Archive for March, 2012 | Monthly archive page

Macquarie shows Commonwealth Bank how it’s done

Friday, March 30th, 2012

Report : Vicki Vale

Content : Commonwealth Bank news, Macquarie Bank news, Margin Call errors, Storm PJC, CGI terms & conditions

Friday 30th March 2012

By declining to follow up on obviously deceptive statements by the Commonwealth Bank to the Parliamentary Joint Committee the CBA was able to once again evade accountability.

The Commonwealth Bank was given another opportunity to tell the truth and shed further light to the Parliamentary Joint Committee on Corporations and Services – Inquiring into Financial Products and Services on its dubious handling of margin calls. Each time the CBA's  rotten eggs' reached the crossroads of truth or deception the option they selected was to deceive. This deceptive conduct by the CBA's Gestapo can be seen in their answer to a very simple question put by Senator Mason to both Macquarie Margin Lending and Commonwealth Bank.

On the 28th October 2009 in Canberra, Senator Mason asked Mr van der Westhuyzen (from Macquarie Margin Lending), “And of those margin call how many were satisfied within 10 days?”

A very simple question that requires a very simple answer, which would simply be, a number. To their credit Macquarie answered as simply and truthfully as it could with the following response.

A similar question requiring an equally simple answer was put to the CBA representatives by Senator Mason, “…how many [margin calls] were addressed within the 5 day limit response time”.

The characteristic profile of a chronic liar emerged again in CBA's response. The two elements that personify this characteristic are:

1) The use many confusing and unrelated words, in this case 652, to respond to a simple question which could be answered in very few words and which Macquarie accurately answered in a very economical 34 words.

2) To simply not answer the question asked and deflect to another topic.

The CBA simply refused to answer the question asked and got away with it. The committee did not take the Commonwealth Bank to task nor did the committee follow up and insist that the question be answered. To the CBA's benefit (and sadly for its victims) the bank once again skilfully evaded answering a simple question about its margin call procedures making the Parliamentary Joint Committee members look lightweight.

Not only did the Commonwealth Bank have the temerity to not answer the question but they took the opportunity to further put down Storm by representing Storm's letter of the 8th Oct 08 and its consequent transactions as responses to margin calls. Note the transactions in response to the 8th Oct letter were designed to prevent clients going into margin call and were not in response to margin calls notices which in fact did not exist.

A special note from the Editor,

After receiving legal advice and on advice from the Commission, The Plain Truth can finally report that the evidence that the CBA methodically lied to the Parliamentary Joint Committee on Corporations and Services is overwhelming. The conclusions drawn by the Parliamentary Joint Committee and published in their report of November 2009 are flawed to the extent that the reopening of the inquiry into financial products and services in Australia is warranted and urgent.  Accordingly the Commission together with The Plain Truth has commenced steps to have the Inquiry re-opened with the Commission commencing drafting on its own suggested terms of reference. Further information and suggestions on how you may assist will be published in the coming weeks.

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

Content : Commonwealth Bank news, Macquarie Bank news, Margin Call errors, Storm PJC, CGI terms & conditionss

Inquiry into Financial Products and Services in Australia was contaminated by Commonwealth Bank evidence

Monday, March 26th, 2012

Report : Vicki Vale

Content : Ralph Norris news, Storm Financial clients, CBA Board of Directors, CBA CEO Ian Narev, Senator John Williams, Bernie Ripoll conduct

Monday 26th March 2012

The Commission Against Bank Atrocities has amassed sufficient evidence to warrant re-opening the Inquiry into Financial Products and Services in Australia and is calling for action to re-open the inquiry.

The difference in management style between the former CEO of the Commonwealth Bank, Mr Ralph Norris and his successor, Mr Ian Narev, is nowhere more highlighted than in both men's reactions and responses during their questioning at the Parliamentary Joint Committee on Corporations and Services – Inquiring into Financial Products and Services.

