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BFCSA
MORTGAGE
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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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Recent blog posts
Former Westpac chief Gail Kelly appointed as advisor to UBS May 27, 2016 Clancy Yeates http://www.smh.com.au/business/banking-and-finance/former-westpac-chief-gail-kelly-appointed-as-advisor-to-ubs-20160527-gp5mwc.html   Former Westpac chief executive Gail Kelly has been hired to advise the top global managers of UBS on issues including strategy, risk and regulation.   The Swiss investment bank's chief executive, Sergio Ermotti, this week told staff of Mrs Kelly's recruitment in an email. He said the bank hoped to benefit from Mrs Kelly's expertise and experience.   She will act as a "senior global adviser" to Mr Ermotti and the group executive board (GEB). Gail will provide insights on strategy, regulation and risk as an active participant on specific topics at our GEB strategy meetings.   "She will also provide input on technology, diversity, and the APAC markets for individual GEB members and overall advisory activities for me," the email said.   Mrs Kelly retired as chief executive of Westpac last February. She...
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  • Duped
    Duped says #
    Gail Kelly is the smiling assassin. This woman is an integral member of the banking cartel. Can someone get her postal address the
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Ex-Deutsche Bank executive given four-and-a-half years for insider trading 13 May 2016 https://www.theguardian.com/business/2016/may/12/ex-deutsche-bank-boss-martyn-dodgson-four-and-a-half-years-for-insider-trading A former Deutsche Bank managing director and an accountant have been sent to prison for “persistent, prolonged, deliberate, dishonest behaviour”, drawing a line under the UK financial watchdog’s eight-and-a-half year insider dealing inquiry. Martyn Dodgson, a 44-year-old financier who advised the government during the financial crisis, was sentenced to four-and-a-half years on Thursday for his part in an elaborate scam that prosecutors said made more than £6.9m between 2006 and 2010. It is the longest UK prison term handed down for the crime. Andrew Hind, a 56-year-old former finance director of Topshop, was sentenced to three-and-a-half years at Southwark crown court in London. Both were convicted of conspiracy to insider trade on Monday. Insider dealing – using confidential information to trade on the stock market – carries a maximum seven-year sentence in the UK. But the longest term...
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  • douglen46
    douglen46 says #
    At last the big wigs are starting to fall we just need to see this happening here, the RC will weed out these monsters and we now
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The Banking Crisis in Spain is Back 28 May 2016 By Don Quijones, Spain & Mexico, editor at WOLF STREET. http://wolfstreet.com/2016/05/28/spain-banking-crisis-is-back-banco-popular-capital-npl/   After three years of relative calm and one month before yet another round of do-or-die general elections, the words “banking” and “crisis” are back on the front pages of Spain’s newspapers. Despite the untold billions of euros of public funds lavished on “cleaning up” their balance sheets and the roughly €240 billion of provisions booked against bad debt since December 2007, the banks are just as weak and disaster-prone as they were four years ago.  Francisco González, the President of Spain’s second biggest financial institution, BBVA, was the first to raise the alarm, warning a few days ago that the ECB’s negative interest rate policy “is killing” European banks. Now, it seems González’s prophecy is already coming true.  Spain’s sixth largest financial institution, Banco Popular, on Wednesday evening announced...
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  • douglen46
    douglen46 says #
    We are in a world wide crisis and we all need to pull together to get banks across the world cleaned up
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William K. Black: Mortgage Appraisal Fraud is Baaack…Because Bank Execs Profit From It Posted onDecember 3, 2014 by Yves Smith Yves here. Financiers and their media amplifiers keep trying to blame their bad conduct, like mortgage appraisal fraud, on powerless customers, so people like William Black have to keep swatting down their misrepresentations. Sadly, this crisis topic is back all too soon due to lack of regulatory vigilance. By William K. Black, the author of The Best Way to Rob a Bank is to Own One and an associate professor of economics and law at the University of Missouri-Kansas City. Originally published atNew Economic Perspectives http://www.nakedcapitalism.com/2014/12/bill-black-mortgage-appraisal-fraud-baack-bank-execs-profit.html The Financial Crisis Inquiry Commission (FCIC) report described one of three epidemics of accounting control fraud that drove the financial crisis in these terms. “Some real estate appraisers had also been expressing concerns for years. From 2000 to 2007, a coalition of appraisal organizations circulated...
