Too Big to Prosecute - CBA/Bankwest fraud Senate Inquiry video

Below is a link to Pt1 of the CBA/Bankwest senate inquiry abbreviated video. The senate inquiry was held to investigate allegations of fraud and misconduct relating to the 2008 insolvency of Bankwest and subsequent CBA takeover.

I will post the remaining 9 parts when they are available. All parts will be made available at www.youtube.com/unhappybankingtv

http://www.youtube.com/watch?v=dxy9zItsuUY&feature=youtu.be

 

Thanks for posting^^^^^^^^^^^^^

Every dog has their day..Wait until the derivative market collapses then you will see the big boys crush the banks!

Regards Errol 43

 

.

 

Too Big to Prosecute Pt 2 & Pt 3 are now available on the Unhappy Banking TV Youtube channel

Pt 2
http://www.youtube.com/watch?v=OSQhkxgAE1w&feature=plcp

Pt 3
http://www.youtube.com/watch?v=QxmWcR7FB5E&feature=plcp

 

2 minute clip from senate hearing re: ASIC
https://www.youtube.com/watch?v=H_5-Cf58Bfg&feature=plcp

 

bankwest takes customers money
http://www.youtube.com/watch?v=EwjPzg9kCaI&feature=plcp

 

Too Big to Prosecute Pt 1, 2 & 3 have been removed.

 

They've been moved

Too Big to Prosecute part 1
http://www.youtube.com/watch?v=gCRNvkMoACM&feature=plcp

Too Big to Prosecute part 2
http://www.youtube.com/watch?v=iLa9NbDrhiw&feature=plcp

 

similar to creature of jekly island cases... why are we still dealing with all this banks ?

 

I've never seen anything quite like this. It's absolutely disgusting (I cant actually find words to describe just how disgraceful I think this is and how angry it makes me). I hope a massive court case ensues and scumbags end up in prison, though I think I'd rather see the bastards shot.

 

Some of the original links aren't working.

 

Well this is the fatal assumption too many Australians have in that they bought into the whole 'it's different here' ideal.

The whole system is endemic with corruption, whether you consider our financial and economic system to the political system, business cartels and right down to the people ripping off the tax system.

I think Gerald Celente said it best when he said 'the fish rots from the head', implying that if our 'leadership' is shown to be corrupt and morally bankrupt (especially without persecution for criminal activity) then it flows down through the rest of the populace until it permeates on every level.

That's why when we discuss these prickly issues on SS, the general response is that if you DON'T take advantage of the criminal system and play is straight, then you're a fool and you (or your family) will suffer because of it.

Unfortunately, this unwinds the entire system in the end as a tree with a rotten core eventually collapses under it's own weight.

It's only in the sad aftermath that a true accounting is ever done, the real enablers are taken to account for their crims and we teach our children to learn from history so it 'never' happens again.

This is just human nature, we're cyclic in nature on all levels.

I don't think anything will change here until society heads back to a code managed by rule of law and not a rule of men.

This (I believe) is a very dark period of society right now.

 

There is no doubt that when you see what has been done to these individuals who used debt to grow their business they were raped.
Many of these individuals had tens of millions of dollars in equity. Some of them have lost it all because they failed to put firewalls in place to shelter some of their assets.

Some have sheltered some of their assets and they are the ones who have brought in outside litigator funders to take on the banksters. The reality is the banksters pockets are so deep that if necessary they can drag the proceedings on for decades. Case in point is the Bell Recievers versus a dozen local and international banks that has been going on for over two decades.

That is why I am so pedantic about setting up structures, paying down mortgages and taking a third of my equity off the table and out of reach of creditors using trust structures and super. As I keep pointing out people who fail to plan sometimes are planning to fail by their inaction.

I recently had a client who knows about my pasion for real estate ask about buying his second investment property as he has saved up another 30% deposit. Rather than give advice I described my investment properties as Castles that have moats dug around them (trust structure) and are filled with liquid assets (gold and silver bullion).

