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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BFCSA have lobbied long and hard for an Inquiry into ASIC, calling for one in 2001 as RECA.  Greg Medcraft Chairman of Australian Securities and Investment Commission, and also Chairman of IOSCO (International Org of Security Chiefs) has hit back at his critics of which our members are staunch by experience in their criticism of ASIC.   In fairness, we are happy to record Mr Medcraft's views of his own leadership and staff.  We do note however, that a boast of recovering $345 million, is embarrassing as over $400 million was lost in Westpoint, which ASIC sat on like a Mother Hen and did nothing for five years until its collapse.  It also fails to quantify the absolute losses ASIC has recorded as being well over $80 Billion, whilst ASIC slept.   Medcraft boasts that ASIC has banned 168 people in 3 years.....no LENDERS MENTIONED.   No criminal charges to assist in...
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  • doyla66
    doyla66 says #
    Mr Medcraft must be really silly to boast about stats like that without doing the sums... (well done Denise!!) What a joke! No won
  • doyla66
    doyla66 says #
    Just running for cover it appears. Imagine giving out terrible percentages like that. I think Mr. Medcraft would be ashamed of h
  • doyla66
    doyla66 says #
    ROFLMAO ASIC! We've said it before and we'll say it again: ASIC did it - we just reported it No extra effort required: just writ
  • Denise
    Denise says #
    5 elite ASIC staffers were given the task of compiling the "close to zero %" results for ASIC in their three submissions to Parlia
  • doyla66
    doyla66 says #
    In another similiar article -'We see cyber crime as a key risk not only to the markets we regulate but to the stability of the glo
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Do not become a victim of these "controlled frauds,"  dressed up as legitimate business.  A quiet AFR story on the weekend, made me sit bolt upright, thinking "here we go again!"  "ARIPs" are Asset Rich and Income Poor are a constant prime target for predatory tactics in the real estate and banking sectors.  Many retirees are only living on a modicum of income (eg $30k) which is a whopping $6,000 above the pension for a couple.  Yet predator sharks in the banking sector are circling your group!  You are classiified by money moguls who want more money - yours - as ARIP's.  You own your own home and unethical people will try and convince you, that you are better off in a wonderful retirement village.   If unsure, STAY WHERE YOU ARE.  Throw the well dressed promoter out into the street, along with his briefcase and laptop (full of unsavoury figures),...
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  • doyla66
    doyla66 says #
    I think it's time we had some way of counter targeting ARIPs and future ARIPs. Perhaps we should be engaging with senior citizen
  • doyla66
    doyla66 says #
    Hi Trenton, Your convictions about the gangster/banksters are correct. As you commented the lowest. I have always thought that t
  • doyla66
    doyla66 says #
    This is the lowest form of making a living. If you are reading this and make a living out of this, taking the lives away from hard
  • doyla66
    doyla66 says #
    Wise words, STAY WHERE YOU ARE. Do not get caught as we did. Do not let the fraudster Banksters take you down and they will if g
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Abraham Lincoln1863.. "that this nation, under God, shall have a new birth of freedom-- and that government of the people, by the people, for the people, shall not perish from the earth." No Time to Lose:- Train Your Watch-Dog to Bark again - without fear, nor favour. The Entire Nation Will Thank You. You'll rediscover the peace and quiet of living in your own home --- a privilege once lost, during the 'Sociopathic Period" when the Nation was over-run by nasty Bank$ters, with our highly requested Bark Enhancement Devices. Compared to other inferior Watchdog Endorsed Ponzi-like Products that are ineffective and shockingly inhumane, our "Bark-up" units (special this month only) are humanely designed, to give your Chairmen back his  BARK-UP, FRONT-UP TO Senator's Inquiries - care free kind of appearance! We even include our exclusive Chairman's Choice - YOUR Home or Money Back Guarantee! Good Life® Return Policy Don't worry, we've got you covered! In...
