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STERLING VICTIMS demand ROYAL COMMISSION into ASIC

Posted by on in ROYAL COMMISSION INTO ASIC NEGLIGENCE
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STERLING VICTIMS demand ROYAL COMMISSION into AUSTRALIAN SECURITIES AND INVESTMENT COMMISSION 

 

In MAY 2019. Minister MICHAEL SUKKAR briefed TREASURER JOSH FRYDENBERG on the collapse of STERLING FIRST.  Despite the public cries for a Royal Commission into ASIC by thousands of consumers and consumer groups over the previous two decades of shame, ASIC remained a protected species: fattened by $4 million in salaries for the Chairman, the Deputy and six part-time equally useless Commissioners.

The previously known Ponzi "STERLING FIRST" run by the JONES BOYS and SIMON BELL (ex Finchley and Westpoint) and THETA as Responsible Entity, had collapsed owing elderly pensioners approximately $18 million.  A further $20 million owed to the Heritage Victims of the same cast of characters 2007 - 2013 had never been repaid despite the so called "management" of the problems by USELESS Corporate Cop and Regulator: The AUSTRALIAN SECURITIES AND INVESTMENT COMMISSION.  

For the first 9 years (since 1998) over $100 Billion had been reportedly "lost" according to ASIC Chairman.  The snowballing affect has brought this figure closer to $1 TRILLION being systemically stolen from Retirees and Pensioners.  Anyone aged 70 - 100 were fair game.  ASIC knew of the names of all of these criminals, yet continued to say and do nothing.  Corruption reigned supreme.  Greasing of Palms? Almost compulsory.

ASIC was first dubbed "A SICK JOKE" by the victims of Westpoint (Losses $680 million) in the inevitable 2005 collapse.  Over 1000 other collapses were in the pipeline with ASIC Chairmen simply discussing the matter and doing nothing.  The TARGET MARKET were identified and agreed in a 15 July 2001 meeting with Greg Tanzer, Darren McShane (Dir of Enforcement) and their Regulatory in house Barrister Errol Hoopman.  

These gentlemen had never heard of CHARLES PONZI and displayed NO desire to control the devastating effects of PONZI SCAMS on ELDERLY PENSIONERS and RETIREES.  Our hard working older citizens were being enticed by white collar criminals into a variety of evil financial structures that instantly robbed them of their retirement.  ASIC had made the stupid decision in 1998, under the policy guidance of JOE HOCKEY as Minister of Financial Products and Services, to licence all the sellers of defective products.  Nothing could entice ASIC to control the marketing and selling of such hideous products.  ASIC officers, by quiet admittance,  warned their own parents: "do not to fall for slick promotional, so called "financial products."  The end result would always end in tears and one's entire life savings be stolen within three short years.  Not to mention of course the Officers' inheritance.

In the same historical time-frame the 1996 the Howard Government rolled into power and their first task was to control the regulator and force upon it a severe case of impotency.  Novice Treasurer, Peter Costello conducted a world trip (as one does) and boasted in international speeches of his Government's intention to make the new Regulator the "envy of every country" with "the best consumer Protection Office in the world."  He flew back to Australia and in early 1998, despite Allan Fels wearing the cap as the best consumer protection master ever experienced by consumers, he was de-commissioned.  Professor Fels accepted a "move on order"  by Costello: Fels being enticed out of his role as head of the AUSTRALIAN COMPETITION and CONSUMERS COMMISSION.  

Costello bragged of the forthcoming TWIN PEAKS MODEL of governance for ASIC.   The old ASC had been given a new name of ASIC and a new role: to be Top Corporate Cop and at the same time having responsibility of Bank Conduct, and at the same time responsible for policing consumer protection.

In 1997, following the Howard & Costello devised Wallis Inquiry into Banking, citing many of the rotten things Banks were doing, Phil Hanratty was asked by Government to write the poetic Hanratty Report as to any possible downside to having the same regulator for Corporations and Consumers under the same regulatory regime.  Hanratty voiced his concerns of their being an inherent conflict of interest in having ASIC attempting to look after the BEST interests of consumers versus the BEST interests of Business Proprietors.  Hanratty's warnings were ignored and buried.  Consumers were left ON THEIR OWN as easy prey for the manufacturers of Ponzi "business" structures!

Costello boasted of better regulatory control and promptly sacked half of ASIC's employees to aid the policy of control of ASIC.

Hundreds of thousands of decent hard working ordinary Australians who worked 40 years to save for a home, achieve a little super, and home security, would within three years of meeting the nice "man with a brief case, a smart suit and charming smile" be left HOMELESS.  Ten years after those thefts and complaints being ignored by ASIC, the victims would be visiting funeral parlours and who cares?  Silence became "the regulatory norm" for the engineers of policy, plus handsome political donations for John Howard, Peter Costello, Peter Reith, Alexander Downer and Joe Hockey.  Jobs overseas became the primary pay-off in the future.  

THE STAGE HAD BEEN SET IN 1998:  FOR THE GRANDEST THEFT OF BILLIONS FROM OLDER PEOPLE.

Hanratty's warnings were ignored.  ASIC was touted as a Tough Cop on the Beat. However, the regulator was nobbled from day one!  ASIC's job became one of the simple minded librarian:  Look, see, say nothing and report to the Treasurer once per month in Canberra.  ASIC's one key role became an art form of lying to Parliament two to three times a year.  As one smiling bureaucrat boasted to his colleagues as they swaggered down the corridor of Power after a mouthful of untruths: "Well that went well didn't it. Haha."

CONSUMERS believed there was in existence regulatory protection from white collar crime.  However, little did consumers know the new Federal Government had given the GREEN LIGHT to every white collar criminal from here and overseas, to step the largest number of PONZI structures ever experienced by a small population.  A grand plan of grand theft and of grandiose and blatant proportions.   

The other beneficiaries of this largesse were THE MAJOR BANKS.

TO BE CONTINUED

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Guest Wednesday, 27 January 2021