Archive for December, 2011 | Monthly archive page

World Health Organisation to be notified that CBA Lying Virus able to cross boundaries

Wednesday, December 28th, 2011

Report : Tom Tucker

Content : CBA lawyer David Cohen, CBA lies to Parliament, CGI margin call, CGI procedures manual

Wednesday, 28th December 2011

Extract ' 4 Sept 09 ' CFS 64. Lawyer David Cohen made medical history when he contracted a virus previously thought to be confined within the banking sector. Mr Cohen contracted CLV, otherwise known as the  CBA Lying Virus', while representing the Commonwealth Bank during the Parliamentary Joint Committee Hearing.

Just as we thought in our previous article that at least CBA's lawyer Mr Cohen had enough self restraint to tell the truth, we now discover that he must have come into physical contact with someone high up within the CBA ranks and contracted the  CBA lying virus' to which there appears to be no antidote. Mr Cohen's states that, “…from 2003 onwards there was a change in process. Up until 2003 – ….. – there were margin calls made directly by CGI to the customers”.

Extract from Parliamentary Joint Committee Hearing on Corporations & Financial Services ' Fri 4 Sept 09 ' CFS 64

Mr Cohen, how do you explain the following margin call notice copy that was sent to Storm in the usual format on the 9th May 2005 and received by Storm 4 days later on the 13th May 2005. This notice copy also confirms to Storm that the same notice had already been sent to the client and that this copy was “for your [Storms] information only.”

Copy of Margin Call Notice to advisor dated 9 May 2005

Clearly Mr Cohen the process did NOT change from 2003 as you made out was the case during the Parliamentary Inquiry. In fact evidence in The Plain Truths possession clearly shows that where Storm was concerned, the process NEVER changed. The CBA simply made a terrible mistake but failed their victims not because they made the mistake but because the CBA would not admit their errors. Not admitting their errors then left CBA with the only choice available to them ' that is, lying and subsequently covering up.

The Plain Truth asks its readers to send in any evidence about lies from any of the banks, particularly CBA. You can forward evidence to The Plain Truth through our  contact us' tab. Thank you.

More importantly please, please help spread the word.

The Editor
The Plain Truth,
PO Box 2783
New Farm QLD 4005

Content : CBA lawyer David Cohen, CBA lies to Parliament, CGI margin call, CGI procedures manual

Mythbusters have CBA in their sights

Friday, December 23rd, 2011

Report : Ted Baxter

Content : Commonwealth Bank statements, Automatic social behaviour, mythbusters, Bernie Ripoll, AEC Carey Ramm, ASIC Tony D’Aloisio

Friday, 23rd December 2011

The CBA is in for a Stormy time as The Plain Truth engages mythbuster techniques to bring down the banks house of cards.

In late 2009 when the editor of The Plain Truth approached me with this crazy idea of setting up a news site that actually researched its topics before being published and limited is investigations to one topic at a time, I thought it sounded great so I volunteered. I didn't realise the intensity, stress and extent of the work required to research a story as an amateur investigative journalist who had not previously had a word published.

Fortunately for me the devastated people I have interviewed and the information I have gathered, have led me to believe that The Plain Truth and in a small way myself can make a difference. This was enough to keep me going. More recently the material I have been reviewing has sparked an intense interest within me and the anger I feel as I wade through the ocean of lies has ignited a passionate quest for justice.

My task now relates to the general perception and the many myths that exist about Storm & Storm clients.  My sole professional qualifications are in the area of economics whereas these Myth Busting tasks require among other things a degree in psychology and human behaviour, which I don't have. I can't promise you perfect answers but I can promise you at least good answers based on underlying facts and that I will do my best for you.