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How can an expensive yet ineffective and lazy regulatory watchdog allow the corporate criminals of the banking sector who invented unaffordable loans by deception, to creep into your home and claim the asset as theirs?  Isn't that "home stealing?" Tomorrow the Senate will be questioning ASIC (Weds 20th), in the Senate Estimates Committee Hearings.  Lets hope some curly curve ball questions are thrown at ASIC as to whether they are underfunded to take banker criminals to court? If you were in Parliament tomorrow: what questions would you like to ask of ASIC? http://www.aph.gov.au/News_and_Events/LiveMediaPlayer?type=1&vID={060900B6-43E7-40AA-B939-7C12AAE5DBA9} Perhaps we would like to ask them  to donate the ASIC executive staffers' over-bloated salaries to the VICTIMS OF ASIC FUND.................? This email address is being protected from spambots. You need JavaScript enabled to view it....
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  • doyla66
    doyla66 says #
    ASIC is the same as Aussie Home Loans 80% soon to be 100% owned by Commonwealth Bank so its obvious Lisa where Greggy gets his per
  • doyla66
    doyla66 says #
    Too true, Neil. I take it you've seen Levitt's submission!! ASIC & CBA too close, ASIC driven by CBA agenda, ASIC not accountable,
  • doyla66
    doyla66 says #
    Ask ASIC: 1. What their overpriced business registration website and portal is still apparently incomplete and does not integrate
  • doyla66
    doyla66 says #
    4. Regarding the Loan Fraud evidence, are ASIC competent to assess this and are they still willing to dismiss the Fraud allegation
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Dear Member "In my opinion, ASIC is a maladministered agency with a bad culture that manifests in officers ignoring the law and not taking timely enforcement action, doing favours for professional colleagues in industry, concealing or manipulating information, and otherwise acting without integrity so that the agency can avoid responsibility for its regulatory failures." Members the above sentence is not mine. It belongs to Jeffrey Knapp a Lecturer in Accounting at the University of N.S.W. This man is a prominant authority and his submission 274 is just another damning insight into how useless and waste of tax payers money ASIC is. The one thing that is blatantly apparent from reading all the submissions is that ASIC's inaction has cost investors hundreds of millions of dollars, enough in fact to get this great country out of debt. All the different investment schemes and the banksters diabolical lending practices have cost this country...
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  • doyla66
    doyla66 says #
    Denise has fought this banking rought for years VIRTUALLY ONE OUT , but now the tide is starting to turn heavily against the perp
  • doyla66
    doyla66 says #
    Pls take the time to work through both Knapp and Levitt submissions - doozies and very revealing. After reading Levitt, how can t
  • doyla66
    doyla66 says #
    What a smug and conceited so and so Medcraft is. Just shows he does not give a damn about his position just the loot. Maybe he c
  • doyla66
    doyla66 says #
    Read the one by Levitt Robinson I think it is VERY DAMMING( 276) One actually quotes Medcraft as saying when asked how long he wa
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Ever tire of hearing ASIC willbee's?  See how many times ASIC executives answered the Senators questions In Parliament with: "we will be."  Remember ASIC's bleating in 2004 "we will be getting tough with wealth creation spruikers."  Their idea of 'tough' and using Enforceable Undertakings is not the public's idea of getting tough and applying the law.  ASIC have power over criminal law and remedies, so why is it that those tools are rarely if ever used?   What's an EU?  Its a piece of paper signed by the crook and signed by ASIC Executives stating "ASIC agrees to shred the complaint, wipe the slate clean, drop the mention of misleading and deceptive and/or fraud and forgery and all is forgiven.  Criminal agrees to stand in the naughty corner and never transgress in the future."  Problem solved and, the victims can all go home....if they have one to go to.  Everyone happy.  Done...