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New apartment resale prices tumbling in Melbourne Australian Financial Review May 27 2016 4:22 PM Larry Schlesinger    Apartments in Melbourne's Docklands, CBD and Southbank are being resold up to 24 per cent below their previous off-the-plan purchase price, catching out vendors, many of whom bought them from investment companies or spruikers. AFR Weekend has found numerous examples of such apartments, most of which are small studio or one-bedders, acquired after the global financial crisis. The revelations come as concerns build about an oversupply of apartments, as a record number of completions loom, and following Macquarie Bank tightening its lending to high-rise apartment postcodes, including in Docklands, the CBD and Southbank. In one example, a one-bedroom apartment measuring 56 square metres in the Site One Complex at 757 Bourke Street has an asking price of $290,000 to $319,000, having been bought off-the-plan for $380,000 in 2009. Other examples of big price...
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The Internet of Things: it's arrived and it's eyeing your job May 21 2016 Malcolm Maiden http://www.smh.com.au/business/innovation/the-internet-of-things-its-finally-arrived-and-its-eyeing-your-job-20160520-gozz1f We have been hearing about the Internet of Things for years, but get ready. It has finally arrived, and it has the potential to unleash economic disruption that makes what the internet has delivered so far look like child's play. Telstra CEO Andy Penn is better placed than most to watch it happen. Telstra is in the middle of it, through initiatives of its own such as e-health and through its wireless network, which supports a growing universe of apps.   A Telstra SIM connection allows Tesla cars to connect to the internet in this country, for example. A new one helps graziers manage stock by alerting them when gates have been left open.  Penn also drives a Tesla, Elon Musk's sculptural electric rocket. Earlier this year, he and his family decided to drive...
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Shock: Westpac’s hybrid is a good deal Australian Financial Review May 27 2016 at 9:51 AM Christopher Joye   Something you never expected to hear me say: I'm a buyer of Westpac's new hybrid, called Westpac Capital Notes 4 (ASX: WBCPG). Yes, that's a first for a primary deal!  But before I dive into the detail, I was pleased to read the Reserve Bank of Australia's (RBA) analysis estimating that the major banks and Macquarie profit from a $1.9 billion to $3.7 billion annual funding subsidy on the basis they are presumed to be "too big to fail" and implicitly government guaranteed. (In April I independently calculated this subsidy was worth over $1.4 billion annually.) The RBA highlights that the majors' and Macquarie's credit ratings are artificially inflated two notches from "A" to "AA-" and "BBB+" to "A", respectively, because rating agencies believe that they, and only they, can be sure...
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Two-thirds of voters back Labor's call for royal commission into banks Philip Coorey   AFR Almost two-thirds of voters support Labor's call for a royal commission into the banks, according to a new poll that will increase pressure on the federal cabinet to boost the powers and resources of the Australian Securities and Investments Commission when it meets this week. The latest monthly Fairfax/Ipsos poll finds 65 per cent of voters support the royal commission while one-quarter, or 26 per cent, are opposed. Support is highest among Labor and Greens voters at 78 per cent and 79 per cent respectively, while just over half of Coalition voters – 53 per cent – also support such a probe. The poll of 1402 voters was taken from Thursday night to Saturday night last week, amid a fight between Labor and the Turnbull government as to whether the commission was needed. While 65 per cent of voters...
