fraud were counting on each of you. You let them down.....ah well................that's politics!  The gloves are off. Normally I edit this site.  Not tonight!   We will hold our own Online Royal Commission - Aussie style!  Over the next few months we will show you the documents the banks were afraid of releasing.  The Battle of Consumers vs Banksters has just begun.    This email address is being protected from spambots. You need JavaScript enabled to view it.      ...
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  • doyla66
    doyla66 says #
    Aussie pollies would be well advised to get their teeth into the Banking and Financial sectors (not each other) and tell them to c
  • doyla66
    doyla66 says #
    I have some other interesting things to put online here!!
  • doyla66
    doyla66 says #
    Hi Arree, have a look at the top of this page right hand side below whistleblowers corner, there is "Fed up with the responses" I
  • doyla66
    doyla66 says #
    We are ready to do battle online. Will you need copies of our stupid responses from the Banksters, COSL, FOS, etc emailed/sent to
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Dear Mr Negus Your recent denials of any crime being committed against the Commonwealth are disturbingly short sighted. The problem we have as concerned citizens is rapidly spreading to all agencies of the Federal Government.  On the issue of the now obvious Australian Banking Cartel and systemic issues of fraud: none of our regulatory and enforcement agencies have bothered to  investigate even one of the serious allegations we have raised, whereby up to 100,000 families are genuinely thought to be affected by widespread fraud in lending. We have gathered sufficient evidence to prove the Australian Banking Cartel involves over 36 Lenders.  It's as simple as "ABC."  It appears all regulatory agencies are in cover-up mode as evidenced by their own testimony to Parliament in August, giving false and misleading evidence in the Senate Hearings into Banking Post GFC Inquiry.  The size and scale of this fraud appears to have permeated the Office of the Australian Office of Financial Management ("AOFM") and certainly the Australian Securities and...
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  • doyla66
    doyla66 says #
    Not sure if any of you have headed over to my blog today - but Patricia Thirup has asked me to post some of her information. It's
  • doyla66
    doyla66 says #
    Thanks Rosie. Worth reading IMHO. Dirty NAB legals - they'll stop at nothing by the sounds of it.
  • doyla66
    doyla66 says #
    They just dismissed our real enquiries without even asking about them. Does this mean that all Fraud committed in Australia goes t
  • doyla66
    doyla66 says #
    Lisa, it obvious --they only do cases that put them in the spotlight of "Underbelly Stories"...
  • doyla66
    doyla66 says #
    Brilliant, Andy Hankering for the spotlight? Maybe they should give up the pretense of real crime fighting and list their names
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Good find Andy!  So they sold off $75 million, after we informed them 10% of these loans were potentially toxic, probably 100% of Low Doc Loans and a further 10% toxicity have been confirmed by us after our surveys and research into FULL DOC loans.  The offload is named "adjustment of holdings."  Sounds like an election in the wind.  Someone yelled out: "Dive Dive for cover" Andy writes: OPERATIONAL NOTICE No: 11/2012 21-Nov,2012: Sale of Certain RMBS Investments: The AOFM has recently sold $75 million in original face value of the IDOL 2012-1 A1 residential mortgage-backed securities ("RMBS"). The floating rate securities were sold at an effective margin of 126 basis points over the one-month BBSW rate with a remaining weighted average life of around 3 years. The sale was made in accordance with the Treasurer's Directions, which allow the AOFM to adjust its holdings of RMBS. The AOFM is reporting the details of this transaction...
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  • doyla66
    doyla66 says #
    STILL waiting for Treasury to reply to our letter (see extract following).. Dr Martin Parkinson PSM Secretary to the Treasury Th
  • doyla66
    doyla66 says #
    Denise, the 'corollary' of AOFM 'anomalies'--as at 8 April,2011 AOFM held $12.7b -v- "[AOFM]investments stood at $11.1 billion as
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So the IMF believes that ASIC needs more money?  It has received over $4 Billion during the past decade to run the biggest monolith of uselessness this country has ever had the experience to tolerate. I have road tested ASIC at Chairman level for the past 14 years.  Trust me, not ASIC, that ASIC officers have known of toxic lending for the past 2 decades including under the current regime and under the old ASC. What ASIC needs is a change in attitude and an extermination of old school buyer beware thinking.  Laws are in place that extinguished buyer beware ideology decades ago.  We have Consumer Protection laws.  ASIC decriminalized that which parliament legislated against criminal activity.   One of our older journalists pointed this out a decade ago, and another in 1996.    ASIC continued to be empowered by law to take action against fraudsters, misleading and deceptive conduct but still only prosecuted around 10 - 20 people a year for minor misdemeanors (eg $60,000 missing from trust account.)  Their Chairmen adopted disclosure policy:...
