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 Members With the Senate Inquiry hearing fast approaching and Joe Hockey promising to look into the banks, the one thing I'm concerned about is how many victims are out in there in our great country and are not aware of these pending investigations?. Australia wide how many people have been ripped off by all the various schemes? I realise Denise would have a better handle on this than me but just think how many investment, retirement, negative gearing and a multitude of other schemes that ASIC let operate unsupervised and the greedy banksters had their tentacles in. It seemed like everyday there were ads on TV for all different wealth and retirement seminars.  Our sleazy Bank targeted shopping centres and major events where low income and retiree's frequented.  If you had equity there was a lender willing to do low docs, which was never explained. How the hell has ASIC let the dodgy lawyer...
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  • doyla66
    doyla66 says #
    So Mr Medcraft deserted a sinking ship just as the Bank CEO'S have, in recent years. Then of course you have the dodgy loan books
  • doyla66
    doyla66 says #
    What would happen if everyone smelled a rat and jumped off bank shares at the same time it could be disasterous.
  • doyla66
    doyla66 says #
    Medcarft on the record in 2003: His message to the world was "if in doubt, disclose". In March, 2007: "We're [SocGen] fortunate b
  • doyla66
    doyla66 says #
    Here we are everyday listening to the stock reports with our crooked Banks all doing seemingly well, you all know... increase here
  • doyla66
    doyla66 says #
    So Asic need to proscute all Bankster CEO's before they have a chance to book their flight to freedom. This is your opportunity As
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Tom is spot on:  Denise, As know FOS are now eliminating the appeal avenue from their decisions and going straight to determination effectively benefiting the banks and themselves.  By the time the Senate Inquiry into Lazy ASIC reports  in March FOS and COSL hope to reduce their over bloated case load.  The one they both pretend they do not have.   Our Banks and ASIC, reminiscent of the Nazi tactics in the latter stages of WW11: holding centres and send everyone to gas chambers before the Allies arrived.  This time its the Bank Case Manager executioners.  Naturally, it's in everyone's interest except consumers of toxic bank loans, to have ASIC lie twice to Parliament: "we see no systemic issues."  Industry Regulators and their Banking Buddies must be desperate to shred the evidence to skew the figures of case numbers. Yes Sir:  The most experienced INCOME FIGURE FUDGERS and Document Magicians with disappearing files living...
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  • doyla66
    doyla66 says #
    I firmly believe that if Banks, Brokers, FOS, COSL or ASIC for that matter destroy evidence to protect their own backsides and can
  • doyla66
    doyla66 says #
    Charles this is precisely the point(s), "no dox, no sox" and they get to keep their dirty underwear, case closed. FOS requires an
  • doyla66
    doyla66 says #
    It's called a coverup, in time honoured public service tradition. "In the national interest"??? Maybe in the National Bank's int
  • doyla66
    doyla66 says #
    Denise, FOS refuse to hand-over ING 'electronic credit file' from which it sourced copies & attached to its Recommendation dubious
  • doyla66
    doyla66 says #
    You are totally on the ball Denise. Lies, fraud, deceit will never stay hidden. It always comes out. With age I have learnt and
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Well we know what ASIC has been busy with this past decade:  handing out fines to Brokers for "non compliance of its old and new laws."  We have been consistently warning Australian Mortgage Brokers that ASIC will come after you chaps but will not use the 2010 laws against fraudulent loans generated by bank engineered SERVICE CALCULATORS that automatically fudge client income figures.   ASIC have been fully briefed on what is going on but refuse to act against the PROTECTED Bankers.  ASIC have the laws and the powers to handcuff and charge every bank executive involved in LIAR LOAN engineering.  So what is ASIC doing about that gem?  Absolutely NOTHING..........NIENTE......ZIP............In three years the "new" laws are now "old" laws and they are copies of previous legislative tools that ASIC had in its arsenal but failed to use for 14 years.  AUSTRALIAN BANKS have been handsomely profiteering, racketeering from fraudulent LOW...