Myth busting required me to consult a number of experts, particularly in the areas of psychology, law, accounting, finance and financial planning. Some of the myths I will be investigating include:-

– The Storm client base was mainly the elderly and vulnerable
– Storm clients were greedy and deserved what they got
– Storm gagged itself in Dec 08 ' why would it?
– Storm charged exorbitant fees
– Storm advice was a one-shoe-fits-all approach

– Storm double geared its clients
– Storm highly leveraged its clients
– Storm couldn't have ridden out the huge market falls anyway
– Storm put on lavish holidays for its clients & advisors
– Storm wasted money on lavish offices
– Storm dosed clients with oxygen and used listening devices
– Storm had client losses totalling $3B

The scale of the CBA / Storm disaster was immense, very personal and severe to each of the injured parties. The disaster occurred in the financial sector of our economy which is highly structured and multifaceted with each facet being extremely complex. This complexity was manipulated by the banks and more so by CBA than the other banks in order to throw a smokescreen around what started out as a CBA mistake (albeit a large one). As the enormous consequences of the banks errors emerged the bank decided to protect its bottom line by implementing an elaborate cover up to deflect blame rather than face the music.

Before I commence Confirming or Busting the myths I need to try to explain to you in simple terms what underlying methodology the CBA and their main allies employed to create these perception altering myths.  In order to create and commence a perception that the majority of people and the media would believe the CBA needed the assistance of co-conspirators, some of whom included:

– Mr Ivan Middleton and others from the FPA to add apparent legitimacy to CBA's outrageous claims

– Mr Bernie Ripoll to add the weight of Parliament and control and filter the questions away from the CBA

– Mr Tony D'Aloisio from ASIC who it appears may have initially been an unwitting participant but who ultimately bent to the will of his political master Bernie Ripoll and knowingly perverted the course of justice

– Mr Carey Ramm from AEC group and his mates Tony Raggat from the Townsville Bulletin and Isi Dalle Cort. Ramm had a personal axe to grind against Storm dating as far back as 2001 and was instrumental in inserting Damian Scattini into the SICAG meetings and was a close associate if not personal friend of Bernie Ripoll.

 

Automatic Social Behaviour

Banks in general and the CBA in particular wield extraordinary power and influence and have centuries of experience in the art of manipulation through the use of propaganda, misinformation to discredit others and the enviable position of being the bastions of capitalist society rendering them immune to criticism and impervious to attack. The CBAs ability to withstand credible attacks regardless of how legitimate a grievance may be against them is fiendish and cunning (worthy of Private Baldrick).

Now here comes the hard part ' the explanation of how the CBA managed to fool so many. They took advantage of a phenomenon known as Automatic Social Behaviour. You may be more familiar with the term  The Power of Suggestion'.  We [humans] have an innate tendency to imitate. We whisper to someone who is whispering, we start to speak much louder when others do so. We scratch our head upon seeing someone else scratch their head. We walk slower in the presence of the elderly, we cycle faster after we have seen a cycling race on TV, and, yes indeed, we get a fine for driving too fast after we have been watching a Formula One Grand Prix. This tendency to imitate is the consequence of the way we — or, rather, our brains — are shaped. Social perception has a direct effect on social behaviour. Perceptual inputs are translated automatically into corresponding behavioural outputs. As a result, we often do what we see others doing'. Accordingly we often react as others want us to react, in this case the  others' being the CBA and ASIC, both of which are strong, well resourced, cunning, formidable forces to come up against and powers unto themselves. On the surface there is nothing wrong with being a large powerful organisation until such organisations fall into unscrupulous or inept hands.

In the case of Storm and its clients, the CBA acted for its own self interest with reckless disregard to the consequences of its own behaviour, whilst at the same time the puppeteers pulling the strings within the CBA were ruthless in their quest for scapegoats. Just look at the CBA's actions towards its own staff.  Support staff lower in CBA's food chain had been made an example of in order to cover the backs of those higher up the CBA chain. People like Graham Lynham, Andrew Jackson, Kamal Arnaout and John Hoey were unjustifiably dismissed. Others such as Edward Jewell Tait were  retired' out of their positions for  personal reasons' after receiving  undisclosed sums of money'. Clearly the likes of Mr Tait are protected because they know where the bodies are buried. Tait has since popped up as Managing Director and Head of Private Banking at Credit Suisse in Sydney…in case you feel inclined to have a chat with him.

