ABC Four Corners( 5th of May) Depositors of Australia's biggest bank?

aleks

aleks

Well-Known Member
Silver Stacker
Heads up; I just heard a sound byte for next weeks four corners, nothing as yet on their website.
 
I got the title of the report wrong :)

http://www.abc.net.au/4corners/stories/2014/05/01/3995954.htm

This is a story about ordinary Australians taking on Australia's biggest bank. It begins with a dying man who believed the Commonwealth Bank wronged him and who was forced into a David and Goliath legal battle in the last six months of his life.

"It's going to be very hard for me to trust anyone at any bank at any given time because they were just ruthless... They knew he was an easy target and they just went for it," his daughter told Four Corners.

This week in a joint Four Corners/Fairfax investigation, reporter Adele Ferguson examines a sales-driven culture inside the Commonwealth Bank's financial planning division that has been described as profit at all cost - a culture that has been built on commissions.

The program also looks at the wilful practices of another financial planner, whose annual salary was almost half a million dollars. The CBA protected him until a whistleblower and several of his clients fought back.

The planner's customers, mostly retirees, believed the Commonwealth Bank when it said it was 'the people's bank'. But when they saw their life savings disappearing as a result of bad advice, they knew they had to act. Adele Ferguson tracks down the planner.

This story reveals how those customers who believed they were wronged took on both the bank and the corporate regulator, ASIC, and won. There are others who didn't fight and may have lost their life savings.

The CBA says it has since cleaned up its act and there is no place for so-called 'rogue' financial planners.

The program comes at a time when Australia's biggest banks are trying to expand a system that rewards bank tellers and financial planners for selling their products to customers.

The Federal Government also wants to make changes to the financial advice legislation that would reintroduce some of the commissions and kickbacks that had been banned under the previous government. If the reforms go ahead it will potentially mean financial planners are less, not more, accountable to their clients.

This program is a sobering lesson for all.

If you have money to invest or you are setting yourself up for retirement this is a program you cannot afford to miss.

BANKING BAD, a joint Four Corners/Fairfax investigation reported by Adele Ferguson and presented by Kerry O'Brien, goes to air on Monday 5th May at 8.30pm on ABC1. It is replayed on Tuesday 6th May at 11.00am and 11.35pm. It can also be seen on ABC News 24 on Saturday at 8.00pm, ABC iview and at abc.net.au/4corners.
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The real issue isn't the banksters. We all know that the fiscally iliterate planners are lying thieving muppets who are there to spread the clients checks and lubricate so the bank can drive its product home.

The real issue is the mindset of the clients who when they go into these muppets, they deposit their cranium at the front desk in the expectation that the messiah is going to lead them to the land of milk and honey.

The vast majority of the population refuse to be masters of their own destiny. They reap what they have sewn.

Kind Regards
non recourse
 
Had a bit of a chuckle watching it when they showed the ASIC dorks clueless expressions and the Senators comment about the CBA shit kickers term inappropriate. Nothing will change the sheeple will be herded into nice safe bank products that will bleed them.

The definition of stupid is the "average" person keeps doing the same thing and expects a different outcome.

Kind Regards
non recourse
 
Good to see this going out where lots of people watch...
Didn't "we" used to "own" the Commonwealth Bank? :/

*Edit to say that "Didn't this seem soooooo scripted??" :rolleyes: *
 
It always amazes me that people who have worked for so long are prepared to give their hard earned $$$ to the so called experts.

They should have more confidence in their own judgement because that is how they got their nest egg in the first place.

Money moving money around, it's the biggest game in town until WALL ST GOES DOWN , then you are the biggest looser in town, then you hold out your hand and here comes centerlink handing money around.

Regards Errol 43
 
Watching that ASIC dweeb laughing during such a serious hearing really stuck in my craw :(
 
Clawhammer said:
Watching that ASIC dweeb laughing during such a serious hearing really stuck in my craw :(
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ASIC exists to allow businesses like CBA to hide behind the letter of the law (which they helped write) while acting immorally.
 
This pops up when I click on the comments window

179_facebook.jpg
 
Anyone recommend a better bank to go to?

I'm transfering all my business out of the Commonwealth
 
Clawhammer said:
Anyone recommend a better bank to go to?

I'm transfering all my business out of the Commonwealth
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better bank ? lol . Whatever your main banking pattern is can differ from bank to bank for what is best for your use regarding fees ,multiple accounts etc .
 
Clawhammer said:
This pops up when I click on the comments window

http://forums.silverstackers.com/uploads/179_facebook.jpg
Click to expand...

:(

Hmm - I have a FB account, but didn't need to login to see the page/comments :/ Here are a few:

Lots of links to the ABC / 4 Corners documentary

CBA: Has Adam just scored Candice's number or is he using the CommBank app to pay her back for the lunch she just shouted? [photo of guy and girl looking at their phones]
Comment - He's a CBA financial planner trying to steal her lunch money.

CBA: Fast track your savings efforts with these handy CommBank app tips:
Comment - It tracks how much money they have stolen from you.

CBA: The colder months are when a summer getaway becomes all the more appealing. Start preparing sooner to keep your travel costs down: [photo of Pacific island resort]
Comment - A picture of where commonwealth financial counsellors go when they have made off with all your money.

Lots of similar comments!
 
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