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  • doyla66
    doyla66 says #
    Great post, Denise, and so true. Loss of trust. Relative silence on both sides of the house with masses of political capital going
  • doyla66
    doyla66 says #
    ASIC has been totally corrupted by the banks. The head of ASIC is an ex-banker himself! The Mafia bosses themselves could take les
  • doyla66
    doyla66 says #
    Still smiling at your post Wayne. What's ours? Bankster . . . . .
  • doyla66
    doyla66 says #
    Mountains of evidence & advice on Evil Bankster practices.....all ignored....or shredded!! See post: History Repeats ---- APRA, AS
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One for the BIG Readers 11 pages in total: - a delicious feast of arguments: curl up, coffee in hand and enjoy. Part 3 tomorrow: Banks referred to their Business Partners as "agents" and gave them an agent's number.........nearing Christmas HO Ho Ho what fun it is to ride in a one horse open sleigh filled with consumer goodies:  We start releasing the evidence for our Royal Commission into the Banking Sector. THE ARGUMENT OF AGENCY   Ostensible Authority:     1.       There existed strong Ostensible Authority links directly between Introducers and Lenders.   The links are as follows: a.       Introducer’s were provided with database access to track their approvals. b.      Introducer’s were provided with stationary bearing the Lender Logo’s. c.       Introducers were provided with Lender material to enhance sales. d.      Emails between Loan Processing Officers and Introducer ensured direct communication between the Lender and its own agent: the Introducer. e.      Lenders...
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  • doyla66
    doyla66 says #
    Current documentation is both antiquated and cumbersome and that most bank officers are unaware of the pertinence or ramifications
  • doyla66
    doyla66 says #
    Lisa's right on the "money-train" which bank$ter captains "piloted", before taking their Cote d'Azur "golden-parachute"..then foll
  • doyla66
    doyla66 says #
    Not only does the Bank pay the broker, they go on paying the broker in trailing commissions! So how are the Banks going to explai
  • doyla66
    doyla66 says #
    100% correct Denise. The brokers that did our LAFs had a Commonwealth Bank AGENT REGISTRATION NUMBER, and they did the LAF on CBA
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The final lesson is that the big showdowns between democracy and Big Bank$ters are still to come – in Aust; US and Europe. On the 'surface', the banks remain powerful --yet their legitimacy continues to crumble. Banks and politics are deeply intertwined in all advanced economies. Diamond, a UK bank$ter, discovered that ultimately --politicians trump bankers. In 2009, Obama told Wall Street bank$sters, Jamie Dimon, CEO of JP Morgan Chase et al --during a summit; “My administration[&Denise] is the only thing between you and the pitchforks." It appears Dimon chose not to heed the president's 'shot across the bow'; presided over reckless risk-taking to the tune of $6billion, yet his job apparently remains secure; even remains on the board of the Fed Reserve Bank of NY despite the Fed's investigation into JP's trading losses & Libor scandal involvement. Archive for the ‘Fraud’ Category:   Beware of Squids and Sharks Wednesday, September 5th, 2012 BR’s ten commandments for dealing with banksters ends with: The never...
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  What's important here is "fractional reserve banking" (FRB) and who creates the 'real money' -v- who issues money? It might seem odd, but through much of history money was created by banks not governments and this practice of privately issued money, especially once combined with FRB made bank$ters immensely powerful. They [bank$ters] got 'free spending power' each time they created a "bank$ter note", without any gold to back it up --just another fraud bank$ters pulled off as a core part of their everyday business. If normal laws had been enforced on bank$ters, FRB wouldn't have existed --because you can't lend out money that someone has given you for 'safekeeping' ; the bank$ters quickly figured out that people never redeemed the gold; realised they could issue far more bank$ter' notes than they had gold --and nobody would notice. " But it is remarkable that a criticism of FRB is published by [IMF] a mainstream institution. We've been ridiculed for making this argument for years....