Both the CBA and ASIC protagonists were unified in their treachery. When it came to attacking Storm clients the CBA's right hand always knew what the left hand was doing, they were well co-ordinated, strongly focused and answered to no-one but themselves. ASIC on the other hand had to answer to its political master as well as being subservient to the powerful within the banking sector in the aftermath of the GFC. ASIC has and will continue to take the path of least resistance. An example of this is ASIC's action to bury the already existing deceptive and misleading conduct action in the federal court against the CBA.  At the same time ASIC tried to make a hero of itself by attacking the selected little guys such as former Storm advisor Stuart Drummond who on our reckoning was an remains a stand up guy and with the evidence pointing to him having done nothing wrong, but more about the Drummond evidence and the truth about how ASIC shot itself in the foot in a later story. ASIC's action display the characteristics of a bully ' bash up the little kids in the school yard and suck up to the bigger ones all the while pretending that their private parts are as big as what Mr Norris makes out. Unfortunately for ASIC as an organisation the unscrupulous and inept within it although fewer in number, are greater in influence (80/20 rule). Even more unfortunate for the former Storm clients, ASIC chose to protect the CBA which meant CBAs victims had to remain out in the cold. This means actions such as those perpetrated by the CBA will forever continue to go unpunished unless people like you take control of your own lives, shed the shackles of fear and act.

Drunk with the arrogance of past victories and emboldened with the power to do so, the CBA simply created each untruth, wrapped it up in a lie and presented the deceptions creating stories that cleansed it of its wrongdoings. Once CBA's myths were ignited they required 2 things to keep them going and make them a raging inferno of official support for the banks own position. The first requirement the bank needed was to light fires with its lies all over the place. The CBA achieved this by sending false and misleading letters to Storm clients, spending millions on spin doctors, using its influence with the press through its advertising budgets, being the first to play the  whistleblower / snitch' card with ASIC and feeding the Parliamentary inquiry sufficient lies and half-truths to enable Mr Ripoll to  justifiably' draw the conclusions required and demanded by the CBA.

I am well aware of the gravity and seriousness of the allegations implicit and explicit in what I write. I also understand that these allegations are so far reaching and difficult to believe that I am exposing myself and The Plain Truth to the possibility of being seen as just another  conspiracy theorist' or  crazy' on the net. As this long hot summer progresses I do intend to provide you with the evidence as I have been doing to date but for now and until all the evidence unfolds, I will quote to you from Shakespeare, “There are more things in heaven and Earth, Horatio than are dreamt of in your philosophy”. Put more simply the truth is often stranger than fiction.

This brings us to the second requirement – the CBAs need to sustain its story. Whilst the deception approach in most cases is successful for the bank it does have a serious Achilles heel. It is necessary for the bank to ensure that the truth and their deceptions never meet. Just as enough water extinguishes fire so does the truth extinguish deception. For 3 years it seems the truth has been suppressed, but no more.

Here is a challenge for you:-

1) Write down your perception in a few words about what you think went wrong

2) Write down your perception about who you think is responsible

3) How early did you form these perceptions and have they changed in time. If so, determine in your own mind why you think these perceptions have changed

Now the important part…

4) Write down the FACTS (not hearsay) which you believe led you to these perceptions

5) Write down the sources of the evidence or facts

Where do you fit?

a) If your evidence is here-say then your perception and opinion is unworthy and you have succumb to Automatic Social Behaviour (The Power of Suggestion)

b) If your evidence is documented but incomplete then your perception and opinion is likely to be unworthy and you have probably succumb to Automatic Social Behaviour. In order to make your opinion worthy make a point of getting the ALL of the facts to complete the story. You will have seen in previous articles on The Plain Truth website the damaging power of half-truths.

c) If you are satisfied that your documented evidence is complete then your perception and opinion is likely to be worthy and objective and it is unlikely that you have been suckered by the Power of Suggestion.

In the event that you actually have documented evidence we beg you to send a copy in to The Plain Truth, maybe for your benefit, but more importantly for the benefit of many other CBA victims. Be part of the truth and make a point of fully understanding your own story.

