My observation of ASIC over the past decade or so is that it is just another useless f***ing govt agency that actually ends up protecting the shysters from the public, rather than the other way around (as we sheeple are made to naively assume). Look at all the scamming financial collapses that have occurred over the past decade ... I don't think anyone has gone to jail, and everyone in ASIC still has their high paying job. The head hochos at ASIC will obviously scurry for cover over the next few months, saying there was no way they could have identified the potential problems at Banksia beforehand. And in 6 to 12 months most of us will have forgotten about this collapse ... and then another poorly run financial organisation will implode in a similar manner taking people's savings. It appears Banksia has been around for a fair while, but I bet there has been new management in the organisation over the past 5 years, who have take it in a new direction ... taking on more risk, so they can get their big bonuses. You would think the role of ASIC would be to put a muzzle on the greedy, irresponsible narcissists that run some of these organisations ... but as proven over and over again, ASIC fails to properly carry out its duties in a timely manner. There will be a lot of pain for a few years in the towns directly affected by the Banksia collapse ... I wish those people well in being able to successfully lift themselves out of this financial tragedy.
pity this is not too big to fail scenario.. imagine this happen to one of the big 4...... i wonder what is the action taken by goverment, rba, etc...
Incorrect GP, I just finally settled with banksia on buying a property and when I heard this I asked my law firm what they thought ... He said all that will happen with mortgages is that a tender will come in (I.e big bank) value the book assets, and bid for it at a considerable discount... They obviously choose which securities they want etc.... And the loans are just transferred to the new owner of those securities But apparently the loans are not allowed to be called in unless it's an on demand loan (check your contract) Hope this helps
I heard Baillieu on the radio yesterday saying he would talk to the Feds about covering the deposit guarantee (ie. bailout). No one has mentioned the word "ponzi" yet, but the ageing demographic and drop in real estate values makes me wonder.
^ Hopefully it's not another Westpoint, but given the small snippets it may be. The "provision" for bad debts (i.e. on paper not actual) triggered "negative equity". I'm not a financial expert but that would seem they've been paying out dividends and/or other costs from investors funds. One of the references I saw said someone was expecting his money to mature and come out in 4-days after the collapse ($60K I think it said). If he was one of a large tranche of funds maturing that may have triggered a cash flow problem (which smacks of something dodgy or of concern even if not a westpoint ponzi).
Hi Ageo Most of Banksia's mortage loan if not all have the facility to be called in... Check ur contract, the advice u were gevin was correct in regards to a new lender taking over the books but it doesnt stop them from calling in ur loan... Most of banksia's loans are unregulated loans...
I remember Fast Forward doing a sketch about a guy who gets the Genie out of the bottle and asked the Genie if he could get his money out of Pyramid, and the Genies says he only does wishes, not miracles! :lol: "Pyramid...watch your savings Go!" [youtube]http://www.youtube.com/watch?v=jtpxl_aWe5Q[/youtube]
Bank of Queensland announced a $17 Million Fincial Year loss a few weeks ago (the first Aussie Bank to report a loss in 20 years). Yet there was no news of this trouble. They didn't let anyone know...they kept it secret. The b@$#ard$!!!!
Yep, with more to come, this is nothing yet. Now peoples electricity bills are the same size as their mortgages lol. The maggots that govern this country have already gutted the carcass, now its time for the leftover shell to start crumbling. The rot cannot be stopped, only the extent of it can be hidden for so long. Liberal - labor same crap different consistency, Remove both parties, their think tanks and ties with the bankers and corporations, its time the people of Australia Ruled Australia, not a faceless think tank puppet master.
Banksia's former Chairman tried to kill himself in a head-on with a truck a few months ago. He survived and was in hospital for 3 weeks. The day after he was released he did exactly the same thing and died. Nobody around here could quite understand why at the time. http://www.theage.com.au/business/untimely-death-clouds-banksia-probe-20121101-28mxn.html Now some context regarding his motive is apparent. :|
^ Although can see the relative attraction of death by truckdriver or death by level crossing I really feel for the poor drivers.
Update: Perhaps no petrol levy needed after all. http://www.news.com.au/breaking-new...go/story-e6frfku9-1226516107838#ixzz2C5axi63P
I do wonder what they consider "meaningful". Until they define what "meaningful" is to them, investors should still expect a hard hit. The article puts light on employee entitlements being payed in full etc etc in the wind down of it all, and use of the word "Meaningful" in context that really has a very broad scale. Meaningful to the investor would be .90+ cents in the dollar returned. Meaningful to the BANK could be .50+ cents in the dollar returned. Or will it be all smoke and mirrors and 8 weeks later there is NO cash. The attempted suicide and suicide of Chairman tells me that this is on a grand scale, until investors have their cash in their hands believe and trust no one. I believe the true scale of it is being suppressed, pray iam wrong.
4 Corners had a story about unregulated Financial Institutions including Banksia on Monday night. People still hoping to get back around 60cents on the dollar, but there are so many dud deals on the books I reckon they wont. http://www.abc.net.au/4corners/stories/2013/03/04/3700673.htm