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  • Denise
    Denise says #
    Dear Mr Munchenberg and other dumbo's at the ABA. Our sub prime lending cartel is everyone's business and everything to do with t
  • doyla66
    doyla66 says #
    ASIC - "do as we say, not do as we do" eh? The rules obviously don't apply to ASIC! ASIC are corrupt, incompetent at Law governanc
  • doyla66
    doyla66 says #
    Remember when the ASIC Inquiry was announced and the ABA said, well that's nothing to do with the Banks? Are the ABA and Munchenb
  • doyla66
    doyla66 says #
    Yeh, ASIC are certainly consistent!!!! Just fob us off with "GO TO FOS" we cannot help. That is consistent alright. All 3 compla
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Dear members In one of the latest Senate submissions, number248 a former ASC employee, ASIC's predecessor stated that when each states corporate affairs regulators merged to form the ASC and then ASIC that many junior staffers were promoted  three times within months to fill depleting ranks. He stated many of those inexperienced people now hold senior ranks. At this time staff were too concerned with inter office politics than the job in hand. He states ASIC is full of lawyers and very few people with market experience. If you don't know what documents are being used in an industry, broad requests for documents will only result in compliance people only complying with the notice and not the intention of the notice. Whilst at the ASC he witnessed this many times and it still applies today. The writer of this submission  left over fifteen years ago as a result of the deterioration of...
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  • doyla66
    doyla66 says #
    This EDR process of negotiation with Lenders is just a sham. Neutral ground is where talks between lenders, customers and FOS sho
  • doyla66
    doyla66 says #
    What the Australian Public and consumers alike are seeking is accountability for public funding of ASIC. Notwithstanding the fact
  • doyla66
    doyla66 says #
    From personal experience, when financial disaster strikes, what I really needed was an understanding human being to reassure me an
  • doyla66
    doyla66 says #
    Superb post, Neil. It's all getting better and better! So many came out of the woodwork to independently support our stories of ne
  • doyla66
    doyla66 says #
    The junior inexperienced staffers were deviously promoted to fill the Senior positions purposely for the benefit of the corrupt hi
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HomeSectionsBusiness Strategy Why ASIC is watching your Facebook page by Amy Rosenfeld | 07 Nov 2013 MOST VIEWED Why ASIC is watching your Facebook page1 comments Brokers need to be wary of what they put online – or face the consequences, say legal experts. Managing change: Is your brokerage ready? The mortgage industry never stands still and neither should your business. Learn the best strategies for successful transitions. My toughest test... with Josh Bartlett Each week MPA brings you advice from the industry's thought leaders on their biggest business challenge and how they tackled it. SPECIAL REPORTS 2013 Brokers on Non-Banks 2013 Brokers on Banks 2013 The Diversifiers Social media is categorized by brief, informal and often relatively impulsive messages. But brokers need to be wary of what they put online – or face the consequences, say legal experts. Regulatory bodies in the UK and US have recently made statements making plain...
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Dear Members  The depth and breadth of the Senate submissions so far is quite astounding.  As you would expect the bulk are aggrieved borrowers and investors who through the failings of ASIC to do the very job they were created to do, failed dismally which resulted in many borrowers facing financial ruin. There is a huge cross section of Australian society involved, everyone from senior legal university academics, various law firms, business leaders, state and federal government agencies, banks, brokers, consumer groups and of course the multitude of victims and the list just keeps getting bigger. There are definite patterns forming, as expected all state and federal agencies have circled their wagons and given ASIC the thumbs up to protect their public service brothers and sisters.  The legal fraternity seem to favour them as well.  I suppose whilst ASIC exists there will be plenty of work for them. Its quite obvious  some submissions want to placate...
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  • doyla66
    doyla66 says #
    Some of the submissions are just so flowery and frilled up, it appears ASIC are Gods's gift to the world. What world I'm not sure
  • doyla66
    doyla66 says #
    The Senate Committee Hearing into ASIC is going gang busters with some awesome submissions and some absolute dribble " sorry banks
  • doyla66
    doyla66 says #
    Good post, Neil. Dead right about pandering to the legendary ASIC egos! That's in their formal professional capacity. I wonder wh
  • doyla66
    doyla66 says #
    You're also right in that the ones who have the most to gain from ASIC are putting in subs. that are pathetic. You wouldn't expect
  • doyla66
    doyla66 says #
    So right Neil there have been submissions that are heartbreaking and we know full well that we are in similar positions, some wors
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Well, well, boys and girls it looks like after many tireless years of Denise's and BFCSA persistence we have struck a raw nerve at ASIC. To rate a supplement to ASIC's submission to the Senate means they are finally hearing what we are all saying. To start compiling a list of counter claims to all our evidence reeks of desperation to save their own sorry skins. To use time as an excuse is preposterous by stating the falsehood that a lot of our members were PRE all these new regulations so that must deem them to be not appropriate, you do not put time limitations on a crime as if the passing of time wipes the slate clean. One of the most obvious pontificating ASIC statements is the complete onus on the brokers for the loans and LAF's, they are completely exonerating the banks and show where their allegiance lies. To...