The Plain Truth is urgently in need of volunteer copywriters, proof-readers and investigators. Copy material and lines of investigation will be provided by The Plain Truth. Anyone who is able to assist in any of these areas please contact:

The Editor
The Plain Truth,
PO Box 2783
New Farm QLD 4005

Content : Commonwealth Bank statements, Automatic social behaviour, mythbusters, Bernie Ripoll, AEC Carey Ramm, ASIC Tony D’Aloisio

Narev scorecard of porkies rapidly filling

Saturday, December 17th, 2011

Report : Tom Tucker

Content : Ian Narev CBA, Parliamentary Joint Committee Hearing on Corporations & Financial Services, CGI Margin calls

Saturday, 17th December 2011

Extract ' 4 Sept 09 ' CFS 64. This guy Narev is amazing. How can someone fit so many lies in so few words. As can be seen below, Mr Cohen had at least some inhibitions about telling a blatant lie when he truthfully stated, “Up until 2003—and I think the committee has heard witnesses give evidence to this effect—there were margin calls made directly by CGI to the customers, so not necessarily via the financial adviser”.

Extracts from Parliamentary Joint Committee Hearing on Corporations & Financial Services ' Fri 4 Sept 09 ' CFS 64

Immediately after Mr Cohen sensibly was truthful, Narev was forced to contradict him to ensure that the CBA's foundation building blocks of lies were correctly laid to facilitate the Automatic Social Behaviour tactic being employed by the CBA. Automatic Social Behaviour (the power of suggestion will be explained in an upcoming article).

Mr Narev's impulse to tell lies must be overwhelming. Narev couldn't help himself when he jumped in over the top of Mr Cohen and insisted, “…the dealer ' the advisor ' would actually notify the client [of the margin call] and that would be followed up by a letter from Colonial Geared Investments, which would typically arrive four or five days later”.

Mr Narev, feast your miserable eyes on the TRUTH. Clearly your arrogance has trumped your caution replacing it with perceived impunity.

Margin Call Notice to client dated 19 Feb 2003

Copy of Margin Call Notice to advisor dated 19 Feb 2003

As you (the reader ' not Mr Narev because he is not interested) can see from the above actual margin call notices, the:-

– Margin call notice to the client and the copy of same notice to the advisor were both issued on the same day ' in this example 19 Feb 2003 ' and not as implied by Narev that the advisor and client got notified at different times.

– The copy to the advisor was fortunately date stamped when received by Storm. This shows that it was Storm that received the copy of the notice  4-5 days later'. In this example it was 6 days later. Presumably the client received their notice at around the same time.

– The margin call notice copy to the advisor contains the word, “The following letter has been sent to the above named borrower(s) and also their guarantors if applicable. It is for your information only.” Clearly CGI was responsible and not Storm for notifying the clients of margin calls.

 

Ian Narevs' claims to the contrary can only be designed to reinforce CBA's overall strategy to minimise or eliminate compensation to their victims. Mr Narev…YOU BASTARD!

The Plain Truth asks its readers to send in any evidence about lies from any of the banks, particularly CBA.

You can forward evidence to The Plain Truth through our  contact us' tab. Thank you.

More importantly please, please help spread the word.

The Editor
The Plain Truth,
PO Box 2783
New Farm QLD 4005

Ian Narev CBA, Parliamentary Joint Committee Hearing on Corporations & Financial Services, CGI Margin calls

CBA Board continues its  ignorance is bliss' approach

Friday, December 9th, 2011

Report : Ron Burgandy

Content : CBA Board of directors, Clayton Utz and CBA

Friday, 9th December 2011

In spite of being able to avoid facing the reality to date, the board of the CBA has been forced by the Commission to  confront' its own handy work.

This will be the final report concerning the letter sent by the Commission against Bank Atrocities (CBA) to the Board of Directors of the Commonwealth Bank of Australia (CBA). We have all heard the diametrically opposing expressions “the buck stops here” and “pass the buck”. The Commission has attempted to ensure that the buck stops somewhere and that should be at the point of ultimate accountability. Unfortunately The Plain Truth has found that the  buck' is a very slippery little vegemite and doesn't seem to stop in the right spot. Broadly the trail and rationale behind the commission's letter is quite simple.