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  • doyla66
    doyla66 says #
    "Commissioner Greg Tanzer says that ASIC regularly checks the veracity of information lodged as part of the requirement to lodge a
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Dear members If you want to see someone with delusions just google abc i- view and the 7-30 report for 14-10-13. It starts out about Leightons bribery allegations then moves onto ASIC's performance and Senator Cameron gives them a good serve, my, my Greggy doesn't look comfortable fronting mainstream media  and to top it off he still states ASIC is doing a good job, its about time he had a reality check.Thanks Neil T.         ...
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  • doyla66
    doyla66 says #
    Nice try Mr. Medcraft. You looked like the fraud you are just like the fraudster bankers. You are not a good liar you wriggle and
  • doyla66
    doyla66 says #
    Greg Medcraft said ASIC received approval from a survey. Who did they survey for this? Sounds like he went to a Bankster luncheon
  • doyla66
    doyla66 says #
    Greg read the submissions and you will see for yourself how happy the consumers are with ASIC's performance, and these are only a
  • doyla66
    doyla66 says #
    Yes he does avoid interviews because he knows that he will be placed in an awkward and uncomfortable position which causes him to
  • Denise
    Denise says #
    Chairman Medcraft rarely grants interviews....why? Because you can be easily torn to shreds when you are lying. Senator Cameron
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Comment: Watch the video interview - excellent and hard hitting. Greg Medcraft not enjoying this at all. ASIC boss Greg Medcraft says corporate watchdog cooperating with police over Leighton bribery claims Updated 10 hours 2 minutes ago View: Video: ASIC Chairman Greg Medcraft speaks to Emma Alberici (Lateline) Related Story: RBA subsidiary's 'dirty deal' with Saddam Hussein revealed Related Story: Leighton Holdings accused of paying bribes in Iraq The head of Australia's corporate watchdog says it is working with the Australian Federal Police (AFP) in relation to allegations of foreign bribery connected to construction firm Leighton Holdings. The Australian Securities and Investments Commission (ASIC) has come under fire in the past two weeks for its investigations of claims of international corruption against a subsidiary of the Reserve Bank of Australia and Leighton Holdings. A joint Four Corners/Fairfax Media investigation last month revealed a company owned by the RBA made illegal attempts...
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Illustration: Kerrie Leishman.
    Illustration: Kerrie Leishman   October 11, 2013 Malcolm Maiden The Australian Securities and Investments Commission should be thoroughly inspected by Treasurer Joe Hockey's promised financial system review. It qualifies because it and the bank regulator, APRA, are the ''twin peaks'' of the system. And it deserves special attention because in the opinion of many, it is too often too slow to react. It has admitted that it should have responded more quickly to whistleblower information about misconduct in the Commonwealth Bank's financial planning arm; is under pressure over its decision to drop a directors' duties probe into the Reserve Bank affiliates Note Printing Australia and Securency; and is on the sidelines as the Australian Federal Police investigate Leighton over bribery allegations. It's one thing to say the corporate cop should be more active and another thing to work out how to make it happen, however. Anything is possible on...
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  ASIC 'does not have legislated jurisdiction in relation to foreign bribery: ASIC chief Greg Medcraft. Photo: Michel O'Sullivan Malcolm Maiden: Funding the key to ASIC overhaul Leighton at centre of bribery scandal Leighton scandal leads to third executive exit October 11, 2013 - 1:06PM Australian Securities and Investments Commission head Greg Medcraft has defended the corporate watchdog's handling of foreign bribery cases, describing its enforcement record as "solid". Mr Medcraft said recent reports about ASIC's alleged lack of speed or action over bribery allegations involving Australian firms, such as those raised by Fairfax Media, were "ill-informed" and that enforcing such cases was a "contested process that takes time and resources". "It is not always simple and rarely swift. Despite this, we are focused on taking enforcement action when we need to. We do not shy away from big cases," Mr Medcraft said at a speech in Melbourne today. The ASIC chairman said...
