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

It is a great series of videos, thanks for posting them.

So, what's next?

Is there going to be a Royal Commission, or is nothing going to happen?

Has anyone considered putting an Ad on TV asking people jilted by Bankwest to come forward? Surely there are more people.
 
Dogmatix said:
It is a great series of videos, thanks for posting them.

So, what's next?

Is there going to be a Royal Commission, or is nothing going to happen?

Has anyone considered putting an Ad on TV asking people jilted by Bankwest to come forward? Surely there are more people.
Click to expand...

The senate committee are still deliberating about whether their is sufficient cause for a Royal Commission. Will have to wait for the report next week. People have placed ads in the AFR which is why we realised this has effected so many people. In the meantime we need to raise public awareness so feel free so send the link to anyone you know who has a mortgage. I will repost all links in the one post later.


Heres another clip re: spin and disinformation
http://www.youtube.com/watch?v=X0birGjEkso&feature=plcp
 
it would be worth coming up with either a page/video where it was more brief and easier to read/understand. very few people will sit down and watch the entire series.
 
^^^^^ Yep most sheeple have an attention span of a mongolian Gerbil. :P

The real value of this series of clips is we have all been forwarned what is coming. Look at setting up structures that have no borrowings now and cross your fingers that TS doesn't HTF in the next five years so there is no claw back.

That is why everyone should have an SMSF as it is ring fenced so your creditors cannot access the funds outside the claw back period.

If you can arrange to borrow money using vendor finance terms may be the way to go. After the depression according to my father vendor finance was used by both buyers and sellers to avoid the bastard banks.

Kind Regards
non recourse
 
If nothing comes of this then it will send a signal to all the other banks to operate in the same manner coupled with feel good media campaigns, to increase profits and attract more shareholders in doing so.

Under the cover of the next serious market downturn, they will now have a precedent in which to act and logically expand out on these developed strategies to the average Bruce / Sheila house owner for more widespread capital transfer.

These bankers know what is coming in the future; they are merely preparing to position themselves. :|
 
nowaydude said:
it would be worth coming up with either a page/video where it was more brief and easier to read/understand. very few people will sit down and watch the entire series.
Click to expand...

The best short summary video is this that I posted on another thread
http://www.youtube.com/watch?v=6gYe2uKCefs&feature=plcp

Here is clip2 of 'spin and disinformation'
http://www.youtube.com/watch?v=DtCCXrCf-tM&feature=plcp

The senators expression gave me a chuckle
http://www.youtube.com/watch?v=MFy3WL2RiNI&feature=plcp
 
CBA/Bankwest senate report was released last week. Unfortunately it seems politics is getting in the way of justice. Essentially the labor senators report says "nothing to see here move on". The Coalition report is completely different. Here is a short excerpt

The original catalyst for the Senate Economics References Committee'scinquiry into the post-GFC banking sector was the concern surrounding the handling
by Bankwest of its loan book. Evidence was beginning to emerge of Bankwest calling in its loans and the resultant selling up of many assets, some below market value.
These issues were highlighted in a Four Corners television report, and this resulted in further allegations against the bank's practices.
...
Recommendation 1
1.8 That the Australian Securities and Investments Commission (ASIC) initiate a wholesale review into matters raised during the inquiry relating to
breaches of the Corporations Act 2001, specifically section 420A and more broadly across the banking and insolvency industry.
...
Recommendation 2
1.11 That the Australian Securities and Investments Commission (ASIC) review the purchase of Bankwest by the Commonwealth Bank of Australia and
provide a report on compliance with all Acts and regulations.
...
If elected to government, the Coalition will undertake a full root and branch inquiry of our financial system.


At least they acknowledge the CBA purchase and subsequent conduct warrants further investigation. Labor are afraid that what they uncover will make Gillard/Swan look complicit because they knew what CBA were doing. Looks like we'll have to wait to see if the Coalition win the election. The good news is that after CBA & Bankwest's dirty laundry was aired in the senate more whistleblowers/staff have come forward to give evidence so as a results the Class Actions will now commence.

Will keep you posted over the next few months but my fear is any court cases or settlements will involve confidentiality clauses as CBA do not want the evidence we have released to the public.
 
Pfft. What an annoying cop out!

Largely predictable given the horrendous difficulty in attempting to get the assets back to their rightful owners or working out appropriate compensation - particularly given our legal system is based on enforcing "laws" rather than "rights".
 
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