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Old 22nd April 2018, 21:04     #1
Nich
 
The Big Four

Anyone following this? And is anyone as happy as I am that it is happening?

This is good news for humanity (seriously). Banks have revealed their true colours to Australia and the world. Not satisfied with simply locking Australians into a currency based on debt that cannot be paid back, they were compelled by their greed to bend the law, lobby to parliament, and add fees on top of fees for zero service.

Scott Morrison claims that Shorten is seeding discontent for his own political gains and undermining confidence in the banks. Listen, if you have to point out that banks and the Australian economy runs on "confidence", then you're admitting what's wrong right there. They all seemed so willing to put that confidence at risk, they deserve to lose it. Quit it with the "trust us, we're an institution" rhetoric, admit that you took Australians for a ride because of greed, and resign for your part in enabling such a colossal and criminal circle jerk. Maybe you'll be lucky if you don't go to jail.

Commonwealth Bank launders mafia money through property investment loans

Commonwealth Bank facilitates money laundering through their handy-dandy cash-deposit machines

ANZ admits to recklessly pre-approving people for overdrafts

NAB is guilty of falsifying documents, taking cash bribes, and giving insane commissions for "introducers"

AMP is so far beyond the pale that they aren't even attempting damage control. They simply hold out both wrists and say "take me to jail"


Westpac say "our financial advisors got bonuses for financial investment products, but we don't want to wind that part of our business down."

And is there any fallout? Ohh yes...
- Westpac has paid out $14.7 million in compensation
- CBA has offered $2 million in compensation, but will likely be more like $23 million when all is done.
- NAB is yet to make an offer of compensation I do believe, but they have $136 million worth in dodgy mortgages, so who knows what the number will be.
- ANZ must pay $3 million in compensation

All these numbers seem a bit low, considering the dollar amounts gained from their crimes. I know that ANZ has asked its staff to re-apply for their jobs. NAB laid off a significant number of staff. Surely CBA and Westpac are doing the same. Saving their money for legal fees.


CEC Report finally get their Glass Steagall bill proposed to parliament.
https://youtu.be/NsUMu9aOT5c
This is very good and I encourage all Australians to write in support of it. Basically without Glass Steagall in place, your bank balance is gambling money for the banks. They use 100% of your bank balance from "Savings" and "Long Term" accounts, and they use 91% of your bank balance from your Access accounts. Glass Steagall will allow YOU to decide whether your money should be pissed away for the bank to reap all the reward.

Related:: Australia's Secret Sub-Prime Crisis - Nick Hubble (Mentions NAB document fraud)
https://youtu.be/ZMcf4PUyOzY
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Old 22nd April 2018, 23:53     #2
CCS
Stunt Pants
 
In a similar vein. Wells Fargo = cunts. Also, Trump.
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Old 26th April 2018, 10:12     #3
Nich
 
also related:
https://vimeo.com/ondemand/spiderswebfilm/244075130

The Spider's Web: Britain's Second Empire

A documentary that looks into the findings of the Panama & Paradise papers. More specifically, the "City Of London" entity that operates within London, the city. Confusing. But the City of London has its own banks, laws, and institutions. They attract multi-national banks to the City of London by having very relaxed laws and regulations regarding money laundering, tax evasion, et al.

The most disheartening part is that even though investigations like the Panama papers have revealed a tonne of criminal activity, there is very little action that can be taken in a legal sense.

Which makes me think this royal commission in to CBA, Westpac, ANZ, and NAB is merely for show to make everyone think some real action is being taken. Slap them with a fine here and there for millions of dollars, everyone is satisfied the banks have been duly reprimanded. We will start to get news stories on all the changes and "regulations" that will make the banks more honest ... but the dealings carry on anyway.
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Old 27th April 2018, 00:28     #4
Ab
A mariachi ogre snorkel
 
I'm in the middle of some mortgage refinancey shit and the best deals are coming from NAB, CBA, and ANZ, but I feel dirty dealing with the fuckers.
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Old 27th April 2018, 13:20     #5
Nich
 
CBA is the only one that would offer finance on my studio apartment off the plan. They have been a nightmare to deal with. 0 Stars.

We will be refinancing with another bank at the earliest convenience...

