PM says Banker Criminal Scandals are a wrong doing. Australian banks are a Cartel engaged in Criminal activity! The ASIC Chairman Greg Medcraft has come out swinging saying: "These were not victim-less crimes!" BFCSA and its predecessor have been calling for a Royal Commission into banks since 2001. Williams calling for RC as the Unions and their members wake up to these ghastly criminal Low Doc Lending,,,,19 Inquiries later. Bank staffers complained to the FSU in 2009!!!
With all due respect, these Criminal Activities by Bankers are not "wrong-doings" Mr PM! Banks have ruined retirement for 2 million people and destroyed GEN Y as in Greece. Doing nothing is not an option. There will be NO BAIL IN and no BAIL OUT! Australians will not stand for that! Unlike America we do not reward our Banker Criminals.........Consumers will go back to the Trenches and fight hard.
Its time all Australians were told the truth and that will make so many people angry. Here we have two Titans of Banking: Turnbull and Medcraft trying to now get on the right side of the track and blaming each other about a Banking Scandal that everyone in Government new about for years but failed to warn the public. Had toxic manufactured products been sold to the public Australians would have expected the product be withdrawn and the engineers prosecuted immediately. But the bankers thought they had Politics and Regulators in the palm of their hand and the secrecy continued for 15 years. Now the entire nation will be dragged into this vortex. Its created a giant bubble in the property market. How does that affect our economy. Well let the experts explain that one but guaranteed not to be rosy!!!!
The bankers excluded the next generation GEN Y from ever being able to own a home and allin the name of GREED..
Now the Bankers will bully once more and pull their hideous donations away from the political parties. Go for it chaps. The Cartel members ought to be tried and jailed asap! We want honest banks, honest Government and the party is over. Oh, BTW, David Murray - a man of zero integrity - who thought he had Medcraft under the thumb and called ASIC Adolf Hitler, you Sir, will be top of the consumers' hit list! Hockey chose you t be the Chairman of the FSI and you maliciously ignored the Low Doc Interest Only Toxic Mortgages that enabled you to take an obscene $100 million exit fee. Consumers will never forgive you. You pushed ASIC one step too far.
Let the Blame games Begin
Royal Commission with wide Terms of Reference will be applauded by long suffering consumers and BFCSA members and another rendition of cover-up such as the Hockey: Roots and Branch Fiasco," will be acceptable. No wonder Joe resigned! Bank Pressure was a cancerous evil to our nation.
For years, ASIC has been saying they were simply following "Policy." Well now thy are following common sense and Medcraft has just come out of his Blue corner and Banks are in the Red!
http://www.bfcsa.com.au/index.php/entry/bfcsa-asic-chairman-hits-back-and-says-australian-bank-criminal-scandals-were-not-victimless-crimes-pm-now-taking-a-pathetic-wrong-doing-approach
Facebook/BFCSA Facebook/MortgageStressSOS @DeniseBrailey