On Wednesday night 1st June 2011 after a few late night drinks 7 people got together to form the Commission. The Commissions first order of business was to address an obvious oversight by forces battling to obtain a just outcome for CBA victims. This oversight allowed the non-executive members of the CBA Board to stay in the shadows and claim limited or no in-depth knowledge of their organisations [CBA] wrong-doings. This ignorance of the facts affords a legal protection that knowledge extinguishes. The aim of the Commission was 2 fold; First and foremost the objective was to ensure that the board was as informed as the Commission could make it, given the Commissions limited resources, thus setting the board up for future accountability if not prosecution. The second objective was to highlight through the board's lack of action and in the light of the board's newly acquired knowledge, their contempt and disregard for what the company they are responsible for has done. The Commission in our view achieved both of these objectives and dividends are expected. The Commission has been able to deliver a package of damning knowledge to the CBA board which try as they may the board will find difficult to ignore. This does not mean there wasn't an attempt to pass the buck.

On the 15th Aug 2011 the Commission sent its first letter to the CBA board requesting a meeting within 2 weeks. Of course the board was not going to be pressured by a bunch of upstarts, after all  who do these people [the Commission] think they are?' Accordingly the pompous men and women of the board of CBA passed the buck to their highly paid hit men at Clayton Utz.

One month later on the 15th Sep 2011 the hired gunmen from Clayton Utz fired their first shot and hit an innocent bystander (not that they care). Somehow the CBA did a search on its massive database and discovered that one of the Commissions spokespersons happened to also be in the Resolution Scheme. So what did Clayton Utz do? They dug up clause 5.2 of the resolution scheme rules which stated  all borrowers must be represented by a borrow lawyer'. In their usual style the CBA acted with arrogance and impunity by passing on the letter together with a response to a third party (a lawyer) and requested that the response be forwarded to the spokesperson. What games are these? Our conclusion is that this tactic was used to avoid involving the board. And what gives with yet another disclaimer, “Its [the CBA board] decision not to respond to them [CBA victims] directly or in detail ought not to be construed as an admission of the validity or accuracy of those allegations.” If the decision by the CBA to not respond ought not to be construed as an admission of validity or accuracy of those allegations then what should it be construed as?…that the board does not give a flying F*** about its victims perhaps?

To counter the CBAs ploy of using clause 5.2 to avoid the issue and shield the board, the Commission on the 14th Oct 2011 sent a second letter together with a covering statement making certain that it was signed by a CBA victim who was not part of the resolution scheme. To date this letter has been conveniently ignored pointing to the fact that clause 5.2 was just an excuse. It seems now CBA have run out of excuses so the bank is doing what it usually does best…stays silent in the face of irrefutable truths!

On Friday 21st Oct 2011 a further letter was sent by the Commission to the CBA board requesting that bonuses for Mr Norris be frozen and clawed back pending the outcome of the Commissions investigations.

The Commissions strong view is that guilty parties should be punished and not rewarded with bonuses especially with millions of dollars of other people's money.

As expected the CBA Board avoided and is continuing to avoid at all possible costs tainting itself by engaging directly with any of its victims and dirtying its hands. For the records a spokesperson for the Commission said, “I am sure each member of the board believes they are fine upstanding citizens but to display such disdain and disinterest after becoming aware of their banks culpability, to the plight and pain of so many leaves these  fine upstanding gentleman and ladies' rather grubby and sullied”.

The Plain Truth supports the Commissions approach and reiterates the Commissions plea for the CBA Board to act with integrity and humanity OR pay the price…

Gentlemen and ladies of the board of the CBA, The Plain Truth urges you to act now and cautions that you can run and hide but you cannot escape the truth which we promise will continue to hound you.

We need volunteers. Please click here to see how you can help.
Use the  contact us' tab on our website or to the postal address.

The Editor
The Plain Truth,

PO Box 2783
New Farm QLD 4005

Content : CBA Board of directors, Clayton Utz and CBA

Documents

2011.08.15 Letter to CBA board – David Turner (FULL)

2011.09.15 CBA solicitor response to letter to CBA board

2011.10.14 Letter to CBA board – David Turner (follow up)

2011.10.14 Cover Letter to CBA board – David Turner (follow up)

2011.10.21 Letter to CBA board – David Turner (Norris bonuses)

Ian Narev's lips moved while giving evidence

Wednesday, December 7th, 2011

Report : Tom Tucker

Content : Ian Narev CBA, CGI terms and conditions, Parliamentary Joint Committee Hearing on Corporations & Financial Services

Wednesday, 7th December 2011

Extract ' 4 Sept 09 ' CFS 61. Ian Narev lies to diminish chances that CBA victims will get fair compensation.

