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The ASIC show down low down.

Posted by on in SENATE INQUIRIES
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Dear members

Nine BFCSA members plus our leader Denise attended the Senate hearings into ASIC today. Less than ten feet in font of me sat Medcraft, Kell, Tanzer, Day, Price and three other commissioners behind them sat two rows of helpers who would pass forward notes in response to the Senators questions. Greg Medcraft opened with a pre prepared speech.

Senator Williams questioned  them strongly and put Chairman Medcraft in his place a couple of times. All the Senators didn't hold back and when Chairman Greg was answering a question seven little bobble heads nodded in unison, it looked quite funny.Senator Williams grilled Medcraft over his overseas trips with IOSCO.

If you check out the Business on ABC24 tonight you can check some of it out. Thanks Neil T.

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  • doyla66
    doyla66 Wednesday, 19 February 2014


    Omg.... i heard the whole thing......
    How many " get back to you with answer on that"
    I found it very funny
    He looked like a complete di$#head and wanker.
    I can just imagine all the heads bobbing.....

  • doyla66
    doyla66 Wednesday, 19 February 2014

    Somebody sure has an insufferable ego for his size! Just been going over my notes - I have been an investment banker for 30 years - I was headhunted for the job - I never expected to be a regulator - I think ASIC are more about technology (surprised???) ...........well I had a great profile view of the 7 bobbing heads and believe me there was a whole lof of gulping going on as Senators were firing questions. What I want to know is if the ASIC register is to be privatised who to and why??? As for that question fired by Senator Cameron re calculators - just maybe this is what was being referred to - article by Michael West fom SMH dated 9 Dec 2013 which I just found

  • doyla66
    doyla66 Wednesday, 19 February 2014

    Hi Neil
    What a great piece you did on the ABC short to the point and very effective,well done.
    Hopefully some of the mainstream media will be onto it as well.
    I'd love to be called to give my story,seems as though the Senators are going to digest,theses tree days of hearings and then have another couple of days later down the track.It a good move on their part,it was information overload for me today.
    Love the bobble heads,just like the little dog I had in my car in the 70's,what a hoot!!!!

  • doyla66
    doyla66 Wednesday, 19 February 2014

    I am been waiting patiently hoping you would blog Neil. Everything went haywire and could not get my computer to do as I wanted.
    Tomorrow I will be on the ball I hope. The bobble heads is very funny, can just imagine. I bet Greggy had his lips pursed well and truly. Thin lips bad dood!!!. Hope the Senators kept a watch out for his eyes which will give away his lies. Remember eyes are the window to you soul!!! Greggy.

  • doyla66
    doyla66 Wednesday, 19 February 2014


    Good one Neil heads bobbin. Hope you have a great day tomorrow, I wonder if Greggie will stay around for the whole lot -he might stick around just to apologise to Denise for his inactions and a promise to fix immediately. ???????

  • doyla66
    doyla66 Wednesday, 19 February 2014

    Thanks Neil

    Thanks very much for your blog Neil. I wasn't able to see it and was hopping someone would blog. cheers.

  • doyla66
    doyla66 Wednesday, 19 February 2014

    The Senators were incredibly well prepared, very impressive.
    Repeatedly they stresses that there were 418 submissions, 410 of which were complaints about ASIC.
    Medcraft read his opening statement from a script several pages long. When interrupted by the chair and asked to cut it short, he was unable to speak succinctly off script. He kept reading out his notes.
    He was asked by Senator Williams about his extensive travels, 52 days and 250 000 of travelling expenses. He could not convince anyone of the value of this to Australia.
    However, so far ASIC got away lightly nonetheless. We know they are not only inefficient and not working for consumer protection, but also corrupt. A FIAG investigation was actively closed down despite the FSP provider having been unlicensed where 150 investors lost 50 million. ASIC is protecting this crook who has again registered 50 companies with them.
    Hopefully in the next round the Senators will question ASIC's integrity.
    There was a hint of it in regards to insider trading/David Jones.
    Medcraft as he was leaving said to the ABC he was sorry for investor losses.
    Well, we have experienced first hand that he really doesn't care. It is galling to hear him lie and seemingly get away with it.

  • doyla66
    doyla66 Wednesday, 19 February 2014

    I"m not sure when it will go online but myself, Greg Medcraft and Senator Williams were interviewed by the ABC, I tried to explain about loan fraud on our LAF' s, its hard to explain in a brief interview because a lot gets ediited out. You should be able to watch it on I Demand on ABC24 iits called The Business, Denise also gave some interviews to the papers. A couuple of us met and thanked the brave and honourable man who was the whistleblower who exposed CBA and Don Nguyenn to ASIC, no one will employ him now, I stated I admire and respect you for what you have done.and BFCSA members are thankful for that. Gfs, I told Andrew from ABC that its especially hard for young families like yours to survive this ordeal but unfortunately that and other stuff was cut out, they had to keep it as brief as possible.

  • doyla66
    doyla66 Wednesday, 19 February 2014

    Snow White

    Sounds like a remake of Snow White and the seven Dwarfs----did they get onto anything about ASIC not acting against the banks

  • doyla66
    doyla66 Wednesday, 19 February 2014

    Tom, not the banks directly, he stated catagorrickly any one who breaks ASIC's rules no matter how big will be dealt with. He stated whats is suppose to happen by the rule books but in reality we know it doesn't, He was trying to cover his and ASIC's arse basically.

  • doyla66
    doyla66 Thursday, 20 February 2014

    Many of the witnesses had a problem getting to the point without a whole lot of waffle and beating around the bush and were only interested in protecting their own backsides. Not one answered with a direct yes or no. At the opening, Sen. Mark Bishop came across very strong and forthright in his questioning. We were also very impressed by Sen. William's firm questioning. He gets straight to the point with no nonsense and demands a direct answer. Apart from his passion to achieve justice for the BFCSA victims he has a caring and sympathetic attitude. Well done Senator Williams, we are so proud of your work.

  • doyla66
    doyla66 Thursday, 20 February 2014



    Thanks, Field from FOS will have answer why FOS are breaking ASIC rules

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