Profiling commissioned by The Plain Truth on Messers Norris & Narev gives The Plain Truth sufficient insight into the styles of these two men to make some meaningful comments about how and why they responded and acted in the way they did during and after the crisis. Apart for their natural propensity to duck for cover, Mr Norris can be categorised as a natural hedgehog and Mr Narev as a fox. During the Inquiry Mr Narev should have kept his mouth shut like Mr Norris and left people in doubt, instead of opening it as he did and removing all doubt.

“The fox knows many things; the hedgehog knows one big thing.”

' Archilochus, 8th Century BC

In future articles The Plain Truth will refer to the difference in the psychological makeup of these two men to try to explain to our readers the nature of the lies both of these men have uttered, the need for those lies and the consequences on their victims.

The ultimate objective of The Plain Truth is to help obtain justice for the many Storm clients destroyed by the actions of these men and men like them within the CBA. The road to justice for Storm clients is not an easy one but much of the foundation and preparatory work has already been done over the past 3 years by numerous courageous individuals and groups. It is now time for their work to be rewarded with justice for the whole group, even those who have just sat back or those who have simply given up along the way, abandoned their mates, and chanted “I now just want to get on with my life”. But rewards are never simply served up on a silver platter. To the many victims of the CBA we say to you, your reward will be justice and from this justice will flow your rightful compensation but, and it is a big BUT…YOU HAVE TO GO AND GET IT! The Plain Truth will give you the tools and advise what you will need to do. However The Plain Truth can not do the actual work for you. You must do that. What are the tools that you will need to continue fighting? Firstly we will need to know the enemy, understand the tools and weapons at their disposal and how they are being used against you and others. From that knowledge and understanding we must distil their greatest weakness and then launch an attack to exploit that weakness.

The Commonwealth Banks Weapons

1) Anonymity ' It is very easy for individuals within the CBA to shoot at and pick off exposed individuals from behind their armoured barrier when they know no-one can shoot back at them. Faceless and nameless individuals within the CBA made the unlawful decisions that led to the destruction of thousands of former Storm clients, the destruction of Storm itself, its advisors and staff and the good reputations of Storms advisors and staff. The contemptible behaviour of these CBA individuals was so pervasive that it was able to taint other organisations such as the Financial Planning Association (FPA), Macquarie Bank, Wesptac, National, ANZ, Bank of Queensland etc. The Plain Truth is now prepared to name some of the CBA individuals who were Norris' Gestapo and who were prepared to carry out whatever acts of genocide were required to obliterate Storm clients and Storm itself from the face of the earth.

The following individuals within the CBA and among others, form the core of those responsible for the greatest fraud in Australia's banking history: Bernie Ripoll (no, this is not a typo), Ralph Norris, Ian Narev, Ross McEwan, Edward Tait, Brian Phelps, Edward Tait, Robert Ralston, John Clothier, David Cohen, Charles Tilley, Matthew Comyn, Brendan French and Bernie Ripoll (no, this is not a typo) to name a few.

2) Unlimited financial resources ' As we all know the power is in the money. Those wrong-doers within the CBA have access to CBA's bottomless pit of dollars and the will to spend those dollars protecting themselves. This immense financial lever allows them to buy the services of the most cunning lawyers, barristers, influences of the press and other organisations. Compound this financial power with the corresponding financial weakness (which the CBA orchestrated) of their opponents and you have a winning formula.

3) Ability to control organisations and individuals ' This ability of course comes from the CBAs unlimited financial resources. When one mixes an individuals or an organisations greed or need with the corresponding liberal availability of cash, then the ability to influence becomes irresistible. A typical example of this phenomenon became apparent when The Plain Truth did an analysis on the frequency of negative press about Storm. We found that there was a statistically significant correlation between when negative Storm press was published and the inclusion of large expensive Commonwealth Bank advertising spots. The Plain Truth will publish this evidence in a later article. It is also very clear that all former Storm clients who have a deal with the CBA, had to accept a lot less from the CBA than what they were entitled to simply because they did not have the financial strength to put up a fight.  There are however many former Storm clients who are still refusing to accept CBAs taunt.