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  • douglen46
    douglen46 says #
    Malcolm Turnbull is well out of touch if he thinks that discussing things with ASIC will get anywhere they are very luke warm when
  • Duped
    Duped says #
    Turnbull is so desperate to shut down a Royal Commission into the protected banking arseholes he must have more to lose than we th
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Automated underwriting down under.              Long read but well worth it - aussie blueprint for toxic loans. 1995 article http://www.thefreelibrary.com/Automated+underwriting+down+under.-a016783611   Australia's mortgage market provides a living laboratory of what happens when automated underwriting becomes a fixture in a market.  American lenders can get a look at what the future might hold by examining the Aussie model. The potential power of automated underwriting is just starting to be felt in the American mortgage market. While everyone agrees that automated underwriting will create change for mortgage lenders, no one knows exactly what those changes will be. But a system similar to those being introduced here by Fannie Mae and Freddie Mac has existed in Australia for some time. The results there, while not guaranteed to replicate those that will occur in the United States, still might suggest a scenario of market developments that could follow from such...
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The gray areas....   Automatic Underwriting in Home Equity:  Preparing for Opportunities in the Gray Area Jim Leath BenchMark Consulting International   http://www.benchmarkinternational.com/Articles/Automatic%20Underwriting%20in%20Home%20Equity.pdf   Over the past 20 years, institutions have undergone massive structural, regulatory, social and technological changes that have changed the very nature of the underwriting function. Recent data indicate that industry leaders, particularly in the home equity sector, are relying more heavily on automated systems for their underwriting and decisioning functions. At the same time, the environment in which lenders operate is becoming more competitive and may be forcing them outside the traditional A-paper space into riskier credit grades. Lenders are approaching a fork in the road that will force them to choose to rely more heavily on human underwriters or on technology to underwrite their lending business in the future. The question may have serious implications when institutions lose internal underwriting expertise   Automated Decisioning on the...
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https://www.facebook.com/OVHRepro   ** BREAKING NEWSAN URGENT MESSAGE TO EVERYONEWE POSTED THIS STORY AROUND NINE PM LAST NIGHT. IT CREATED ROCKETING NUMBERS AND RESPONSES BY READERS - YET IT WAS MYSTERIOUSLY REMOVED BEWTEEN 5.00 AM AND 6.30 AM THIS MORNING. ... AMERICA AND ENGLAND DO NOT ALLOW DONATIONS BY FOREIGNERS TO POLITICAL PARTIES. THE MASSIVE SIZE OF THE DONATIONS THAT ARE NOW BEING MADE TO THE LIBERAL PARTY BY FOREIGNERS MEAN THAT WE BELIEVE THAT AUSTRALIANS MUST BE GIVEN THE DEMOCRATIC RIGHT TO KNOW THE TRUTH. WHAT IS HAPPENING TO OUR COUNTRY?WHY ARE WE NOW BEING PREVENTED FROM KNOWING ABOUT IT?   2 Chinese Property Developers Tied to Outsized Aussie Political Donations 2016/02/29 by Michael Cole http://www.mingtiandi.com/real-estate/outbound-investment/2-chinese-property-developers-tied-to-outsized-aussie-political-donations/ 2 Chinese Property Developers Tied to Outsized Aussie Political Donations 2016/02/29 by Michael ColeLeave a Comment   China’s investments in Australia’s property market have often been hailed by politicians as a source of economic...
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    Duped says #
    The plot thickens with corruption and appears the Liberals are up to their necks in it.
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https://www.facebook.com/OVHRepro ** BREAKING NEWS AN URGENT MESSAGE TO EVERYONE WE POSTED THIS STORY AROUND NINE PM LAST NIGHT. IT CREATED ROCKETING NUMBERS AND RESPONSES BY READERS - YET IT WAS MYSTERIOUSLY REMOVED BEWTEEN 5.00 AM AND 6.30 AM THIS MORNING. ... AMERICA AND ENGLAND DO NOT ALLOW DONATIONS BY FOREIGNERS TO POLITICAL PARTIES. THE MASSIVE SIZE OF THE DONATIONS THAT ARE NOW BEING MADE TO THE LIBERAL PARTY BY FOREIGNERS MEAN THAT WE BELIEVE THAT AUSTRALIANS MUST BE GIVEN THE DEMOCRATIC RIGHT TO KNOW THE TRUTH. WHAT IS HAPPENING TO OUR COUNTRY? WHY ARE WE NOW BEING PREVENTED FROM KNOWING ABOUT IT?   2 Chinese Property Developers Tied to Outsized Aussie Political Donations 2016/02/29 by Michael Cole http://www.mingtiandi.com/real-estate/outbound-investment/2-chinese-property-developers-tied-to-outsized-aussie-political-donations/ 2 Chinese Property Developers Tied to Outsized Aussie Political Donations 2016/02/29 by Michael ColeLeave a Comment   Huang Xiangmo with Australian Prime Minister Malcolm Turnbull at a Chinese New Year celebration China’s investments...
