The Australian Securities and Investment Commission ("ASIC") has been on such overload THEY ARE EXHAUSTED!   Today ASIC boasted:  "Since 2009, ASIC has prosecuted 29 insider trading matters."   Does this suggest we bow down and hail them all as Bogan Heroes?

That’s around 7 prosecutions per year:  The tragic 330 ASIC investigators must be utterly exhausted.  Now if you are not reeling from Michael West's comments/article re Toxic Low Doc Lending and ASIC response for 14 years: "do not cry to us....go and get a lawyer....and we know you cannot afford one but the banks have $2,000 per hour lawyers like Gadens and Kemp Strang......try spluttering over this gem:-

Lovely lady on a disability pension wanted to do a few renovations on a home she had owned for some years.  Nice Broker came around and suggested she borrow $80k plus $60k to "afford to service the loan...."  Brokers uses Westpac's own SERVICE CALCULATOR to enable the Bank to fudge the figures for the pensioner.  Nice one guys!  We have labelled you as Bankster in the past.  

Our community minded Pensioner trusts everyone and lodges a complaint with ASIC.  They send out the usual Sticky Wicket letter: either go to COSL and complain about the Broker or get a lawyer.  COSL are useless as they are restricted under ASIC rules to only look at complaints post 1 July 2010.  That's another lie and diabolical issues so we shall sidestep that for another moment in time.

No-one informed the punters of the Service Calculator Scam.....no-one and, why is that?

Instead she decides to go to FOS.  FOS tell her to complain about the Broker - so therefore IOW  "we shall flick you over to COSL so you can complain about the Broker."  COSL say our member Broker quite rightly denies he did anything wrong....well yes we expect that because the obvious IN YOUR FACE FUDGED INCOME FIGURE of $85,000, (when she was on a pension), was exaggerated by the Westpac Bank , engineered by the Westpac Bank and FOS, COSL and ASIC know this to be true.  

But only BFCSA member assist explain what this lady has to do:  demand FOS investigate the Westpac Bank..............................simple. They are the culprits and the architects of this insidious crime.  All the Major Banks in Australia set out to steal homes from Pensioners and low income families.

Of course they did and, precisely why OCTOBER will be D Day for ASIC as to why Consumer Protection needs to be taken out of the hands of ASIC, FOS, COSL hands.

Whoever wins Government, this scam should be top of the political agenda.  100,000 families - mortgage borrowers are just starting to wake up!  The same goes for all the retiree victims of MANAGED INVESTMENT SCAMS.  You have all been milked and bilked whilst ASIC enjoyed obscene  pay packets whilst ignoring gigantic "conflict of interest," issues.

Congrats to the Major Parties you have both managed to keep the Australian Sub Prime Mortgage Crisis under wraps.  Our own GFC is on its way...............................