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Senate Report 2

Posted by on in Bankers A Law Unto Themselves
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Sorry for the typo's - See the Dept of Treasury Squirming under the questions!

Please change "Banksters" to "Dept of Treasury".  The way they were acting I thought they were bankers!!!!  NO, It was senior management from DofT!!!

Senate: "How did you help people who got caught in the companies falling over?"

Banksters: "Actively tried to call them to help them?" Squirming! "The impact of the GST pushed them over"

Senate: "Interest rates went down after GFC, but farm and business rates did not go down"

Banksters: "Have to factor in the Lenders's position, of higher risk for business/farm loan than home loan"

Senate: "Why is it the governments role to determine if the banking sector is too profitable?

Banksters: "Must compare it with other businesses, off shore, and at the same time there are institutional regulations to protect international interests.  This govt should reflect the community standards.  I can understand why the Treasurer has been quite strident about his opinion of the banks."

Senate: "There are some systemic problems in banking in Australia"

Banksters: "Used to be 'cap in hand' to get credit, and is a lot better system now than 25 years ago.  What we have now is, we shouldn't forget the fact that we have  reasonably operating system here.  Yes a stark contrast when we look overseas, but it is a transitional time and the whole financial system is repositioning itself right now and change is occurring.  May get more competition in the market thru. "

Senate:  "Securitisation not clear.  There are significant issues. People are being taken to the cleaners and external experts looking at it.  What thinking is developing"

Banksters: "Sensible approaches.  Should be standardisation of requirements. So can offer assurance to investors.  Aust market did not contain the risks of other markets. ASIC is the co-chair of the working group"

Senate: "the price of inequality - rule of the banks and financial crisis.  Page 62 - reduced rent seeking from Joe Stiglatson"

Senator Evans;  "You said better option for banks to not let foreclosure happen.  Ethical business practises?"

Banksters: "Laws of the land, ASIC on lending practises, you would think to some extent, good lending practises may cut across the prudent lending paracitses of the bank.  It is hard to draw distinctions between ethical and commercial reality.  Misleading information provided to the borrower"

Senate: "In a BankWest matter, there were secrecy clauses, related to stripping assets.  Less ethical practices of liquidators.  What is treasurers stole in drawing attention to unconscionable conduct?"

Banksters: "There were some nefarious practises so treasurer brought in some reforms.  Receivers are supposed to act in everyones best interest.  There are provisions related to unconscionable contracts.  They have been read quite narrowly but the courts but it is happening."

Senate: " Are our laws sufficiently strong to protect individuals?"

Banksters: "Hard to talk comparisons with Europe.  Problem here is commercial contracts entered into and then situation changes, and hard to keep everyone happy.  Protection for lender is if proper paperwork done, rather than just change in circumstances.  Extention of the loan, or through receivership. It is very difficult."

Senate: " Secrecy clause people asked to sign before getting the loan, unconscionable perhaps should be of interest to government"

Bankster: "Matter for regulators to decide. If they felt there was a systemic flaw between the borrower, lender, assets of borrow, then we would be informed and it would be put to the government for changes."

(Please note, these are MY notes so please take it in that light, as I am typing like a MAD person) Enjoy!  They are on  a break now, so I will get back to you soon:-)

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  • doyla66
    doyla66 Wednesday, 08 August 2012

    Thankyou so very much for that. I'm getting the "picture" and it's looking hopeful from your transcription. :)
    We can pick their "stories" apart later lol!

  • doyla66
    doyla66 Wednesday, 08 August 2012

    Unreal!!! Thanks doing this, STM. It is very much appriciatd as i am at work.
    Go Go Denise and BFCSA members at Cambera!!! This is the show time that we have been waiting for XXOO

  • doyla66
    doyla66 Wednesday, 08 August 2012

    Thank you STM for the transcription of proceedings, especially since I am having trouble in getting into the "Live" broadcast of proceedings. Any suggestions?

  • doyla66
    doyla66 Wednesday, 08 August 2012

    Hi Arby, I had problems with mine too.
    Do you have the link to the live page :
    Clicking on the hyperlinked words
    Senate, Economics References Committee (Inquiry into the post-GFC banking sector)
    on the live broadcast page took me to a popup box where I had to agree to the conditions. Once I had done that I had a small picture and sound.
    Good luck!
    I had to restart my computer several times, close down the webpage and empty the browser memory/cache. Then open it up again.
    It was the slowness of my computer that was making it harder than usual.

  • doyla66
    doyla66 Wednesday, 08 August 2012

    Thank you STM for the transcription of proceedings, especially since I am having trouble in getting into the "Live" broadcast of proceedings. Any suggestions?

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