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  • doyla66
    doyla66 says #
    " . . it requires you to assume something that is far more important and revolutionary than the idea itself. But the assumption ba
  • doyla66
    doyla66 says #
    Good explanation of Fractional Reserve Banking. How are they going to ever get the bank/lending/credit situation back from the ed
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Frustrated Provident Capital debenture holders to vote on fairer distribution policy at December 13 meeting --By Larry Schlesinger [19 Nov 2012] --A meeting of Provident Capital ["PC"] debenture holders has been called for December 13 with the aim of voting on a new arrangement, which receivers PPB Advisory -- who have recovered funds from just two of the 49 loans -- believe will result in a more efficient and fairer distribution of money following the non-bank lender and mortgage fund manager being declared insolvent. PC -- a lender of last resort -- collapsed in July leaving around 3,500 small investors who placed their savings in Provident’s fixed interest debenture fund out of pocket with an average investment size of $30,000. The fund was frozen when Provident collapsed and investors have not received any payments in the past five months. Since their appointment PPB Advisory have recovered funds from just two of the 49 loans...
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  • doyla66
    doyla66 says #
    The properties to be liquidated: these were from PC loans? Classic scenario that we've all been dreading? "Planning issues" - mor
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CEDA -- the Committee for the Economic Development of Australia-- says; that the family segment of the energy market contains the real power battlers because they have limited disposable income and high use, and has called for energy hardship concessions for families to go to the top of agenda. It is a “yawning gap” and wants an urgent review of concessions. In NSW, for example, where there is a high proportion of such families in the community, average household power bills have shot up from $1,100 a year in 2007 to $2,230 this financial year. Gillard, in August talked-up how determined she is that “in December we get action to make a difference for power price rises for families...this is hitting family budgets..it's hitting people hard --and I want to see action.”” 'Don’t promise want you can’t deliver' is one of the oldest maxims in politics when the time frame for delivery is months not years or decades. Yup,...
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  • doyla66
    doyla66 says #
    Interesting post, Andy. Do all these people have solar power on their roofs?? Maybe they finished the alternate energy subsidy to
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AOFM's $25 billion Papier mache binding program -- the securitisation of YOUR mortgage or "promissory note" without notice given, nor "tranche" specific identity being lawfully furnished to the home-owner --has now employed an information "censorship regime". Australian Office of Financial Management ["AOFM"]--the  designated responsible-entity as "gate-keeper" of AOFM public records and/or program details, purports transparency thru it's "website" --created for the specific purpose of timely informing the tax-payer of AOFM's "massive" Residential-Mortgage-Backed-Securities ["RMBS"] purchasing program--folly. However, nothing could be further from the truth, as relevant AOFM material "downloads" present fully "white-outed". Ummm...does this have a familiar tone, ala fraudulently "white-outed/manipulated" bankster loan application forms [LAF] --the genesis of the RMBS fraudulent process? The AOFM's Website states the following: " A summary of AOFM participation in RMBS transactions is available via the following link:~  AOFM participation in RMBS transactions " Go figure???? Furthermore AOFM intends to "frustrate" the user of it's website by allowing some files to be "downloaded" whilst hindering "others"  For example: AOFM implemented "measures" put in...
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The Australian Federal Government has yet to answer the issues I raised in Parliament, namely: "the Government cannot, ought not to profit from a  fraud."   Since the Government was advised by the Australian Office of Financial Management ("AOFM") to purchase $25 Billion of the very same JUNK, why is the Government reluctant to hold a Royal Commission?  The allegations are deserving of a full scale RC, yet the evidence of bank driven mortgage fraud grows daily.    Banksters have failed to hand over the copies of the SERVICE CALCULATORS knowing full well that those one pagers are the proof of the Bankster driven engineering plans?   Andy was right: RMBS stands for:   Really Massive Bankster Scam Over 800 members are currently ringing the bells on the village green that those with a  mortgage, and those who used to be mortgage free, are in danger of becoming homeless.   The Government cannot ignore the warning signs of foul play by Banksters...
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  • doyla66
    doyla66 says #
    You do know that the quote "To be or not to be" was in fact from Hamlet?