Alternately, I'm quite open to the idea that the whole deal falls through and I lose my 10% deposit, but walk away a free man with a clean conscience knowing that I am not willingly becoming a slave, and not contributing in any way to the continued existence of the most poisonous and destructive institution in society.
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Old 29th April 2018, 21:21     #6
Nich
 
27 April 2018 - The CEC Report - Royal Commission exposes bank crisis / British Cyber Attacks
https://www.youtube.com/watch?v=ErmNdT_hWm8
The government won't fix the banks, and the banks certainly won't fix themselves. The only way we can get change is by taking our business away from these banks.

don't forget to do some internet activism: Change.org petition to break up banks so they are either a Bank, or Financial Investment... but not both

Brokers: Westpac loans easier to get than other banks.... ie there's many people who are now locked into mortgages who should never have been approved.

... remember, this is in a country where banks have full recourse to come after you for their money if you default on your loan

Westpac post about the Royal Commission, also an opportunity to submit cases of misconduct to the Royal Commission... OWN IT.

Banking royal commission: Westpac, AMP and CBA may have breached Corporations Act – as it happened

Quote:
...recommending criminal charges against AMP and the financial planning firm Henderson Maxwell.
MP breached the Corporations Act by making “material” and “deliberate” attempts to mislead Asic
Quote:
Commonwealth Bank of Australia breached obligations under the Corporations Act by not reporting fees for no service issues to Asic for two years
Quote:
CBA’s Colonial First State breached the Corporations Act by charging investment platform fees inappropriately
Quote:
Earlier, it was heard that Asic had taken just one criminal action against any licensee in 10 years(!!!) - that was in 2010
Yikes, well its got some catching up to do!
Quote:
Henderson Maxwell - the firm of the celebrity financial adviser Sam Henderson, which gave deeply flawed superannuation advice to a fair work commissioner – has been recommended for criminal charges.
Quote:

Orr finds that three financial advisers employed by ANZ, as well as two of its advice groups, RI Advice and Millennium 3, may have breached the Corporations Act in relation to financial advice given to clients.

She said one of the advisers – a Mr A – may also have breached provisions in the Asic Act not to engage in conduct that is misleading, deceptive or likely to deceive.
Quote:
Colonial First Charged fees ... just because :
...Her advice is that it is open to the commission to find that Colonial First State may have breached its obligations under the Corporations Act to have in place adequate arrangements for the management of conflicts of interest that may arise in relation to the provision of financial services.

She says it is open to the commission to find that Colonial First State preferred its own interests and that of its related entities – CBA’s related advice licensees – to the interest of those who invested in its financial products.
Quote:
Orr says it is open to commissioner Hayne to find that the conduct of two of Westpac’s financial advisers might amount to misconduct, and that Westpac conceded as much in its evidence. She said it was open to the commission to find the two advisers may have breached their statutory obligations under the Corporations Act to act in the best interest of clients and to provide appropriate advice to them.
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Old 29th April 2018, 21:50     #7
Ab
A mariachi ogre snorkel
 
The best deal I'm getting offered at the moment is from ANZ.
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Old 30th April 2018, 22:05     #8
Nich
 
I know from people working at ANZ that thousands of employees have been forced to reapply for their jobs. Maybe you're dealing with some keen young case workers who are still on probation.

See also:
https://www.zerohedge.com/news/2018-...g-middle-class
Banks have played a big role in essentially stretching the repayment capabilities of middle-class home owners to the point of poverty. Key factors being:
- unnecessary fees from every goddam institution
- superannuation culture makes most people complacent and lacking diversity in their investments
- lack of meaningful insurance and / or hedges

Quote:
So Australia’s regulatory framework is vigilant in ensuring that households don’t create stability problems for the financial system, but no regulator has a mandate to ensure that the financial system doesn’t create stability problems for households. Someone or something has to assume this mantle, for mounting poverty and default risk is surely going to play out as a social crisis, not just a financial one.
there it is.

If the "full recourse" capability of banks is repealed, the impending crisis wont be so devastating.
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Old 3rd May 2018, 12:15     #9
Nich
 
Quote:
Dear CommBank Customer,

Following recent media reports detailing an incident in May 2016, we want to reassure you there is no evidence of your information being compromised and you do not need to take any action.