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  • doyla66
    doyla66 says #
    Fancy ASIC singling BFCSA out for such special attention! All those other complaints and we get the ASIC red carpet treatment? Wh
  • doyla66
    doyla66 says #
    Yes Neil it's going to be a day of entertainment, a day when the truth will prevail and a day of history making. We are nothing to
  • doyla66
    doyla66 says #
    Well said Neil. Like you I will be ready, willing and able to attend the Senate enquiry to support Denise and other BFCSA members
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The Australian Securities and Investments Commission has isolated itself from key stakeholders and developed a “glass jaw” to criticism, according to leading directors and senior executives:  PUBLISHED: 31 OCTOBER, 2013:-  http://www.afr.com/p/national/asic_hit_by_deluge_of_criticism_VrF8LDdmeiHyUGuCVmidrK  ...
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  • doyla66
    doyla66 says #
    Hi Andy, do you have the rest of this article? Good to see the corporate world having a go at ASIC as well! Criticism goes with
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VOFF PRESS RELEASE 31st October 2013 FLADER – LAUGHING ALL THE WAY TO THE BAHAMAS VOFF SLAMS ASIC AS INEFFECTUAL AND CALLS FOR A COMPLETE RESTRUCTURE OF ASIC MEDCRAFT MUST RESIGN The decision of ASIC to terminate its “investigation” into the role of Jack W Flader Jnr. into the Trio Capital fraud marks the end of an abysmal performance by the regulator in prosecuting its regulatory duties to protect the Australian financial system. Flader was the Chairman of the Global Consultants and Services Group of Companies Limited, (GCSL) which he established in 2007 based in the weakly regulated jurisdiction of Hong Kong.  Flader and GCSL were critical links in the network of international hedge funds and investments that stole $120 million dollars from the Astarra Strategic Fund.  • In November 2009 the US District Court in South Carolina. found that a stockloan program involving the Jeeves Group and Flader had been...
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  • doyla66
    doyla66 says #
    Once again ASIC failure to investigate fraud in a timely manner has cost investors the shirts off their backs! Once again the perp
  • Denise
    Denise says #
    Anyone from Trio Capital out there that would like to speak with me? [email protected]
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On the 16th October, I lost a very dear friend in Graham MacAulay.  I met him as a man about to enjoy retirement, yet sitting in the creditors meeting of one of the company collapses generated by Richard Beck, John Whitehead and Norm Carey of Westpoint, I saw a man sitting holding his face with his hands, as close to tears as he could possibly get.  One thousand other people were sitting quietly in stunned disbelief.  Yet the collapse of the company, it became the first of eight heavily attended creditors' meetings for the same group that week in December 2005.  Yet the one piece of information that angered Graham the most, was yet to be revealed...................... I met a group of 50 people in the lobby and I said: "One of you has to be leader of this group as I am heading back to WA.  But I will assist and guide you...
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  • doyla66
    doyla66 says #
    I'm really sad to hear of Graham's passing. My condolences to all who knew him personally, especially his family. Graham did an e
  • doyla66
    doyla66 says #
    Thankyou Denise for writing and sharing this beautiful story of such a worthy humane being. This is sad news for everyone especial
  • doyla66
    doyla66 says #
    From: Frank Sent: Thursday, October 31, 2013 To: [email protected] Thank you Denise, can you pa
  • doyla66
    doyla66 says #
    From: P H Sent: Thursday, October 31, 2013 To: [email protected] thank you for being you thank you for making the time to
  • doyla66
    doyla66 says #
    RIP Graham MacAulay... Thank you for the heart felt obituary Denise on our behalf. Best wishes to his family and friends. Thank g
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By Sue Lannin Posted Wed 23 Oct 2013, 10:05am AEDT Home loan and credit card disputes most common complaints The majority of complaints were about banks in 2012-13. Disputes about home loans and credit cards were the most common complaints with 49 per cent of disputes about credit products or 12,408 complaints accepted by the Ombudsman, down six per cent from 2011-12. That is mainly because the number of financial difficulty disputes fell by nearly one quarter. Mr Tregillis says the decline was due to the introduction of new national consumer laws in 2010. "This appears to be a result of the improvements by the major banks and other financial service providers to their financial hardship programs over the last few years," he said. However, complaints about maladministration in lending cases more than doubled from 333 in 2011-12 to 706 disputes in 2012-13. This could include a bank failing to verify the income...