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  • doyla66
    doyla66 says #
    What did you do, Mr Medcraft, to look after 150 Mum and Dad investors in the Famularo case? Your staff recommended action, you shu
  • doyla66
    doyla66 says #
    SHAME on you MR. MEDCRAFT, SHAME!!! You have a lot to answer for. Your day for that is near! Along with the rest of your corrupt b
  • Denise
    Denise says #
    To lie to Parliament and back up the ASIC catchcry "no systemic issues in banking" is the ultimate action of a criminal mind. Prob
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    The economic madness of Help to Buy Written by Positive Money on . Posted in Economic Analysis, Theory, Housing Source - https://www.positivemoney.org/2013/10/the-economic-madness-of-help-to-buy/ The UK has a serious household debt problem. In 2012 it stood at almost 150% of disposable income, one of the highest levels amongst advanced nations. Added to this inflation stuck well above median wages and low levels of savings and you start to understand why the Bank of England is anxious about even the perception that interest rates might rise – writes Josh Ryan Collins, Senior Researcher at New Economics Foundation in his latest article. Here is an extract: Instead of encouraging further household deleveraging, the government will do quite the opposite: it is embarking on a massive subsidisation of the market for household debt. Help to Buy II will subsidize up to 15% of the mortgage of any household buying any type of home (worth up...
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  BY Christopher Joye - 06 Mar 2013 00:06:00   In a globally unique policy, the Reserve Bank of Australia will supply banks with a permanent bailout facility worth up to $380 billion by 2015. The policy has been designed by the RBA to help banks satisfy stringent new liquidity tests which simulate “acute stress scenarios” that deny banks funding for 30 days under the post-GFC rules, Basel III. Local regulators argue that insufficient liquid assets such as government bonds meant they had no choice but to give the banks a new taxpayer-backed “line of credit” that could be tapped at a cost just above the RBA’s cash rate. Smaller building societies and credit unions are not subject to the liquidity tests and will not, therefore, have access to the bail-out fund. Remarkably few people inside or outside financial markets are familiar with, or understand, this “committed liquidity facility”, which will...
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  • doyla66
    doyla66 says #
    Shareholders of Nab need to be aware of the wastage within the organisation. Nab would have spent hundreds of thousands of dollar
  • doyla66
    doyla66 says #
    If you are a shareholder or stakeholder of any Bank Shares you should be dropping them right now or be seen exactly as we see the
  • doyla66
    doyla66 says #
    Remember these banks are making billion dollar profits and pay shareholders handsome dividends every six months through ripping A
  • doyla66
    doyla66 says #
    That's pretty bad. I thought that rubbish went with the last government. And why let the RBA look after it? The RBA is in enough
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  Have you ever wondered what the minimum standards ASIC demands for a property adviser? Absolutely none, writes Peter Koulizos. He explains there needs to be a drastic change in regulation of the industry. You would hope that a large and powerful organisation such as Australian Securities and Investment Commission (ASIC) would be keeping an eye on investment advisers who are involved in some of the most important and expensive life decisions people will make. Unfortunately this is not the case. “Why?” I hear you ask.  The simple answer is real property is not considered a “financial product” under the Corporations Act. Anyone can give advice on real property and is not obligated to abide by the Corporations Act nor do they come under the scrutiny of ASIC. This is despite well-known cases such as the collapse of the high-profile property spruiker Henry Kaye’s empire, which was prosecuted by ASIC in 2003 for...