Here is what you need to know:

- There is no evidence that any customer information was compromised.
- In May 2016 we were unable to confirm the scheduled destruction of two magnetic tapes used by a supplier to print bank statements. These tapes contained information including customer names, addresses, account numbers and transaction details.
- They did not contain passwords or PINs which could enable fraud.
- We deployed enhanced reporting and ongoing monitoring of customer accounts to ensure customers were protected. These protections are still in place today.
- This was not cyber-related. CommBank's technology platforms, systems, services, apps and websites were not compromised.
- CommBank offers you a 100% security guarantee against fraud for all your accounts, where you are not at fault. We cover any loss should someone make an unauthorised transaction.

Here is what you can do:

- Continue using your accounts as you always have.
- Please remember that CommBank staff will never ask you to divulge your passwords or PINs. We do not send emails with links requesting you to confirm, update or disclose your confidential banking information.
- If you have questions or would like to discuss, please call us at 1800 316 433.
- If you would like to find more information you can visit www.commbank.com.au/customerassurance


I want to apologise for any concern this incident may have caused. If there is any change in circumstances I will let you know.
Yours sincerely,

Angus Sullivan
Acting Group Executive Retail Banking Services
If you say so... I am still waiting for their email memo notifying customers on what they are doing to ensure they don't allow mafioso to launder millions in crime money through property loans.
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Old 3rd May 2018, 13:17     #10
Lightspeed
 
RNZ has been doing some reporting on banking issues:

NZ bank tactics: 'They made it as difficult as they could'

'Highest level' inquiry needed on NZ banks - Simplicity boss

The sooner banks die, the better. There has to be a better way.
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Old 3rd May 2018, 14:36     #11
Nich
 
Haha, of course the bankers would say "Nope, I don't think any further inquiry is required..." . It doesn't matter how much you think you're getting ahead, how much you think you're saving, they will dial it in with their bullshit fees and "mandatory products" so you just can't catch a break.

I recently called Commbank:
Me: "Bendigo bank offers a no-frills business transaction account with zero fees, but you continue to charge me $10 a month... what do I get for $10?"
CBA: "You could go to a $15 a month business account... thats our other option"

... they just don't get it.

Bill Burr on bankers:
https://www.youtube.com/watch?v=tyXfCHCQaXk
https://www.youtube.com/watch?v=RinXBl8ia8g
https://www.youtube.com/watch?v=MD-yMhCb4q4
He has a great throwaway line on a Conan appearance where he finishes his rant with "... and I think all bankers should be shot." ... but I can't find it.

Good times.

As Max Keiser says: Only hold as much FIAT currency as you are willing to lose.

Last edited by Nich : 3rd May 2018 at 14:38.
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Old 4th May 2018, 13:06     #12
Nich
 
Goldman Sachs is betting a 'Bachelorette' star can boost its hot new business
https://www.businessinsider.com.au/g...18-4?r=US&IR=T

In 2008, Goldman Sachs bet against the subprime mortgage business, but continued to sell subprime loans. Now, it is selling loans to "common people" and approximately 1/5th are not financially qualified. But why? Maybe because the precedent is that they can fuck up to any extent and they will get cash injections to return to solvency?

Quote:
Originally Posted by Financial Times
Goldman has been targeting riskier borrowers, supplying about one-fifth of its loans to people with credit scores below 660 on the commonly used FICO scale; there is a familiar name for this group of borrowers: "subprime."




No, seriously. We can thank Obama and Ben Bernanke for the current cavalier attitude of the banks. The lesson is: Push credit lending to the extreme at the risk of global economic meltdown, the government will intervene and cover the cost of failure. The corrupt, and the honest banks alike will get a cash injection because ... equality?

Documentary: Overdose: "They just gave alcohol to a drunk."
Documentary: Inside the Meltdown: "If you could fog a mirror, you could get a loan."