  • Denise
    Denise says #
    Senate Inquiry - we may all be pleasantly surprised. Senators were suitably horrified at the evidence presented and even more gob
  • doyla66
    doyla66 says #
    the report will be handed down, kept confidential & secret for months, nothing will be done, a minor recommendation may be acte
  • doyla66
    doyla66 says #
    Yes, Glum, that's pretty much what people are saying about it. I know some BFCSA members were told they would be sent a copy of t
  • doyla66
    doyla66 says #
    Aussies are cynical about Inquiries. Even if the Inquiry comes out with recommendations people assume this government won't implem
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John Symond’s Aussie mortgage brokers rise to the top as industry resurgence gathers pace among Top 100:~ [By Larry Schlesinger Friday, 16 November 2012] --The resurgence of mortgage brokers after the GFC has been confirmed in the latest Mortgage Professional Australia (MPA) Top 100, which ranks the brokers that have written the highest value of loans over the past financial year. In 2012 the combined sales of loans arranged by Australia’s Top 100 brokers was a cumulative $6.7 billion, compared with three years of sub-$6 billion sales following the GFC in 2008. While Aussie brokers did not place in the top 10, a remarkable one out of every four brokers (26) on this year’s Top 100 list operate under the John Symond-founded brand, compared with just 15 in 2009, the year following the GFC. This was also the second year in a row that Aussie placed more brokers in the Top 100 than...
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  • doyla66
    doyla66 says #
    FBAA has no idea of who their brokers really are. One of their Accredited Members ran his Predatory fund for years using the FBAA
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Notes on a scandal:       Global inequality-- " In my view perhaps the greatest indictment of recent times has been the failure to seek out and punish those responsible for the GFC. ...There appears to have been many who knew of the illegal activities but for various reasons kept quiet. Those who spoke out were ostracised, ignored or worse – intimidated. Most of the “perps” as the Americans like to call them, appear to be psychopaths... to some they are 'charismatic' or 'electrifying'. Unfortunately they are inveterate liars and cheats who are cruel, exploitative, destructive, irritable and aggressive.  Many financiers describe the GFC as a “speed bump”. With a shrug of their shoulders they mutter “shit happens”. But most in the industry know “bad shit was going on, ...but no one has been convicted.   Was the 'establishment' complicit in these crimes and protected its own? ...whether the game is rigged? ... Is there one rule for commoners and a different set...
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Bank Fees Class Action
  Unfair Bank Charges - 271,288 accounts registered already with Financial Redress Class Action - Funded by IMF Australia   Scam Alert: This is a free to enter process and bank account numbers are not needed to register. Be careful of anyone suggesting otherwise.       Until recently, some banks charged you up to $60 if you became overdrawn, went beyond an agreed limit, or made a late payment. The true cost might only have been a few dollars at most on each transaction. Banks have made billions from these unfair charges. The team at Financial Redress have campaigned hard for customers to receive compensation. We have joined forces with IMF, Australia's largest and most successful litigation funder. We are launching large scale class actions, to make these banks repay all the exception fees they have deducted over the last six years, plus interest. We have secured the services of...
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ANZ annual review.pdf
ANZ chief "takes home" over $10m:~   "Mr Smith's --$10.1 million -- is likely to be the highest-paid bank chief executive in the 2011/12 fiscal year. Preamble..."know thy bankster" --- ANZ poached Mike Smith in 2007, then head of HSBC's Asian business, --Smith's departure from HSBC was unexpected, and was a contender for HSBC's group chief executive position [note: concurrent to 6yr period of systemic issues concerning HSBC's admitted 'executive' mis-deeds; Did HSBC "executives" knowingly break the law concurrent to Smith's "time" as a HSBC "executive". Answer: "YES" ...and such activities were carried out with "wilful negligence" --driven by greed, which underpinned the behaviour; however --"it will apologise, and insists --it wont happen again".  HSBC chief executive officer Irene Dorner testifies before the US Senate about allegations of money laundering within HSBC, concurred --HSBC executives, in 2012, admitted to allowing Iran, terrorists and drug dealers to launder nearly USD$16 billion over a six-year period. Hearing such testimony would ordinarily make the "earth underneath...
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  • doyla66
    doyla66 says #
    “there will always be nasty types .... but good institutions are designed to punish them and to reward decent behaviour”. Unfortun
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Clancy Yeates
  November 17, 2012 Clancy Yeates Business correspondent, Canberra       Photo: Karl Hilzinger The big four held 80 per cent of bank assets and 88 per cent of residential mortgages, the IMF said, making the banks vulnerable to any slump in house prices. THE International Monetary Fund says the big four banks should be forced to hold more capital because their market dominance and the implicit guarantee of taxpayer support could threaten the economy. As figures showed a $398 million worsening in the budget, the fund also said the government could abandon its plans for an early return to budget surplus if the economy deteriorated sharply. In a review of the financial system published on Friday, IMF officials judged the sector to be ''sound, resilient, and well managed'' and said the economy was performing well. But while the IMF was broadly supportive of the government's economic management, it...
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