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  • doyla66
    doyla66 says #
    The crooked bastard that we bought our investment property from with his fancy office and his one stop shop for property throught
  • doyla66
    doyla66 says #
    Thanks Denise So is that why ASIC says 'credit provision' is not a financial product? The product is the mortgage which involves
  • Denise
    Denise says #
    THE FINANCIAL PRODUCT and SERVICE is the MORTGAGE to enable the purchase. Property itself can be an asset and could be a giant l
  • doyla66
    doyla66 says #
    Great find, Andy. Important consumer warning. In true "Yes Minister" tradition, we should be asking ASIC: "What do you consider t
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Cover Up
  By Nick McKenzie and Bentley Dean Updated September 27, 2013 09:47:00 Monday 30 September 2013 The Reserve Bank of Australia is meant to maintain stability in the nation's financial sector. It is supposed to be above reproach in its behaviour. But is it? Why did bank-appointed officials and employees break sanctions in Iraq and cosy up to Saddam Hussein through a "front man"? Why did a former Deputy Governor and other directors hand-picked by the Reserve Bank to safeguard its subsidiary companies from corruption, end up — over a decade — overseeing some of the most corruption-prone business practices possible? Why did they allow millions of dollars to be wired to third parties in foreign countries, including an arms dealer, in order to win banknote contracts in deals police now allege involved bribery and corruption? On Four Corners two whistleblowers-turned star police witnesses from RBA companies, Note Printing Australia and...
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  • doyla66
    doyla66 says #
    Two independent whistle blowers Ignored and marginalised by the RBA powers that be who thought they knew better Governance dispen
  • doyla66
    doyla66 says #
    Story Ideas -- If you have an idea for Four Corners, let us know. http://www.abc.net.au/4corners/stories/2013/09/26/3857148.htm H
  • doyla66
    doyla66 says #
    Getting Four Corners involved in exposing the mortgage lending practices of the banks would be a very good idea.
  • Denise
    Denise says #
    Yes we urgently need Four Corners to expose the current Sub Prime Toxic Loan Mortgage lending scandal here in OZ. WE have the evi
  • doyla66
    doyla66 says #
    Detailed personal experience of Denise with ASIC over Spruiking. ASIC minimising, infantilising and dismissive of those Taxpayers
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Senate inquiry into the performance of the Australian Securities and Investments Commission (ASIC): don't miss out - submissions close 21 Oct, 2013: Treasurer Joe Hockey: commit to Roots and Branch Independent Inquiry into Banking Sector ~ ASAP! Prime Minister Abbott: allow the Parliamentary Inquiry into ASIC’s performance as a corporate regulator as catalyst to jettison ASIC's 'dogs breakfast' approach served cold daily to consumers.Your govt's vigour to border-protection must NOW be applied to 'ring fence' consumers under fire, by anointing a 'clean hands' three star general to push a fresh, fully-funded, truly independent Consumer Financial Protection Bureau (CFPB). ASIC inquiry could face delays:  18 Sept 2013 - by Kate Kachor: A parliamentary inquiry into ASIC’s performance as a corporate regulator could face lengthy delays due to the change in govt, a National Party senator said yesterday. The transition to the new parliament was likely to delay the inquiry’s public hearings due to a reshuffling of committee members, Nationals Senator John Williams...
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  • doyla66
    doyla66 says #
    I hope all of the members are going to submit their submissions. There should be at least 500 by the end of the allocated time. De
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  Tuesday 17 September 2013 ASIC has imposed an additional licence condition on Moneywise Securities Pty Ltd (Moneywise) after a surveillance identified concerns about advice provided to clients regarding margin lending and the establishment of a self-managed superannuation fund (SMSF). ASIC’s surveillance found concerns relating to: advice that did not adequately consider the specific needs of the client but recommended the client establish a margin loan or SMSF compliance with the disclosure requirements when the advice provided to clients included the replacement of one financial product with another. The concerns related to inadequate cost and feature comparisons between the clients’ existing superannuation and the recommended SMSF, and the management of conflicts of interest where the advice provided to clients resulted in transactions with a related entity of Moneywise. ASIC Senior Executive Leader Louise Macaulay said, ‘When providing advice on more complex financial products such as margin loans or SMSFs, the advice...
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  • doyla66
    doyla66 says #
    Good one, Stoney What gets to me is the way ASIC only does half the job - that's if complainants are lucky! Does it ever occur t
  • doyla66
    doyla66 says #
    This sounds like another Money Choice/ Matt George fiasco didnt ASIC take them to the cleaners really took the big stick to Matt G
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Dear members Our new P.M. has hit the ground running by slashing three top public service jobs and has stated 12,000 have to go. As he has started at the top does this mean people like Greggy Medcraft, personal mate of Wayne Swan might get the chop? The publicity generated by the Senate submissions into ASIC and its EDR's FOS & COSL might help Tony weed out some of the deadwood, welcome to the real world ASIC, FOS and COSL where job security is not taken for granted. Thanks Neil T. ASIC and APRA need a BIG cleanout..........................  ...
