The CBA takeover of Bankwest manufactured default evidence was shared with Parliament today evidence. Hold on to your hats. This is gonna get messy. http://www.smh.com.au/business/bank...h-banks-82-billion-fraud-20151113-gky7df.html
F*ckers. I bet some big bonuses were handed out and the culprits will never be brought to justice. The Commonwealth Bank ... * Deliberately impaired more than 1000 performing commercial loans worth more than $8.2 billion * Valuers were instructed to come up with lower [fraudulent?] valuations on the commercial loan book of BankWest, which CBA bought in 2008 during the GFC. * Low [fraudulent?] valuations enabled CBA to foreclose on the loans even if customers had never missed a payment and had adequate security. * Many going-concern businesses were destroyed - the loans were business loans, for both family-run businesses and medium-sized ventures. The average loan size was $8 million. * The motivation was purely financial - it reduced the purchase price of BankWest and it lowered its cost of capital. * Commonwealth Bank lied to the New South Wales sheriff to avoid paying a $40,000 legal bill awarded by a Supreme Court judge to a former client on BankWest who had his loan foreclosed in a manner that was found unfair by the court.
Fined and jailed. The bank utilized clawback clauses, so clawbacks should be done against any large bonuses paid to those who are found guilty.
The top execs at CBA have done some terrible things. Former staff have called them evil and claim to have been mistreated. I think this is only scratching the surface of what CBA is really like. Jail time and taking their personal assets should be the only option. The evilness and number of people they're successfully and deliberately screwed is incredible.
http://www.theage.com.au/business/b...s-to-be-the-ethical-bank-20151117-gl11rc.html :lol: :lol: :lol: :lol: :lol:
Guys please....... Commonwealth Bank is the largest bank in OZ.... there is no major fine or changes on policies... please learn that it's our major financial bank in a "Mickey Mouse" economy. This fight has been lost from the beginning. Adele Ferguson and Sarah Danckert were backed by someone high within the Fairfax organization..... but, it's just harmless to the bank that it will be almost a joke in the boardroom. Totalitarianism is not science fiction.... neither civil wars..... cheers T10