As the new leader of the CBA takes over the reigns, a look at his record can give us some idea on what we can expect going forward. Mr Narev's very first piece of oral evidence to the Parliamentary Inquiry on 4th Sept 09 highlighted his DNA…A LIAR! Narev contended that the Colonial Geared Investments (CGI) arm of CBA's margin lending businesses dealt only through advisors and dealers and that ALL customers of CGI were through these advisors and dealers. Narev's comments are seen in the below extract from Parliamentary Joint Committee Hearing on Corporations & Financial Services ' Fri 4 Sept 09 ' CFS 61

The Plain Truth has received direct evidence from Mr Kamal Arnaout (formerly of CGI) that during the period when Storm and CGI conducted business together, CGI had customers who  signed on' direct with CGI and had no advisor or dealer connection. Any periodic loan statements, prepaid interest offers, annual tax statements and margin call notices for both Storm and non-Storm customers had to be issued by CGI. Mr Arnaout also stated that he believed the ability for a client to establish a loan direct with CGI still exists today.

The Plain Truth tested and confirmed Mr Arnaout's statement by phoning CGI three times during Oct 2011 on 1800 252 351 in QLD (option 1), NSW / ACT (option 2) and VIC / TAS (option 3). On each of the 3 occasions when we asked if it was possible to deal direct with CGI as we claimed not to have an advisor, we were told that we certainly could… Mr Narev you clearly speak with forked tongue.

The effect of your lie Mr Narev is you claim that, “The distinction between them [CGI and CommSec] if quite important for current purposes” so you set your foundation lie which no-one questioned and then proceeded to start building on that foundation. This lie which became  the truth' then filtered through to the minds of Parliament, Storm client, lawyers, the Courts, CBA  independent' evaluators and the world at large. The damage you are causing to your victims compensation is incalculable…YOU BASTARD!

The Plain Truth asks its readers to send in any evidence about lies from any of the banks, particularly CBA. You can forward evidence to The Plain Truth through our  contact us' tab. Thank you.

More importantly please, please help spread the word.

The Editor
The Plain Truth,
PO Box 2783

New Farm QLD 4005

Content : Ian Narev CBA, CGI terms and conditions, Parliamentary Joint Committee Hearing on Corporations & Financial Services

CBAs assassin CFS executes complex manoeuvres

Friday, December 2nd, 2011

Report : Ron Burgandy

Content : Colonial First State Managed Funds, Brian Bissaker CFS, Challenger Investments, Index Funds, Storm badged funds

Friday, 2nd December 2011

The CBA's actions to orchestrate the closing down of the 4 CFS Storm badged funds on the 10th Dec 08 was a logical extension of its unauthorised redemptions which commenced on the 20th Nov 08, followed by more unauthorised redemptions on the 4th & 5th Dec 08 to further reduce fund size. In addition CBA served up to its victims (Storm clients) a base LVR reduction on 9th Dec 08 designed to slash and burn.

As I continue investigating the matters relating to CBA and Storm I never ceased to be amazed at how talented and slick the CBA was at deception and misdirection. I also fully appreciate that my amazement can only stem from my own naivety. After all an organisation, especially a bank of this size, with the resources available at its disposal can and does act with impunity and disregard to any human cost. The following sequence of events reflects another successful play by the CBA in its continuing campaign to take down Storm Financial and its clients. The CBA used all means at its disposal including unleashing another of its  dogs of war ' Colonial First State (CFS)', a direct subsidiary of CBA.

Sequence of events (NSW time):

– 10 Dec 08 @ 2.53pm ' CFS faxed to Storms general fax number, a notification directed to Storm Financial Research, Storm Financial P/L, Julie & Emmanuel Cassimatis informing them about the “Termination of the Storm Financial Index Sharemarket Funds”.

– 10 Dec 08 @ 2.54pm ' As part of the previous fax from CFS to Storm, CFS also attached a sample of the letter that was sent to all remaining unit holders in the 4 CFS Storm badged funds. This sample letter as well as the actual letter to unit holders stated among other things that the funds would terminate at 3.00pm on the same day the letter was sent. Just to be clear, CFS terminated the funds 6 minutes after they notified Storm and a number days before any client could receive notification. This ensured that there was little time for Storm to react and no time at all for clients to object or react.

