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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: "Gail Kelly was a dud and other mysteries" by Michael Pascoe

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Gail Kelly was a dud and other mysteries

Date November 17, 2010

by Michael Pascoe

So Westpac's Gail Kelly, potentially the $55 million CEO according to the latest beneficent offer from her board, was a dud CEO at St George. Or the Australian Competition and Consumer Commission's Graeme Samuel is a fool. You choose the correct statement and disregard the other.

Those alternatives were (perhaps unintentionally) proposed in yesterday's Chanticleer column in the Australian Financial Review, which claimed St George could not have survived the global financial crisis as an independent entity as it “was too heavily exposed to the securitisation market”. According to Chanticleer and general market opinion, that's why Samuel waved through Westpac's acquisition of St George in 2008.

If the Westpac takeover didn't have to happen – if it wasn't another case of the regulators and bank club quietly engineering the solution to a crisis – Samuel has to be marked as a failure. That takeover remains the biggest single reduction in banking competition since the big four emerged from Large Six-and-a-few-bits. The current grandstanding about competition in banking is nonsense by comparison – mere Movember bum fluff.

Alternatively, the St George that allegedly would have failed without Westpac's rescue was Kelly's St George – there had been no substantial change at the bank since Kelly hit the jackpot when Westpac purchased her in 2007. Under the Chanticleer scenario, instead of being hailed as one of the world's most powerful women, Kelly was on track to being reviled as a complete disaster – the woman who ran St George on an unsustainable basis and thus into failure when global winds blew cold.

The CEOs and boards of failed and/or bailed banks in Europe and the US aren't regarded as particularly smart individuals. They stuffed up very big time and caused enormous pain and suffering. The idea that Australia had a couple of banks that were only saved from such a fate by official and unofficial intervention has interesting implications.

Take Suncorp – ANZ nearly did. It's generally understood that the Brisbane-headquartered financier of choice for many a property developer was at the altar with ANZ in order to save itself when the Federal Government interrupted proceedings with its offer of explicitly guaranteeing Australian funding. The wedding was cancelled, the bride instead running off to reconstruct itself under Canberra's protection.

But if the background story holds true, if Suncorp was about to fail unless taken over or government guaranteed, how have the chairman and fellow long-serving directors kept their jobs? The concept of being held responsible doesn't seem to penetrate our boardrooms – that's best left to small fry who can't afford flash lawyers.

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  • doyla66
    doyla66 Wednesday, 29 January 2014

    And she is now presiding on the throne as Chairman of the Australian Bankers’ Association? Looks to me like the world has indeed become topsy turvy and none of us have been given the courtesy of being enlightend - regulators are now fraudsters - bank CEO's are dud's yet keep their jobs AND get higher salaries and bonuses for the privilege - legal now to be a criminal - what next??

  • doyla66
    doyla66 Wednesday, 29 January 2014

    Also remember exPM Julia Gillard appointed Gail Kelly head of the B20 to represent Australia at the G20 to promote investing here. Thank GOD we've abandoned the British system of knighthoods, I think Sir Greg Medcraft or Dame Gail Kelly would be the last insult. It seems in Australia the more inept you are in business and politics, the further you go up the ladder and more out of touch with the common man. History has taught us this is a dangerous move, the peasants will only take so much before they revolt, the Ukraine this week is a prime example of people power.

  • doyla66
    doyla66 Wednesday, 29 January 2014

    Do you recall in a previous comment I mentioned how desperately I had been finding to find a job and had even applied for some within Government? Well yesterday I got in yet another job alert re one going as Communication Officer with a salary exceeding $80k. What a pity I know how that system works and all jobs are filled within meaning no job so don't waste your time applying for that is one I would kill to get my teeth into. Then again guess I would not even last one day if employed would I being on the wrong side of justice! Just this morning got in an email also from AVAAZ with a new urgent petition re again trying to block the world from the internet yet despite trying every possible way I could to forward was not able to so might be wise to bring up the site and join and sign for something very evil is going on behind our backs right now I believe to that end!

  • doyla66
    doyla66 Thursday, 30 January 2014

    Organza, I left the workforce in 1999 but even back then you would see all the prospective job applicants rolling up with their C/V's to the human resources office( this was before everything was done online) after jobs were advertised in the newspapers as required by law.We knew before they were even advertised who had filled the positions. I found the same problem when I applied for some government jobs although thats supposed to be a level playing field.

  • Denise
    Denise Friday, 07 February 2014

    As a DUD, Gail Kelly sure caused a lot of misery to thousands of decent ordinary older folk both at St George Bank (remember Henry Kaye victims from ANZ spruiker stable, that you took over Ms Kelly?) and at Westpac and with RAMS.....tens of thousands of more lovely mortgage victims. Hope the shareholders are happy to profit from grand larceny and fraud! Toxic loans by the Truck Load. Have you no shame? Please donate your zillion dollar bonuses to BFCSA Members..........thankyou! [email protected]

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