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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: Bank Chairman says Trader salaries are 'outlandish.' Most of it just BETTING!

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Trader salaries are 'rather outlandish'

Australian Financial Review Mar 22, 2019 12.28pm

John Kehoe

 

Former Westpac chairman Ted Evans has broken his silence on the banking royal commission, admitting banker salaries are “outlandish” especially for traders who are “betting” with the bank’s money.

Mr Evans said royal commissioner Kenneth Hayne was “spot on” in exposing problems in the banks and he was surprised at the extent of the failures.

“I’d long been very concerned about the wage system in banking,” Mr Evans said in an interview with The Australian Financial Review.

“Not chief executives, but particularly those involved in markets where in most banks people are paid what they earn in the market using the bank’s balance sheet.”

Some of it is good risk management, but most of it is just betting.”

To better manage risk, Westpac used a system that charged market traders for the amount of the bank’s capital they deployed.

“Even so they’d make a mint. Some of our traders earned more than many of the executives,” Mr Evans said. “The salaries are rather outlandish."

Mr Evans, who retired in 2011 after a decade on the Westpac board, blamed the obscene pay on international competition between banks in luring talent.

“If you want good people around the world, that’s it,” he said.

During an extended interview over lunch in his hometown of Queanbeyan near Canberra, the former Treasury secretary in the Keating and Howard governments also criticised Labor’s plans to re-regulate the Labor market and cast doubt on the economic reform credentials of shadow treasurer Chris Bowen.

Asked if Mr Bowen could be a top reforming treasurer like his idol Paul Keating, who Mr Evans worked for and is still close to, Mr Evans said: “He’s not showing any signs of being up to it, frankly.”

“He doesn’t speak enough on things that matter as far as I can see.”

Mr Evans listed cutting corporate tax, a higher GST, cleaning up the personal tax-transfer system and improving the quality of independent public service advice as policy priorities.

In the 1980s and 90s, he was at the forefront of floating the Australian dollar, tax reforms, financial deregulation and increasing labour market flexibility to kill off an uncontrolled wage-inflation spike.

Mr Evans praised then-union leader Bill Kelty’s positive role in reform. He strongly disagreed with Bill Shorten’s plans to allow a big increase in the minimum wage, potential return of pattern bargaining in low-wage industries and giving unions more powers.

“I think that will be a problem and the start of our going backwards,” Mr Evans said.

The consequences, he said, will be fewer jobs and higher inflation.

 

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