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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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CEC agrees with BFCSA: the Banking Industry is Corrupt from the boots up.

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 Citizens Electoral Council leader Craig Isherwood today called on the Abbott government to finally hold the banks accountable for their financial crimes, before it goes off on its crusade against union corruption.

 Isherwood said, “In 2009 I called for an Australian Pecora Commission, modelled on the U.S. investigation of Wall Street led fearlessly by Ferdinand Pecora from 1932-34, which exposed the financial crimes that led to the Great Depression, and the corrupt dealings between the Wall Street banks and American politicians that enabled the banks to get away with their crimes.

 “So far, outside of some Senate inquiries there has been no serious investigation of financial crimes in Australia. Yet after a few high-profile examples of union corruption, people in the Abbott government are pushing for a Royal Commission into the unions.

 “I say investigate both,” he said, “but unless the government goes after the banks with the same zeal it has to tear into the unions, it is being corrupt itself, by covering up for corruption on a scale that crooked unionists could only dream of.”

Isherwood cited examples of the banks not being held accountable:

  • The central role of the Commonwealth Bank, Macquarie Bank and the Bank of Queensland in the Storm Financial scandal, in which hundreds of customers in North Queensland were lured into borrowing heavily against their homes in order to gamble on the stock market, and were subsequently ruined in the 2008 GFC.
  • The evidence that loan officers in not just mortgage brokers, but also the Big Four banks, fraudulently doctored loan documentation to justify making low-doc loans that many customers subsequently couldn’t afford.
  • The relationship between Macquarie Bank, aka the Millionaires’ Factory, and numerous ex-politicians and public servants who have gone to work for Macquarie after, in many cases, being involved in public policy decisions such as privatisations and public-private partnerships from which Macquarie directly profited.
  • The role of Australian-based banks in the UK LIBOR scandal, and the fact that six of the 14 banks caught rigging the LIBOR in London are also involved in setting Australia’s benchmark interest rate, the Bank Bill Swap rate (BBSW). Rigging the LIBOR interest rate allowed the banks to skim off the top of hundreds of trillions of dollars of deals over three decades, and it was known and condoned at the highest levels.
  • Commonwealth Bank’s sudden decision in 2012 to no longer disclose its exposure to the toxic over-the-counter derivatives market, after increasing its exposure at a breathtaking rate in the three previous years. OTC derivatives are purely gambling side-bets that are often instruments of outright fraud; it was the global meltdown of the OTC derivatives bubble that caused the GFC in 2008.

There have been numerous corporate collapses in recent years in which the losses were borne by the mum and dad investors but not the banks or the well-connected.  Isherwood concluded: “It is time to clean up the criminal activity in the financial system that has been allowed to flourish under the cover of deregulation.

“We must also impose the only effective regulation which can protect ordinary people from the predatory activities of financial speculators, which is a Glass-Steagall separation of retail banking from investment banking.

“The only reason for the government to not launch a thorough investigation of criminality in the banking system, and not go with Glass-Steagall, is to cover for the bankers.  Along with BFCSA, the CEC is fighting to hold them to account.

 

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  • doyla66
    doyla66 Thursday, 06 February 2014

    Our governments seem to have a knack at making a big song and dance about dealing with corruption - until it comes to the banks and the government itself. They did it a few years ago - sorry I can't remember what the issue was but I do remember thinking at the time how hypocritical they were because they weren't dealing with the much bigger issue of what the banks were up to. Craig Isherwood and the CEC have been up against it for a long time - trying to get sense and fairness and integrity in our monetary and banking systems. It's certainly been an uphill battle, but the ship is finally beginning to turn thanks to Denise and her team and BFCSA.

  • doyla66
    doyla66 Thursday, 06 February 2014

    If the Abbott Government continues to turn a deaf ear to Isherwood and if, following the findings of the Senate Inquiry, they still fail to act, and persist to ignore our claims supported by clear evidence then the mainstream media who is at present being dominated by crooks will have to powerfully and boldly pick it up, shine the brightest light on it and create the biggest uproar this nation has ever experienced. Banksters cannot profit from fraud at our expense any longer. Evil has gone rampant and needs a hero or heros to stand up backed by people power and say "enough is enough, we want changes made now in favour of the victims. The power of the people is stronger than the people in power. We want the victims of banking fraud to be set free now and we want the ones responsible for fraudulent manipulation of documents to be prosecuted just like they did in Iceland"
    "We want a Royal Commission and the renationalization of the banks"

  • doyla66
    doyla66 Thursday, 06 February 2014

    I think we need letters to General Cosgrove. As Governor General he would have to call the Royal Commission.

  • doyla66
    doyla66 Friday, 07 February 2014

    General Cosgrove, the Governor General in waiting. Yes we could write to him although an acknowledgement of our letter to Ms Quentin Brice was never recieved. But having said that, i guess there's every chance that a new broom may sweep clean. You never know he may be out to impress first up. Great idea Gladiator, i for one will write to him once he is on board next month.

  • Denise
    Denise Saturday, 08 February 2014

    Financial wizards and witches reside at the heart of the Banking Sector, Prime Minister. These sub human people, who engineer sub standard, sub prime financial products will be the ones to bring this country to its knees. Sure there may be a few bad apples at the top of the union tree, so report their crimes to the State Police. However, it is the rank and file of union membership that are also victims of the Low Doc toxic mortgage scam. This bank scandal has reached into every corner of this nation and all socio-economic groups and mainly older people. With respect, Prime Ministerial priorities are out of kilter and in conflict with reality right now. What could sink our economy? The too big to fail banksters, not some obnoxious union boss. No-one has respect for ASIC except its bankster buddies. Please keep the office of PM clean from similar criticism. Priorities Hon. Tony, priorities............. [email protected]

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