4) Political clout ' The mechanisms of political clout remain a mystery to us mere mortals. What we do know is that lobbying occurred, favours got exchanged and commitments were made by nameless and faceless men in the dark and dingy recesses of the corridors of power. Although the average person could not see or fully appreciate all aspects of this political clout, one was able to comprehend its purpose and existence by observing outcomes.

In late 2008 and early 2009 the call went out for a Senate Inquiry into the banking industry. This was driven by the collapse of Storm and the role of the Commonwealth Bank that led to this collapse. Senator John Williams prompted by hundreds of distressed Storm clients was the driving force behind the establishment of a Senate Committee of inquiry about the banks.

Ralph Norris became very alarmed at the prospect of an inquiry into the banks which would have exposed his and his conspirators roles. To protect themselves these dishonest men subverted the banks power and used this power to lobby and completely quash ANY reference to the banks in the inquiry and in particular to their bank. They did this by lobbying Ralph Norris' mates within the Labor Party and government and in particular induced Bernie Ripoll to hijack the inquiry from the Senate and make it a Parliamentary Joint
Inquiry which he as a member of the Labor government chaired, rather than a Senate Inquiry which the more impartial opposition would have chaired.

The inconvenient truth of this can be seen in the complete absence of any reference to the banks or the CBA in the original terms of reference of the inquiry.

On 25 February 2009 the Parliamentary Joint Committee on Corporations and Financial Services resolved to inquire into and report by 23 November 2009 on the issues associated with recent financial product and services provider collapses, such as Storm Financial, Opes Prime and other similar collapses, with particular reference to:

1. the role of financial advisers;

2. the general regulatory environment for these products and services;

3. the role played by commission arrangements relating to product sales and advice, including the potential for conflicts of interest, the need for appropriate disclosure and remuneration models for financial advisers;

4. the role played by marketing and advertising campaigns;

5. the adequacy of licensing arrangements for those who sold the products and services;

6. the appropriateness of information and advice provided to consumers considering investing in those products and services, and how the interests of consumers can best be served;

7. consumer education and understanding of these financial products and services;

8. the adequacy of professional indemnity insurance arrangements for those who sold the products and services, and the impact on consumers; and

9. the need for any legislative or regulatory change.

This corrupt and blatant carve out from the inquiry of any reference to the CBA and the consequent immunity that this carve out afforded the CBA led to a revolt within the electorate at this injustice.

The consequence of this revolt by CBA's victims and others, forced (reluctantly) the inclusion of the banks in the inquiry. However the CBA was still able through Bernie Ripoll to suppress any mention of the CBA specifically in the new terms of reference even though there was a weak and anaemic reference made about the involvement of the banking and finance industry. The following extract from the amended terms of reference show this to be the case.

On 16 March 2009 the Senate agreed that the following additional matter be referred to the Parliamentary Joint Committee on Corporations and Financial Services as part of that committee’s inquiry into financial products and services in Australia, adopted by the committee on 25 February 2009 for inquiry and report by 23 November 2009:

The committee will investigate the involvement of the banking and finance industry in providing finance for investors in and through Storm Financial, Opes Prime and other similar businesses, and the practices of banks and other financial institutions in relation to margin lending associated with those businesses.

Clearly banks are a power unto themselves with the Banking Act of 1959 affording special and favourable consideration and allowing them to NOT be subject to many of the normal laws that the rest of us are subject to. There is however one thing from which the banks can not escape and that is…The TRUTH. The weapons at their disposal are powerful and destructive but can not withstand a direct hit from the truth, it's then just a matter of loading up with the truth, taking aim and firing. A difficulty is actually hitting the target when the target itself controls the guidance system ' which is the Press. Furthermore even when you're on track to hit the target, the adjudicators at the targets behest can often move the target or simply claim that you missed. The other method the banks use to escape the truth is to bury it by insisting that all matters relating to their wrongdoing be kept confidential and separate.

