BFCSA EXCLUSIVE:
The Turnbull Royal Commission will be run and controlled by the BANKERS. Fancy a weak Government being told what to do by the BIG FOUR. Insanity reigns. Our people have been screaming for a Royal Commission into Banks for over a decade. The Banksters politely ask Turnbull for an RC and he says YES immediately. Be prepared for the whitewash version: The situation according to the Banks. All boxes of fraud and intention to deceive have been ticked by the consumers. The RC announcement has come from the recent Banker Love In. ITS TOO LATE. The Howard/Turnbull Green Light 2002 should never have happened.
Turnbull has brought forward the discussion to control the outcomes to be a minimal effort. He does not explain WHY he dragged this on for the past two years. People have lost TRUST and CONFIDENCE for good reason. So does this mean the Major Bankers' RC will forgive all DEBTS for the victims of bank driven FRAUD and put people back in a position (as legally consigned to do so) as if they had never spoken to a Banker.
Will the TOR include thorough examinations in the algorithms of the dreaded bank engineered Service Calculator used by David Murray. These service calculators have been used on every loan to manipulate incomes and false negative calculations?
BFCSA is worried that the TOR will exclude INTEREST ONLY LOANS. The farmers will be thrown on the back-burner. Turnbull is a disgrace. Banks are still to this day selling TOXIC SUB PRIME LOANS. The Bankster RC will be pure farce. We will watch with interest.
The Criminal conduct by banks is systemic. Why are the Banks controlling the Terms and the Consumers are not even consulted. Borrowers were issued with Jumbo Loans in breach of S25.1 of the Bankers Code of Conduct and FOS helped them cover up the crime scene.
Banks have been engaging in unlawful lending, created by Turnbull, Symonds, Bouris, Joye, Abbott and Howard in 2002. they had a Green Light to lower underwriting standards for all Australians to suffer in DEBT. Banks want to be seen politically as asking for the RC rather than having it imposed on them. It will be watered down versions and will only permit the Banksters to Grandstand rather than get to the TRUTH.
The Banks are trying to minimize the bank scandal damage by having a complicit Treasurer and LNP draft the TOR, not the ALP and completing the RC before the next election. The ALP cannot expand on TOR. Banks have ensured the RC is only a probe into "error or maladministration" and not into Cartel criminal activity and the key words are INTENTION TO DECEIVE. The calculator was an intentional TOOL to skew every income from fact to fiction. These are criminal "errors."
The PM has failed to drag the Regulators APRA, ASIC AND RBA into the Royal Commission. The tricky language is this: The RC into the financial services which may be just a probe into the brokers. The Banks will blame everyone but themselves.
The ENRON style accounting used by the Major Banks is in the engineered algorithms. Millions of Consumers have been duped and left with an average $200,000 debt. The lower the income the greater the crime has been.
Denise L Brailey denise@bfcsa.com.au www.twitter.com/DeniseBrailey www.facebook.com/BFCSA