Looking back if I was starting now I would still be buying well placed cash flow properties but would not pay as much off in principle in some of the assets on the table and more bullion in the structures off the table.

Our goal in the next ten years is to get rid of the banksters full stop. As we trade up for a more valuable property we will use vendor finance to sell what we want to sell so we are the bank providing finance.

Non recourse is my handle... Limited recourse loans in super are a useful stepping stone along with asset protection.

That is also why you need to start a small business for cashflow so you get paid first before the tax man.

Kind Regards
non recourse

 

NR - Do you really believe that "trust stuctures" can protect your assets from the thieving gubmint?

They look straight past the trust stucture into who actually runs the trust - and if your name is on their hitlist - then the trust's assets are also fair game to them.

If not - they simply change the rules to close down any loopholes...

SAVVVIE??

 

I wonder though that if such 'protection schemes' become more mainstream and restrict the looters from taking your wealth, how long can we expect before the gatekeepers change the rules?

Governments and Banks absolutely do not like losing and whilst they'll allow a few to exploit loopholes to make bank and protect it, I'm yet to see any major institution keep the gates open long enough to allow all the sheep through.

As these people get more and more desperate, I get the sinking feeling they'll move to slam shut the gate, grandfather those who are already through it and leave the rest trapped inside.

That said, your knowledge and experience on asset and income protection NR are enviable.

 

If you were 'starting now' I wonder if that would actually be possible without crippling debt and taking on serious risk looking at the current market.

Mind you, I'd be interested to see where you'd find the capital to back your funding if you were just starting today, mostly we're told by serious IP investors that you have to start at the bottom and build an equity base first?

A minor oversight in the assumption here I think that pretty much anyone who's just starting out (ie no capital, cash or credit) are just going to jump right into the top tier property market, for which you're likely to have to find credit in the order of 7 figures first.

I really don't think people who have been establishing an equity position literally over decades really give credit for just how damn tough it is out there right now just to make ends meet, yet alone have the time / ability to seriously build on it to get ahead.

Not being argumentative on the point, but just stating the facts. Things are tough out there right now!

 

Yippe the answer is all our politicians are Lawyers and all members of Parliament have Trusts For their pecuniary interests to avoid being charged with obtaining financial advantage they all have blind trusts. Even the Green and Labor faries at the bottom of the garden who have never done a real days work have family and unit/hybrid trusts.

As for closing down loopholes our tax and financial laws are so complex even the action of closing something down creates more opportunities.

Frankly trust and tax law is a huge chess game with the arbitrator being the courts. Much to the chargin of the ATO the courts don't always agree with them.

For little gadfly's like you and I you never want to get into the ring with that 900 pound gorilla called the ATO but with the internet and if you have the desire there is a hell of a lot you can do in steering your goodship fortune.

Kind Regards
non recourse

 

I started in our business on December the 18th 1991 and you could fire a cannon down the main street and not hit anyone. You want to talk about tough times? My first customer didn't walk in the door for two weeks.

The second year our business was going backwards and the wife had just had our second child she had 4 weeks off to look after the new baby and I will never forget her bursting into tears when I said you have to go back to full time work we can't survive without your income.

I was working 7 days a week and the first three years her wage was what we survived on. There was no maternity leave or carers leave.

During the good times when we were buying properties with our ears pasted back my wife kept reminding me everything goes in cycles

Your going to see interest rates and inflation at 20% in the next five years that is just the cycle. Would I trade everything to go back to age 32 with the wife and kids knowing what I know and that ? Bloody oath.

Problem with most employees is they have been institutionalised. They are use to being on the tread mill. How many people do you know who worked for a boss chucked it in went to work for themselves and went bust? I know heaps.

Why because they are fiscally illiterate.

Kind Regards
non recourse

 

Sorry didn't answer your question Auspm. I'd get the money from working a business and again knowing what I know now I'd be even more profitable.

Kind Regards
non recourse

 

No, things are not tough out there, things are tough for some, as they were 20 years ago, for others, life is a bowl of frikkin cherries.