However if you manage to score a direct hit with the truth it will be devastating. This is where you come in. The more people firing the truth, the greater the chance that it will be listened to. So armed with the truth, contact your local member and any other members of the Australian Parliament and insist that the truth be heard loud and clear and acted upon by those elected representatives who are there to protect our social fabric.

THE PLAIN TRUTH IN ITS MAIDEN STORY ON THE 28TH OCT 2011 STATED ' “THE MANDATE OF THE PLAIN TRUTH IS NOT JUST TO EXPOSE THOSE THAT WE KNOW TO BE RESPONSIBLE BUT TO MAKE THEM ACCOUNTABLE.”

We are happy to report that the Commission against Bank Atrocities has advised that more than enough evidence has been collected to prove that the CBA has lied extensively to the Parliamentary Joint Committee on Corporations and Financial Services and the conclusions drawn by that committees report based on the CBA's lies are profoundly flawed. The evidence amassed is more than sufficient to warrant the re-opening of the Inquiry to have the inadequate and embarrassing conclusions of the committee corrected.

The practical consequence of re-opening the inquiry is to legitimise the proof that the CBA lied. This in turn will re-open the compensation claims which were agreed to by victims in the resolution scheme on the basis of the lies which CBA claimed to facilitate a settlement.  The most benefit would initially be obtained by the Slater & Gordon victims who settled for a pittance following Damian Scattini's self serving assertion to CBA's victims that  their settlement would be better than their best day in court',  there would definitely be no more money forthcoming' and that  they would receive an uplift as a result of ASIC's actions' (another lie). These statements by Damian Scattini pressured victims into accepting settlements because they were made to understand by Damian Scattini that there were no other options.

Proving the lies will re-open the compensation claims against the Commonwealth Bank and allow for compensation to be claimed against Slater & Gordon for their role in bullying and steamrolling victims into submission and Damian Scattini personally for his underhanded activity in suppressing the real problem which was the margin lending.

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 : Ralph Norris news, Storm Financial clients, CBA Board of Directors, CBA CEO Ian Narev, Senator John Williams, Bernie Ripoll conduct

3 years and justice is still elusive…

Thursday, March 15th, 2012

Report : Perry White

Content : Ralph Norris news, Storm Financial clients, CBA Board of Directors, Storm clients

Thursday 15th March 2012

The general plight of CBA victims is highlighted in a typical letter from a retired couple who are not only battling their situation but the adversities that life often brings.

The Plain Truth has received many letters from former Storm clients and other interested parties. Many of these letters have included a request that they be published. At this point The Plain Truth welcomes all such communications but our policy is to continue publishing material which is researched, documented and that we are able to verify. We have however decided to publish a letter from an elderly couple whom we have spoken to separately. This letter has 2 main features, detail and sentiment.

The details described in the letter and relating to the events occurring in 2002 and 2003 about Storm and CBA's handling of margin calls have been verified by The Plain Truth. This situation applies to many Storm clients during the same period.

The sentiment in the letter typifies that which has been expressed by many people who have written to The Plain Truth.

We must say that the plight of this couple is representative of many who were hung out to dry by the bank and is gut-wrenching. The situation is galling by the fact that Mr Norris who bears responsibility as the head of the CBA in 2008 is sitting somewhere comfortably with his millions whilst not giving a second thought to his victims.

What makes the situation so sad is not just that Mr Norris has avoided being held accountable, but that others within the CBA (including the board) have chosen to deny what started off as their errors and which has now become a criminal cover-up.

To all of CBA's victims, The Plain Truth will not rest until the truth results in a just outcome for you and we promise you that you are not forgotten. ' Ed

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 : Ralph Norris news, Storm Financial clients, CBA Board of Directors, Storm clients