Peter Schiff explains to Occupy Wall Street how "Occupy Wall Street" should be renamed "Occupy The Fed"
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Old 4th May 2018, 14:18     #13
Ab
A mariachi ogre snorkel
 
But of course there's no reason to investigate banking in NZ, and there are no Russian spies here
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Old 9th May 2018, 13:36     #14
Lightspeed
 
Big bank profits signal need for inquiry

I'm sure this is just a coincidence.
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Old 9th May 2018, 16:55     #15
Nich
 
https://trends.google.com/trends/exp...=buy%20bitcoin

Top Cities:
1. Melbourne
2. Sydney
3. Perth
4. Toronto
5. San Jose
6. Brisbane

Banks have become increasingly corrupt over many decades, here is one indicator that Australian's have had enough. Global google trends for "buy bitcoin", 4 Australian cities in the top ten.
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Old 11th May 2018, 16:20     #16
Nich
 
Cash payments over $10,000 to be banned as government targets $50 billion ‘black economy’

Translation: The Royal Commission has royally fucked everyone's confidence in the banking industry. To avoid a bank run, How can we make it illegal to not use bank products when making significant purchases? Ban the first hedge people turn to during an economic crisis.

Oh, and because we don't have the manpower to enforce this, we will set up a hotline where citizens can nark on eachother. The incentive will be increased "Social Credit Score" for being such a well-behaved citizen.
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Old 11th May 2018, 16:40     #17
Lightspeed
 
What are you talking about bro? It says right there it in the article it will stop terrorists. Terrorists. You don't support terrorists do you? We've had a lot of problems with them in recent years, I can't count the number of terrorist threats we've faced.
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Old 11th May 2018, 17:06     #18
Nich
 
Well, I bank with CBA, so I guess I do support terrorists.
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Old 15th May 2018, 17:33     #19
Nich
 
Matt Taibbi on his 7 years of studying the 2008 financial meltdown.

https://www.youtube.com/watch?v=31YXsev7O0A
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Old 1st June 2018, 14:18     #20
DrTiTus
HENCE WHY FOREVER ALONE
 
Nice one bruva!

https://www.bloomberg.com/news/artic...15-share-offer
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Old 4th June 2018, 16:39     #21
Nich
 
Commonwealth Bank to settle AUSTRAC action for $700 million

https://www.computerworld.com.au/art...n-700-million/

And the award for biggest financial terrorist goes to.... CBA!
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Old 4th June 2018, 17:13     #22
Nich
 
... https://www.commbank.com.au/about-us...ice-graph.html

CBA Shares up almost 2% on the back of the settlement.

Shareholders must have expected the penalty to be harsher!

I must say, I am surprised no one is going to jail on the back of this...
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Old 8th June 2018, 12:07     #23
pxpx
 
Quote:
Originally Posted by Nich
CBA Shares up almost 2% on the back of the settlement.

Shareholders must have expected the penalty to be harsher!
"Now that's all dealt with, let's get back to making money"
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Old 8th June 2018, 16:09     #24
Ab
A mariachi ogre snorkel
 
Yay, and I just got into bed with these pricks.
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Old 13th August 2018, 12:06     #25
Nich
 
Finally able to close 4 accounts with CBA today!

Feels good.
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Old 13th August 2018, 14:14     #26
Nich
 
Also, keep your wealth safe everybody.
- Turkey's economy just jumped off a cliff, Trump twists the knife on that
- As too did South Africa, they twisted the knife all by themselves
- Italy is only "apparently" keeping its head above water because Germany wants all it's loans repaid.
- Venezuela now requires backpacks full of cash to purchase basic items
- US is in an open tradewar with China, Iran, and Russia ... I'm guessing Australia and NZ are on team USA for this one.
- The Royal Commission has resulted in a tax on banks to be proposed in the Federal Budget. So far NAB is threatening to harm it's hostages if it goes through: https://news.nab.com.au/nab-ceo-andr...inkId=37410577

NAB CEO: "Tax me, and I will tax everyone underneath me! Everyone will blame the government for making me do it!"
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Old 13th August 2018, 14:45     #27
Lightspeed
 
But business confidence issues in NZ are all Labour's fault.