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  • doyla66
    doyla66 says #
    We found inconsistencies throughout our FOS dispute. Our case manager suggested a conference between us and Nab. We agreed. It
  • doyla66
    doyla66 says #
    Why has FOS commenced a pilot program to identify maladministration issues?? This is not not a new problem, it has been ongoing fo
  • doyla66
    doyla66 says #
    A record breaking five(5) cases reported to ASIC involving 'serious 'misconduct', but against whom FOS? So "letz get SERIOUS" Mr
  • doyla66
    doyla66 says #
    It's incredible what FOS permitted in your case, Andy. You have every right to be angry with them. Is it willful blindness, or in
  • doyla66
    doyla66 says #
    Lisa, YES, @ASIC's tacit direction > FOS are "manipulating the evidence & facts to create the outcome that they [ING DIRECT] want.
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Bankers created the loans that are now the thorn in the side of ASIC regulators.  Banks were the engineers of the Products (Lo Docs and FULL Docs)  that became the catalyst for widespread lending.  I had one banker saying to me this morning "the fraud and forgery are irrelevant!"  Really?  I am afraid our members do not see it that way.  ASIC is trying to mumble it had no laws with which to prosecute banks pre 2010.  That is false - hence the High Court and six other similar cases were won by consumers (albeit with funding) against THE BANKS>  The Brokers were irrelevant in the fraud and forgery as the fact remained according to Judges that the Banks had a duty to reject unaffordable loans.  They had that obligation under the Banking Code of Practice.  Non Bank Lenders who are not members of the code (but ASIC does not warn the public of that minor problem) must...
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  • doyla66
    doyla66 says #
    Thankyou, Denise. Blow them away with the truth of their own words. It's looking more like a conspiracy now. ASIC supervises and
  • doyla66
    doyla66 says #
    I dont care how many times ASIC try to fob the blame off on someone else apart from their Bankster Mates, its the Banks and no one
  • doyla66
    doyla66 says #
    Robert, go with BDM. It's ALL just one GIANT sham. In my case, 2 distinct "episodes" of bank-fraud took place. The 1st, a 'garden
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Setting the record straight: ASIC, bribery and enforcement action   You can read the 9 page speech here http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/Setting-the-record-straight--ASIC-bribery-and-enforcement-action.pdf/$file/Setting-the-record-straight--ASIC-bribery-and-enforcement-action.pdf   and another recent speech by Mr Medcraft   The future of financial regulation   Financial Services Council (FSC) Annual Conference 31 July 2013  You can read the 3 page speech here http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/Future-of-Financial-Regulation-speech.pdf/$file/Future-of-Financial-Regulation-speech.pdf                                                                                                                                                                                                        ...
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The submission is on page 8 of the LIST and hundreds more ready to be uploaded over the next two weeks....the largest count ever?  Plenty of reading for the Senators re ASIC's non-performance.  ASIC has enjoyed being impotent re Banking and Finance products for 14 years.  This email address is being protected from spambots. You need JavaScript enabled to view it. Click on link for Senate Submissions list - http://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Economics/ASIC/Submissions   See Michael West Story in todays Business Day http://www.smh.com.au/business/watchdog-asleep-on-australias-subprime-scandal-20131024-2w323.html    ...
