CBA surveillance - Reason released tomorrow.

errol43 said:
AA...re post 10.. That exactly what happened in WA to a retired couple who bought a good motel business that was showing good returns. They put down a large deposit and intended to spend their semi-retirement with enough cash flow for living expenses plus pay the bank back with interest.

They were having no trouble meeting their commitments as stated above.

Then along comes the big boy to steal from the little boys. Gets the motel revalued for much less and then takes the steps as explained in post 10..

This case was on the ABC some time ago and it didn't raise too much concern. What chance have small business people got when you have people like this running the banks.. Not you OC, you are old school :)

You are better off buying shares in the bank than have a term or fixed deposit. Alan Kohler recently put up a graph that showed buying shares 4 years ago put you way ahead of someone lending the bank money at 4%. Bank collapses? Who gets paid first. It is not the Depositers, they are last SIT.

REGARDS Errol 43

Give em hell AA
Click to expand...

Thanks. I assume you are referring to the 4corners show from early 2012. They lost everything. Back then people still thought we were conspiracy theorists so no-one did much about it. But now that the public know there are thousands with exactly the same story, there is a bit more momentum to firstly fix this and secondly make sure it cant happen again.

all I ask of the forum is to pass the message on to others, share the videos so everyone can protect themselves ... and perhaps learn about Basel capital adequacy accord which is the primary reason why this is happening (as well as greed).
 
AustralianAustrian said:
all I ask of the forum is to pass the message on to others, share the videos so everyone can protect themselves
Click to expand...

I'm all for spreading the word, but short of changing laws and getting the pollies to do something about this, is there anything that an individual can do to protect themselves (aside from not taking on loans)?
 
I bank with my feet, recently had a n option to take a CBA loan and refused to sign docs, mainly from what AA has reported over the last few months on these grimey sockers
 
hiho said:
I bank with my feet, recently had a n option to take a CBA loan and refused to sign docs, mainly from what AA has reported over the last few months on these grimey sockers
Click to expand...

But are any of the other banks any better? I bet they are all as bad as eachother.
 
petey said:
hiho said:
I bank with my feet, recently had a n option to take a CBA loan and refused to sign docs, mainly from what AA has reported over the last few months on these grimey sockers
Click to expand...

But are any of the other banks any better? I bet they are all as bad as eachother.
Click to expand...

you can always use a credit union for deposits and non bank lender for loans. The previous argument for not using these was that the govt "protects" you if you are with a bank. All these fraud stories show that this is not true so this argument is a mute point now. eg the govt $250k deposit guarantee didnt protect customers, it protected the banks because it made us feel safe so we dont take our money out so banks can then "fake default" your mortgage and cross default your cash. instanct bail-in.

Here is the video from yesterdays AGM of the 2 Bankwest questions. some tough questions. Turner told an untruth (I believe he simply made a mistake cos the bank have already confirmed a 6 month warrantee period) but information received now confirms a 12mth period, meaning CBA lied to the senate, hence the firm response to the second questions. As of yesterday CBA know that this information can only have come from someone close to a certain board member.

http://www.youtube.com/watch?v=oo93PyhJQp4
 
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Narev tackled on Bankwest grievance
RICHARD GLUYAS
THE AUSTRALIAN
NOVEMBER 09, 2013 12:00AM
THE promoter of a potential class action against the Commonwealth Bank has tackled chief executive Ian Narev over an issue that refuses to die -- alleged indemnities to cover CBA against post-acquisition impairments at Bankwest.

Geoff Shannon, founder of the pressure group Unhappy Banking, asked Narev at yesterday's annual meeting if 2008 indemnities provided by HBOS, the seller of Bankwest, enabled CBA to claw back impairments up to the full $2.1 billion purchase price.

Shannon said later the issue went to the core of a planned class action on behalf of alleged "victims" of the Bankwest takeover by CBA.

Narev declined to engage on the indemnity issue, saying it had been well covered, including at a Senate hearing into post-financial crisis banking.

In August, Shannon failed in private litigation against CBA over the collapse of his company 33 Electra, the developer of a Bankwest-funded $14.5 million residential project in NSW.

In that case, where Shannon ended up having to represent himself, a NSW Supreme Court judge said the businessman was not deliberately dishonest but described him as an unreliable witness when his answers were compared to contemporaneous documents.

CBA general counsel David Cohen said in a Senate submission in July that the Bankwest share-sale agreement limited CBA's ability to recover impairment expenses from HBOS. Recovery was permitted only when the impairments crystallised by December 19, 2008, and they had not been reflected in the draft completion balance sheets for Bankwest.

Chairman David Turner told shareholders on there was an "illusion" about a long-term clawback arrangement with HBOS. "It's not true," he said.




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