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Ultimate Market Timer Sam Zell: “Know What the Problem Is?” by Wolf Richter http://wolfstreet.com/2016/05/27/market-timer-sam-zell-fed-interest-rate-commercial-real-estate/   Zell gets even gloomier, hammers ZIRP, starts selling. “No one has ever accused me of not being a realist,” Sam Zell told CNBC. The chairman of Equity Group Investments and of apartment mega-landlord Equity Residential was talking about the markets for office and apartment buildings in some major cities that have already peaked. “Overall we’ve come off this extraordinary period of liquidity and this extraordinary period of low interest rates,” he said. “I think we’re unlikely to see a repeat of that going forward, and I think we’re going to see more supply in what had been pretty tight markets.” And he has been selling. Back in 2007, he once again proved his sense of market timing. As the commercial property bubble was already teetering, he sold Equity Office Properties Trust to Blackstone for $23 billion,...
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Transforming The Way Affordability Is Assessed Author:  Tommy Mermelshtayn, Head of New Markets & Strategy, Veda Article Posted:  May 02, 2016 http://www.australianbankingfinance.com/banking/transforming-the-way-affordability-is-assessed/ There is a pressing need in Australia to improve how loans are approved, and ‘affordability assessments’ sit at the centre of that transformation, argues Tommy Mermelshtayn, Head of New Markets & Strategy, Veda. INCOME VERIFICATION OR, for that matter, any single ‘affordability indicator’ used to deter- mine the suitability of a credit contract, is by itself insufficient. In fact, indicators such as these are failing both customers and lenders. Alone, a single indicator cannot truly assess if a borrower can afford a credit contract.   While affordability as a concept is a relatively new one for Australia, it has been in the vocabulary of UK and US lenders for years now. Affordability is a customer’s capacity to service debt over an extended period of time, not just when they apply...
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Easter Special Report: The negative gearing bible By Unconventional Economist in Special Reports at 3:58 am on March 25, 2016 | 64 comments   http://www.macrobusiness.com.au/2016/03/easter-special-report-the-negative-gearing-bible/   Negative Gearing. Who uses it and why? How much does it cost? What does it achieve? What are its risks and rewards? Should it be changed? How? What will that do to property? To the economy? Just a few of the questions answered in this special report that reveals all about Australia’s most controversial tax haven. Last week, the Australian Taxation Office (ATO) released its Taxation Statistics for the 2013-14 tax year, which once again revealed that Australia is a nation of loss-making landlords.   If there is one thing that differentiates the Australian housing market from most others, it is the propensity for Australians to leverage into buy-to-let investment properties in the face of negative income returns, in the expectation that capital appreciation will...
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Banks face profit risks from household debt and China transition, Fitch says By business reporter Michael Janda Updated about an hour ago PHOTO: Australia's major banks control almost 80 per cent of the market. (AAP) MAP: Australia Fitch has warned Australia's major banks are facing increased risks and bad debts, with one of the credit rating agency's analysts declining to call them "safe and solid". Key points: Fitch notes economic transition away from mining and high household debt as challenges Australian household debt now 186pc of disposable income "Tax policies might have contributed" to surging house prices, including negative gearing China hard landing viewed as key risk, but not the base case In a world of carefully crafted, cautious messages, Fitch ratings director Andrea Jaehne cut to the chase when asked why Australia's banking system was so safe and solid. "I wouldn't call it safe and solid," she responded. Instead, Fitch said it is the lack...