– 10 Dec 08 @ 3.05pm ' Paul Barrett from CFS phones Emmanuel Cassimatis to confirm receipt of the facsimile notification sent by CFS to Storm 12 minutes earlier and re-affirm the contents (excuses) of the notice.

– 10 Dec 08 @ 3.13pm ' According to Mr Cassimatis “I sufficiently recovered from the shock of the earlier phone call and called back Paul Barrett from CFS to discuss and organise an inspecie transfer of the 4 CFS Storm badged funds into the equivalent Challenger Sharemarket Trusts. Paul Barrett responded by acknowledging that such a [in specie] transfer was an option and he would arrange for CFS back office to contact me to talk me through the options”.

Following the discussions with Colonial Fist State about the closing and transfer of the funds, Mr Cassimatis contacted Mr Rob Adams, the then Chief Executive of Funds Management of Challenger Financial Service Group to ask if Challenger would accept the transfer of the CFS funds and take over as the Responsible Entity. Mr Adams expressed both a desire and willingness to have the CFS funds transferred to Challenger and even offered to phone Mr Brian Bissaker, the CEO of Colonial First State to expedite the transfer. Mr Adams knowing such a transfer should be routine proceeded to instruct the relevant Challenger people to commence the process.

On 11 Dec 08 @ 7.52am the General Manager, Administration & Operations of Funds Management within Challenger emailed Mr Cassimatis confirming that on the face of it their didn't seem to be any major impediments to an in specie transfer from CFS to Challenger. Mr Adams phoned Mr Bissaker at CFS and was stonewalled. He was advised in no uncertain terms that there was no possibility that CFS would agree to any such transfer. The Plain Truth can confirm Mr Adams' summary of the conversation included that CFS was not accommodating in any respect.

The Plain truth is not going to go into great detail debunking the feeble CFS excuses given to unit holders for closing the CFS Storm badged funds other than to say:-

a) Challenger was in a similar position and they were able to continue operating even after their fund sizes were further diminished as the market continued to fall a further 12%. This fact completely annihilates the CFS self serving excuses given in their 10 Dec 08 letter to client.

b) All the excuses in the world are irrelevant because the reality is there was another responsible entity clearly able and willing to take over the CFS funds. So why did CFS reject the Challenger approach to replace CFS as the Responsible Entity?

The answer can only be that the CBA through any means, including the use of CFS, needed to cover its own tracks and continue to make Storm look bad…whatever the consequences. CFS was determined and single-minded in its endeavours to wipe Storm clients off the face of the planet.

Further details can be seen in pages 10 & 11 of the Commissions letter to the CBA Board.

Note from the Editor,

The Plain Truth has gathered and continues to gather large numbers of documents and amounts of information which it intends to publish when appropriate. I cannot stress strongly enough the need for action on this information. Only the ammunition of truth can lead to justice but this ammunition needs a weapon and the weapon needs to be fired. YOU ARE THE WEAPON. The Plain Truth can provide you with the ammunition but you have to fire yourself up and act. I'm well aware that there are many people who are willing, able and have a deep desire to act but don't know what to do. The Plain Truth will assist with suggestions where appropriate but for the time being and at a bare minimum please make sure the words written on this website spread far and wide. You can do your bit by passing on this information to as many people as possible. Only with action will we achieve a just outcome.

Ed

We need volunteers. Please click here to see how you can help.

Use the  contact us' tab on our website or to the postal address.

The Editor
The Plain Truth,
PO Box 2783

New Farm QLD 4005

Content : Colonial First State Managed Funds, Brian Bissaker CFS, Challenger Investments, Index Funds, Storm badged funds

Documents

2008.12.10 d CFS advise to Storm of fund closure

2008.12.10 d CFS sample letter to client re fund closure

2008.12.10 d CFS letter to client – fund closure

2008.12.11.1 e CFS Funds – In specie transfer question

2011.08.15 Letter to CBA board – David Turner (Pt 5.3)