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  • doyla66
    doyla66 says #
    It doesnt look like there are any more submissions to come on the Senate site it has all come to a hault. I have noticed that none
  • doyla66
    doyla66 says #
    I was just wondering if anybody has heard anything at all about Mr Hockeys Root and Branch Investigation. It seems as though it ha
  • doyla66
    doyla66 says #
    There are wide and varied reasons for people taking the time to write their submissions and there are many assorted topics for the
  • doyla66
    doyla66 says #
    October 24, 2013 - 4:19PM ASIC's second submission to Senate inquiry The Australian Securities and Investments Commission has lodg
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There are hundreds and hundreds of submissions waiting to be "cleared" for publication, including mine.  Most of the submissions are regarding victims of bank fraud that ASIC had powers to address and contain and then irradiate.  ASIC failed on all levels and that is why the public collective cry for ASIC to be pulled down and rebuilt.  Spare a thought for staff at the Senate who have been lumbered with the greatest dump of submissions of discontent ever waged against a regulator.   This Inquiry is long over due and the submissions received are the proof.  The BFCA Submission has been received but may take several weeks to be loaded up on to the website. The very name ASIC implies "security in investment" and their role has been to ensure markets are not permeated with fraud and forgery and thereby instilling CONSUMER CONFIDENCE across the banking an finance industries.  Trouble, is the bodies are...
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  • doyla66
    doyla66 says #
    This enquiry will give all of us back our faith in human nature. We have all been pushed and shoved from pillar to post by bureauc
  • doyla66
    doyla66 says #
    If as ASIC say they do a great job at regulating and investigating, then they will have the proof. Most of us have had the ground
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Let the Games Begin.  ASIC is at long last is being placed under a microscope: should it be scrapped or should it be rebuilt from the ground up?  One thing is for sure its not a boot maker's bootlace when it comes to handling consumer complaints.  Anne Lampe used to work for ASIC and is an excellent journalist, and she has thrown a bucket of slops all over ASIC and thoroughly deserved.  Read her submission on the Senate website.  Ours will be up in a couple of days.  Everyone will start blowing the whistle on ASIC's non compliance with its own laws.  In fact, ASIC executives became a Law Unto Themselves:  Fat cats in need of a shakedown.  There are thousands upon thousands of people who were left suffering ASIC's nonsense during the paste 14 years.  They have been paid over $6 billion these last few years, sitting on bloated salaries and doing very...
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  • doyla66
    doyla66 says #
    It seem to me that ASIC have been looking upon Fraud as two different types, one the legal kind of Fraud and secondly the illegal
  • doyla66
    doyla66 says #
    I would imagine that there will be a lot of shuffling around of staff within the banksters organisations now. All banks are in it
  • Denise
    Denise says #
    Hi Lisa, I answered all questions from senators for 45 minutes on 8th August 2012 in Parliament and never found need to ask for "q
  • doyla66
    doyla66 says #
    No more questions on notice. ASIC have had advance warning from the submissions - even submitted their own interim reply. I reall
  • doyla66
    doyla66 says #
    Now that we finally have submissions into the Senate Committee there should be obvious signs for any Bank employee that the bubble
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Dear members  With the final countdown for Senate submissions this week end its time to think about our next course of action which is Joe Hockey's root and branch investigation into the banking system. In theory this sounds promising but my fear is what will be the make up of the investigating committee, like all government investigations will it be stacked with former coalition politicians and serving or past  senior public servants and judiciary?. In the U.K. the Tory government had the Archbishop of Canterbury on its commission which to me is a good idea, to have a few senior church leaders input can't be a bad thing. The one thing we don't need is any of the regulators deadwood advising any sort of investigation. The banksters will have their high profile lawyers running defence for them and to have any government legal people mixing with the banksters lawyers is just too...
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  • doyla66
    doyla66 says #
    Maria B Ditto just emailed Joe, we have nothing to lose but everything to gain.
  • doyla66
    doyla66 says #
    Everyone go to Joe Hockeys Sydney Australia face book page and send him a msg. Tell him you are nominating Denise to sit on the pa
  • doyla66
    doyla66 says #
    For anyone who's interested, this link is where I have posted some of the historical and background information and writing by acc
  • doyla66
    doyla66 says #
    If Joe Hockey really wants this to be open and honest assessment of the criminal activity taking place with our Banking and Financ
  • doyla66
    doyla66 says #
    Denise has been nominated for the panel in at least one Tweet addressed to Joe Hockey. This is because Denise has over 20 years pr
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