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The NIRP Refugees Are Coming to America by Wolf Richter • May 26, 2016 http://wolfstreet.com/2016/05/26/negative-interest-rate-policies-nirp-euro-japan-depress-u-s-treasury-yields/   Negative interest rate policies elsewhere hit US Treasury yields The side effects of Negative Interest Rate Policies in Europe and Japan — what we’ve come to call the NIRP absurdity — are becoming numerous and legendary, and they’re fanning out across the globe, far beyond the NIRP countries. No one knows what the consequences will be down the line. No one has ever gone through this before. It’s all a huge experiment in market manipulation. We have seen crazy experiments before, like creating a credit bubble and a housing bubble in order to stimulate the economy following the 2001 recession in the US, which culminated with spectacular fireworks. Not too long ago, economists believed that nominal negative interest rates couldn’t actually exist beyond very brief periods. They figured that you’d have to increase inflation and...
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More backlash from London’s empty towers   By Unconventional Economist in Global Housing   at 12:30 pm on May 27, 2016 | 18 comments http://www.macrobusiness.com.au/2016/05/more-backlash-from-londons-empty-towers/   By Leith van Onselen   I wrote yesterday how the new mayor of London, Sadiq Khan, had spoken-out about foreign investors using homes in London as “gold bricks for investment” following an investigation which found that the UK’s tallest residential skyscraper is now more than 60% foreign-owned and is under-occupied.Now The Guardian’s Simon Jenkins has followed-up with a piece claiming that London’s empty high-rise is a mark of corruption:  Now we know.   The glitzy 50-storey tower that looms over London’s Vauxhall and Pimlico is, as the Guardian revealed yesterday, just a stack of bank deposits. Once dubbed Prescott Tower, after the minister who approved it against all advice, it is virtually empty.   At night, vulgar lighting more suited to a casino cannot conceal...
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Another day, another billion dollars: we are deep in debt and deficits denial  Sydney Morning Herald May 26, 2016 - 6:30PM  Jessica Irvine    It happened again on Wednesday, at precisely 11am. A few days prior, an official sitting at a computer in the Treasury building in Canberra sent out an alert. Across the Sydney trading rooms of the big four Aussie banks and the local arms of international banks – about 15 of them in total – an alarm sounded and a message flashed on screen to notify them of the upcoming event. Traders hit the phones, talking to bank clients to see: "Do we want in?" At 10.45am on Wednesday, the traders logged in to a special computer application called "Yieldbroker" where they began to make bids. For what? For government debt, or "bonds". When you or I want a loan, we go cap in hand to the banks....
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    organza says #
    Slipping into a big sinkhole of their own making is more like it. Time for them be upfront and honest about why their revenue inc
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CBA boosts scrutiny of mortgage applications Australian Financial Review May 26 2016 6:54 PM Duncan Hughes  Editor Fact Check:  CORRUPTION STILL THERE FOR DUMBO ASIC:  Evidence from 2000 cases collected by BFCSA Members shows the FRAUD is in the APPROVAL PROCESS BY BANKERS.  Its NOT THE BROKERS!  Bankers and ASIC MATES continue to demonise the brokers after attempting to demonise the consumers!!!  What about the 55% bank officers writing the loans in same fashion? CBA, the nation's largest mortgage lender, is overhauling mortgage operations to improve processing times and boost security and transparency of dealing with mortgage brokers, which account for about 45 per cent of loan transactions. The new system is likely to allow it to detect suspected fraud or irregularities in applications and avoid a repeat of problems with financial advisers that have caused massive reputational damage, legal expenses and compensation claims. The bank said the switch to having...
