ASIC FAILING TO REIGN IN THE MAJOR BANKS
ASIC CHIEF and their five equally useless Commissioners are intentionally failing to understand their core responsibility of Consumer Protection. ASIC and APRA think their core job is to protect PM Turnbull's beloved Neo-Liberalism FREE MARKET system of destruction of the very lives of ordinary citizens. The plan is to enable the Banker criminals to earn $10 million a year from running these PONZI Fraud's. So easy to see and understand thanks to BFCSA and its Member's long time commitment to uncovering these crimes.
FRAUDULENT LENDING PRACTICES by Australian BANKS have been RAMPANT for over 15 years. ASIC were instrumental in LYING TO PARLIAMENT at every turn over that period.
Twenty-Two Inquiries full of lies and denials of SYSTEMIC ISSUES and thereby covering up the truth.
Australia has become a complete embarrassment to the rest of the civilised world. Corporate Cop Gregory "Evilious" Medcraft, chief of the largest white collar crime gang in the world, our BIG FOUR BANKS, continues to bleat: "when ASIC takes on actions it considers three factors. One is the amount of harm or loss, the second is the regulatory benefit of sending a message to the community and the third is the availability of evidence."
SO MESSAGE FOR GREGGIE: Stop with the weasel words and start with DATA and FACTS:
Factor 1: amount of harm or LOSS: Estimated $200 billion from $600 billion factory intake.
Banks made profits from crime, Consumers wore LOSS
Factor 2: regulatory benefit of sending a message - You morons sent 15 years of messages to Banks to say CARRY ON STEALING BOYS and a message to Consumers: mortgage fraud is a minor problem from a few rogue sellers. Pure Lies!!
Factor 3: availability of evidence: ASIC has been sitting on mountains of EVIDENCE sweeping every shred under the regulatory carpet. Penalty for Greggie should be LIFE BEHIND BARS and no parole!!!!
Never in Australian History has a REGULATORY CHIEF done so much HARM to so many citizens and for such an unprecedented amount of LOSSES for consumers, in one career term.
This evil Corporate Regulator has confirmed it has a significant proportion of Australian banks under investigation. Australian Securities and Investments Commission (ASIC) chairman Greg Medcraft told The Business that, in addition to charges against Westpac Banking Corporation for allegedly failing to adequately assess clients, a further 10 institutions were in the firing line.
BFCSA is exposing the evidence of widespread MORTGAGE FRAUD across all states and the 17 Lenders in the Cartel which could be as high as 36 Lenders! Seven recent cases (non in default) will not show YOU the public the control fraud is in the LOAN APPROVALS computerized fudged income program and in bulk ROBO approvals of dodgy loans worth a total of $1.6 Trillion suspect LOANS.
THAT's WHY A ROYAL COMMISSION is IMMINENT. The GIG is up Mr Medcraft. Your cover up tactics have failed to protect your beloved bankers and former Fraudster colleagues.
ASIC have ignored consumers with truck loads of substantial evidence for years. My 30 face to face meetings with ASIC Commissioners, deputy chairs etc, over the years with documentary evidence from consumers being sent to ASIC by the truckload, plus lobbying for those Inquiries in the face of the FRAUD, and with ASIC lying at every turn, is a regulatory disgrace.
I have not even started on APRA yet, as the main protector of dodgy bank data!!!! The FRAUD in the LAF which we discovered in 2001, is systemic, yes! However, the CONTROL FRAUD enabled they entire stealing homes to be carried out with ZEAL by a computer designed by the BI FOUR and then other Lenders joined the Cartel. Join the same program or be swallowed up by the Cartel as there is no longer such thing as competition. So where was the ACCC and third lien forcing of the marriage of toxic bank products with the CREDIT CARD SCAM and LOCS? All Lenders followed the identical plan, identical computerized system, the identical paperwork, the identical training systems coming from the USA, even the identical TARGET: ARIPs - anyone with a house, a farm, and a pulse!"
Message to ACCC - so this was anti competition and you let it continue? For another day!
The ATO were briefed by me on this behaviour in 2005!!! They agreed with me and said: "This is a job for ASIC."
ASIC have been busy little BEES sending out BUZZ OFF letters , "We will not investigate and we will not communicate with you any further about this matter." They may well have added: "Now rack off and get lawyers even though you cannot afford legal advice because banks have ripped you off haha.....sucked in!!!!"
Of significant concern is that the National Consumer Credit Protection Act, which was gazetted in 2009 and which ASIC failed to implement until 1st January 2011 which made clear, the strict assessment process and verification's required for loan approval which have clearly been ignored. Even worse: ASIC was busy hounding ten brokers per year which I complained about back in 2003!!! The obligatory 10 - 30 cases per year from a team of 300 investigators for the whole of Australia. These luminaries could not find any evidence???? Protecting BANKS were the orders from the TOP. Time for Turnbull to SACK MEDCRAFT NOW.
Corp Cop Jeff Lucy labelled himself "The Enforcer" and at least took 70 cases to court - a massive record for ASIC lazy bods. BUT that was because BFCSA predecessor RECA Members lobbied for more white collar criminals to be rounded up from Lawyers, Developers, Real Estate Agents and Accountants to be rounded up and again the banks were conveniently left out of the investigations. THIS SCANDAL and all those smaller scandals int he past, all roads led back to the BANKS you FOOLS!!!!
Are Consumers angry? YES they are!
The findings of the Westpac debacle will be the usual BANKAIDE approach, seven cases - not systemic NO WAY (ASIC intends to tell you all) but sends a warning to banks to not be so naughty in the future. Consumers will not fall for this monstrous display of regulator ASIC cover up by PRETENDING TO BE THE ENFORCER. We watched regulators pull this stunt in 2003 under Howard. We are not stupid.
As we said a couple of weeks ago: ASIC IS GRANDSTANDING AGAIN. It finds there are a few problems and now the CIVIL COURTS will find Banks have stopped doing that! Really???
ASIC will be the chief witness for the DEFENCE!!! ASIC are experts at this game that disadvantages Consumers!
Westpac will cop a $10,000 fine - petty cash - and ASIC WILL SAY "we are getting tough!" That's why ASIC took civil action and did not send this serious matter to the CDDP and the Fraudies nor the AFP! Go figure.
MORTGAGE FRAUD IS SYSTEMIC in this country, Australia does have it's own subprime scandal rippling throughout every state. 85% of these mortgage loans, all 30 INTEREST ONLY loans (no deposit) sold to young people but mainly 55 to 80 plus, were targeted who owned their own home and were DEBT FREE. Those people are the biggest losers in this ASIC game of monopoly.
These 'Oldies' fought for this country or their parents did and they will fight back and SHOW NO MERCY to lying Bankers and evil Regulatory Chiefs who helped in the cover ups.
Honest hardworking Australians who DREAM of owning their own home, no longer dream!
Older Australians who worked two jobs and achieved the Australian Dream of home ownership continue to be targeted and manipulated by these white collar crooks for their own benefit and a Royal Commission is the only way the cleansing and rebuilding of this toxic financial sector will begin.
The current platter of smoke, mirrors and collusion served up by this wretched and deceitful LIBERAL FEDERAL Government is a path to ruin for everything we hold dear in this Nation.
BANKERS MUST BE PROSECUTED UNDER CRIMINAL LAW for inventing ROBOTS to intentionally steal homes for the Gordon Gecko reasons of greed.
BFCSA , its members and researchers and helpers have collected 15 years of EVIDENCE against ASIC and the BANKERS.
Denise L Brailey