If the international economy tanks before the next election, it will be National's election to lose.
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Old 13th August 2018, 15:12     #28
Ab
A mariachi ogre snorkel
 
No, it will be National's fault. #fuckjohnkeys
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Old 13th August 2018, 21:44     #29
crocos
 
Devil grin

Quote:
Originally Posted by Ab
No, it will be National's fault. #fuckjohnkeys
Sing it, Brother Abbadon!
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Old 21st September 2018, 11:12     #30
Nich
 
NAB executives face a 15pc pay cut in response to community anger over misbehaviour

http://www.abc.net.au/news/2018-09-1...ction=business

Haha now they can only afford 1 yacht! That will teach you for manufacturing a slave economy of people in jobs they shouldn't have paying off houses they shouldn't have.
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Old 22nd September 2018, 18:31     #31
Nich
 
One Of Australia's Biggest Banks Caught Committing Mortgage Fraud On Elderly Couple

https://www.zerohedge.com/news/2018-...elderly-couple

Quote:
The scariest thing about this situation is that it may be a microcosm of a much larger problem in the Australian mortgage market. An analyst from UBS, Jonathan Mott, has estimated that as much of $500 billion worth of Australia’s $1.7 trillion mortgage book could be made up of similar types of loans, often referred to as "liar loans".

Brailey called this couple's case the "quintessential" kind "happening across Australia" and something she "see[s] every day of the week”.
Getting back to fucking Australians in the ass, thanks Westpac. But how else are you going to teach these "sophisticated property investors" a lesson that they shouldn't be greedy?!
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Old 24th September 2018, 07:38     #32
pxpx
 
I'd like to know how that analyst came to that estimation, because it sounds ridiculously exaggerated.
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Old 24th September 2018, 08:14     #33
Cyberbob
 
The technical term is "Because reasons."
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Old 24th September 2018, 09:45     #34
DrTiTus
HENCE WHY FOREVER ALONE
 
Quote:
Originally Posted by pxpx
I'd like to know how that analyst came to that estimation, because it sounds ridiculously exaggerated.
Different article about the same guy/report

Quote:
Mott has sounded his warning after UBS anonymously surveyed 907 Australians who took out a mortgage in the past 12 months, following similar surveys in 2015 and 2016.

The online survey was conducted between 7 July and 4 August, with respondents, who were over 18, answering 70 questions.

It found just 67% of respondents stated their mortgage application was “completely factual and accurate” in 2017, a statistically significant reduction from 2016 (72%).
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Old 24th September 2018, 10:24     #35
pxpx
 
Ok so Mott's research suggests 1/3rd of Aussies are overstating their financial position on loan applications, calling them "liar loans". I'd believe that, based on how he's come to that figure.

Zero hedge tyler durden guy has taken the "liar loan" line and spun it so that the banks are the liars, based on that one couples experience?
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Old 24th September 2018, 15:52     #36
Nich
 
But they are the liars. As admitted by pretty much every bank and their leadership when backed into the corner by the Royal Commission.
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Old 25th September 2018, 10:10     #37
pxpx
 
I'm not talking about the banks, I'm talking about the zero hedge blog post using a faulty argument.
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Old 25th September 2018, 11:05     #38
Nich
 
Yeah, no argument there. Zero Hedge always assumes the pessimistic view of world events.
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Old 8th October 2018, 17:30     #39
Nich
 
Australia now has 1,000,000 + households in mortgage stress

https://www.smh.com.au/national/mort...29-gdsk18.html
https://www.youtube.com/watch?v=ZmSs_KnZbzU

That's ~10% of all Australian households unable to keep up with payments, during a time where interest rates are at a historical low. So there's no magic lever the RBA can yank on to ease the pressure. Infact, all indicators say that the RBA wants to raise interest rates!?
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Old 11th October 2018, 11:51     #40
Nich
 
Walk the World / Digital Finance Analytics video follow up on bank bail-in clauses.
https://youtu.be/NN2PI2lEBwY

Sorry for the unpolished, stuttering delivery. But this banking nerd does his homework so we don't have to.

In summary:
- bank bail-in is only something banks can execute on if it is a specific clause in the contract / terms and conditions when a bank account is created
- The government advisors assure politicians that no bank account T&Cs currently include such a clause
- Politicians therefore can honestly say "Your bank accounts will not get a haircut because your contract with the bank doesnt allow it."

but wait... there's this:

- Within almost every bank account T&C's there is a clause that says the bank can change the T&C's at any time.
- They don't have to make any announcements prior to changing the T&Cs
- They don't have to negotiate with depositors about the new T&Cs
- the new T&C's may apply retroactively
- the new T&C's may include clauses that allow for bank account haircuts, limiting cash withdrawal, and any kind of banking fuckery they can dream up.
- It's all "legal"
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