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ASIC has shown it's systemic incompetence

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  • organza
    organza Saturday, 18 April 2015

    It is becoming more and apparent ASIC has never been more than a big front for what people perceive they were set up for and part of the deception itself!

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  • organza
    organza Saturday, 18 April 2015

    Does anybody really believe ASIC has been living in a time warp since 2001?
    "ASIC Act" means the Australian Securities and Investments Commission Act 2001 and includes the regulations made under that Act.
    ASIC has established agency procedures for dealing with public interest disclosures. Legislation for a public interest disclosure scheme commenced on 15 January 2014. The Public Interest Disclosure Act 2013 promotes integrity and accountability in the Australian public sector by:

    •encouraging and facilitating the disclosure of information by public officials about suspected wrongdoing in the public sector
    •ensuring that public officials who make public interest disclosures are supported and protected from adverse consequences
    •ensuring that disclosures by public officials are properly investigated and dealt with.

    See: Public Interest Disclosure Act 2013

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  • NABbed Nanna
    NABbed Nanna Saturday, 18 April 2015

    My first encounter with ASIC was in 2004 in what I considered deceptive practices relating to the fuel industry. Selling fuel to small Fuel outlets like we had but switching the fuel. In other words we were supposedly buying one grade of petrol but on testing it was not what we were purchasing. Cheap fuel being sold at an escalated price. We alerted ASIc who were all gung ho about sorting this out. Haha. It never happened. All went quiet and disappeared in the to hard basket or the disposal system. Not sure of which one, but I know it cost us a lot of money.

  • organza
    organza Sunday, 19 April 2015

    Something to do with this Nanna?
    Dud spreadsheet threatens case By Leonie Wood November 10, 2005 A MULTIMILLION-DOLLAR petrol price-fixing case being led by the Australian Competition and Consumer Commission in the Federal Court has been seriously jeopardised by admissions from it that one of its investigators made up some of the evidence. The ACCC is relying on a huge spreadsheet which lists petrol prices and times of price changes to corroborate oral evidence from witnesses, including some of the petrol station operators, that Geelong fuel retailers worked together to push up prices in 1999 and 2000. ACCC's chief investigator Jane Edwards admitted that "at the risk of fingering one of my staff members", one of the investigators had cut and pasted slabs of data into the spreadsheet. Ms Edwards at the time told the court that the investigator was "very enthusiastic and he thought he had skills that we weren't aware of that might be of use", so he hurdled the problem that the ACCC lacked information about price movements on some dates by duplicating data from other dates.

  • organza
    organza Sunday, 19 April 2015

    Nabbed again

    009) Accounting error forces bank to $3b write-down

    PM Archive - Monday, 3 September, 2001
    "The National Australia Bank wrote down the value of its US mortgage business HomeSide Lending by a massive AUS$3 billion. The news triggered a free fall in the NAB's share price that knocked more than $6.5 billion of the bank's market value. Contributing to the write down was an incorrect interest rate assumption fed into HomeSide's financial modelling. This alone has cost the lender's $755 million. A selling spree knocked more than 13 per cent of the value of NAB shares."

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