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  • doyla66
    doyla66 says #
    Asic, Fos and Cosl really need to be on this list. They have been getting paid for work they don't do.... work that Denise does fo
  • doyla66
    doyla66 says #
    Medcraft was a choice for the investment corporations. As someone said recently, he puffed out his chest over his knowledge of sec
  • doyla66
    doyla66 says #
    If Medcraft isn't on the list he should be as well as all the other cockroaches with him.
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Posted by on in Dumb ASIC
Dear members This morning I stumbled upon an article by ASIC that has upset brokers and financial planners, its This email address is being protected from spambots. You need JavaScript enabled to view it. , then hit latest issue and then go to the bottom right hand side to "Most Commented and then you will see ASIC article. The magazine is an industry read for planners and brokers. The article is titled ASIC report questions advisor integrity, well its created a volatile reaction from said people. It seems that from the other side of the coin that the brokers and planners hold as much contempt and dissatisfaction at ASIC as we do as there is two pages of comments in response to the article. The irony is you can leave a comment but have to supply your name and email address although not published and it looks like an outsider from the financial industry by the name of " no surprise" also left a few...
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  • doyla66
    doyla66 says #
    You are both absolutely right there should and probably would be millions of complaints if the Senate Committee website was workin
  • doyla66
    doyla66 says #
    Thankyou, Jonny I was thinking the same thing about the quiet ... New government sworn in today, may make a difference to the med
  • doyla66
    doyla66 says #
    Good post and observations, Neil. Thankyou. "The client" is "the problem". Their PR people should get onto this unfortunate way o
  • doyla66
    doyla66 says #
    Also read ASIC vows to cut red tape article, some of the broker comments to article help enlighten us into how the other side thin
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Illustration: John Spooner.
ASIC 'asleep on the job' over CBA:   August 6, 2013  ~  One of the whistleblowers who tipped off the Australian Securities and Investments Commission about a scandal inside Commonwealth Bank's financial planning arm has described the regulator's submission to a Senate inquiry as ''inadequate'', full of spin and riddled with excuses. Jeff Morris, who contacted ASIC in October 2008 about a ''high-level conspiracy'' inside the bank's financial planning division (CFPL), said after reading ASIC's submission his conclusion was that the regulator was full of sleep-walkers. He says despite ASIC's admission that it could have acted quicker and been more transparent in terms of its dealings with the whistleblowers, he felt let down as there was no mention of protection for whistleblowers. Advertisement ''That's probably because, in reality, there is none. They left me to negotiate my own exit from CBA and when I raised a concern about death threats I...
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  • doyla66
    doyla66 says #
    Some things I've learned about ASIC. Apparently ASICs duties keep changing. Finding out what they do is quite a challenge. How ca
  • doyla66
    doyla66 says #
    Lisa, refer to-- but for court cases, not FOS, unless they adopt the court ruling? --s12CB of the Australian Securities and Invest
  • doyla66
    doyla66 says #
    Thus every loan that shows error, fraud, forgery and even mistakes by the broker or the bank should be cancelled
  • doyla66
    doyla66 says #
    ps ... on another note ... http://www.larsschall.com/2013/05/08/governance-issues-at-the-world-bank-a-security-risk-to-the-world-o
  • doyla66
    doyla66 says #
    Lisa, absolutely; banks are very concerned and maybe FOS must adopt this approach soon? For example; The FSP's response to my FOS
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‘Loan fraud’ – but no investigation 30 August 2013 By Forensic Accountants Consumer activist Denise Brailey has countered claims from the corporate watchdog that she had failed to provide documents for them to investigate low-doc loan fraud. Australian Securities & Investments Commission deputy chairman Peter Kell told Fairfax Media and the ABC this week that ASIC had invited Ms Brailey to “provide evidence of the systematic loan fraud she alleges”. “The very limited material provided to date simply does not support any of the claims she makes,” said Mr Kell. However, Denise Brailey has confirmed that more than 100 of the members of her action group, all alleging loan fraud, had filed complaints with ASIC only to receive a form letter saying there would be no investigation and advising them to get a lawyer. ASIC turns down request BusinessDay has contacted many of the borrowers to confirm this. The borrowers, many...