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From Debbie Barker   I am excited that AUSTRALIAN LABOR PARTY has finally reacted to put, the Victims, of THE BIG FOUR, on the RADAR, and listen to our plight and what is really happening. So many everyday hardworking PEOPLE, from all walks of Life, every Professional, who have helped make Australia what it is today, have been destroyed by the Actions of the Banking Fraternity. Initially, there was NO BIG outcry just condemnation of the poor Victims, by the CEOs, of the BIG 4, who blame those terrible Customers, who are misrepresenting themselves, who are LIARs as in Liar Loans. That is a BANKER LIE and those doyens of the ELITES are embarrassing the BANKS.   Where is the PUBLIC OUTCRY? We will see this when Shorten wins and we have our Royal Commission and Denise has promised to sit front row! I have been thinking, unable to sleep....
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    douglen46 says #
    SO WELL SAID Debbie we are so indebted to Denise for all her very hard work, I just hope that Labor will go through with their pro
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From one of the aggrieved: Don't forget FOS . I just got a determinations last week. Zero laws applied . Zero investigation done. FOS states they don't have to acquire this information. According to the code of Banking and NCCP they do. My next door neighbours kid could have written this determination as he has no legal expertise either.   The evil FOS and CIO criminal mortgage fraud and maladministration cover up Plan. The ASIC Licensed and BANKER driven, masking and manipulation of truth PLAN to create ANTI CONSUMER Territory!   FOS have consistently taken no notice of the BANKERS CODE of Conduct, no notice of the LAW or common law decisions, Take no notice of the lead of the COURTS, do not assist in recovery of files as per the PRIVACY ACT. We have seen over 1000 examples of their Determinations during the past decade and it is obvious...
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    Duped says #
    Oh they're dark alright, ignore the true circumstance of the aggrieved borrower and repeatedly deliberately misinterpret the infor
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Why Australia needs a bank Royal Commission   By Unconventional Economist in Australian banks, Australian Politics   at 2:40 pm on May 26, 2016 | 14 comments http://www.macrobusiness.com.au/2016/05/why-australia-needs-a-bank-royal-commission/   Cross-posted from Independent Australia: Labor has taken a principled stance in supporting a banking royal commission, but must hold its nerve against the a bank lobbyist tsunami, writes Dr Evan Jones, who concludes his analysis of corrupt self-regulation in the banking sector. ·        Labor runs with the ball ON 6 APRIL 2016, the prime minister rose from his habitual indolence to chastise the banks. The occasion was, of all places, the 199th birthday celebration of Westpac bank. Only several days previously, ASIC had launched action against Westpac for rate-rigging.   If Turnbull had imagined that he was being bold in his stance, the punters were not impressed. Letter writers to the Sydney Morning Herald were derisory.   For instance,...
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Michael Hudson: The Wall Street Economy Has Taken Over The Economy and Is Draining It! By: Gordon Long   Thur April 28, 2016 Fire Economy   FIRE is an acronym to the Finance, Insurance, and Real Estate sector. Basically that sector is all about assets, not production and consumption. Most people think of the economy as being producers making goods and services and paying labor to produce them, and then labor is going to buy the goods and services.   But this production and consumption is rife in the asset economy of who owns assets and who owns other things.  The Finance, Insurance, and Real Estate sector is dominated by finance. For instance, 70-80% of bank loans in North America and Europe are mortgage loans against real estate.   The only way of buying a home or commercial real estate is on credit, so the loan to value ratio goes up...
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If banks want to get rid of negative gearing and the RBA are not keen on it either then   who is preventing it?   Why are big banks silent on negative gearing reform?   By Houses and Holes in Australian banks, Australian Politics, Featured Article at 7:18 am on April 29, 2016 | 28 comments   From The Australian today: Like a well-drilled army unit, the big banks rallied together to dismiss a royal commission, firing off the scary reasons why it was a bad idea. They did the same when the Murray inquiry threatened higher capital requirements. So if negative gearing changes were such a disaster, why have the banks been so silent?   …[Turnbull] suggesting negative gearing is critical to making an investment in property stack up suggests two things: that a tax concession funded by other taxpayers is distorting the market by driving not particularly savvy or...
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