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  • doyla66
    doyla66 says #
    Unbelievable the arrogance and stupidity of ASIC! As if anyone believes their self-defense! ASIC don't want to investigate this b
  • doyla66
    doyla66 says #
    Mr. Kell may need to have his eyes tested. Perhaps he is suffering from selected dementia. Just what do you want Mr. Kell.? Just h
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Date September 13, 2013   Adele Ferguson Business columnist   As a Senate inquiry into the performance of the corporate regulator gears up for the first of a number of hearings later this year, submissions are in limbo due to month-long technical problems with the Senate's submissions system.  It means the public is in the dark as to how many submissions might have been made, or who might have made them, since the 70th submission was made on August 1.   The explanation for such a lengthy downtime is that the submissions system is ''undergoing a comprehensive update and while we had hoped it would be up and running again by now, there have been some delays, which can happen in projects like this''. The submissions are still being processed, we are told, and will be posted as soon as possible. Bill Doherty, a victim of a rogue liquidator, said he...
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  • doyla66
    doyla66 says #
    Sorry Nabbed Nanna, I didn't mean to infer that I think the brokers are innocents. They are definately up to their ears in it. I
  • doyla66
    doyla66 says #
    " I should never have talked to the broker. I didn't need the huge loan it ended up being because I didn't know that Banks were do
  • doyla66
    doyla66 says #
    Ed, the Brokers take on these businesses to make money. Brokers are not the fall guys they are in it up to their ears. Brokers h
  • doyla66
    doyla66 says #
    The brokers are the fall guys for the banks. The model was used by the big four very successfully to strip the assets from a demo
  • doyla66
    doyla66 says #
    Change you obviously share my concerns, one month to fix a government run website seems extreme to me. The importance of this Sena
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Posted by on in Political Blindness
Date September 11, 2013 Clancy Yeates Banking reporter   The financial regulator has warned the nation's banks not to let lending standards slip in an environment of cheap credit, saying borrowers must be prepared for higher interest rates. As the $1.2 trillion mortgage market heats up, an official audit of lending standards by banks and other lenders has highlighted areas where the sector could lift its game. The warning by the Australian Prudential Regulation Authority came amid signs the housing market is starting to move ahead with prices posting their strongest quarterly gain since the end of the 2010 boom. The national dwelling value rose 4per cent in the three months to August, the highest rate of capital gain since April 2010, right before the last boom began to fizzle, according RP Data-Rismark figures released this month. Sydney dwelling values shot up 5.4 per cent over the quarter and values in Melbourne...
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  • doyla66
    doyla66 says #
    I may be cynical but do APRA really think the Lenders will take any notice of their warnings. Lenders have been getting away with
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  We need a Bankster Jail - not ASIC doing deals with ANZ for 37 cents in the dollar!  ASIC meddling helps Banks and their subsidiaries profit from crime!  Investors punished instead.  Both the Banksters and ASIC heirarchy should be thrown in jail.   This email address is being protected from spambots. You need JavaScript enabled to view it.     ASIC red-faced over Opes Prime verdict September 6, 2013 - 4:33PM  Adele Ferguson Business columnist   "The elephant in the room for ASIC was always going to be a deal it struck with ANZ Bank, which played an integral role in the Opes Prime saga." Justice Whelan: None of the bail conditions apply any more, obviously. Mr [Julian] Smith is a free man. And with those words the former director and founder of Opes Prime breathed a sigh of relief and walked away from the same court that two other founders were jailed for over their role in the $630 million collapse of the failed...
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