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#WhichGrubbyBank
WHICH BANK RIPS YOU OFF?
WHICH BANK SCAM WAS RECENTLY EXPOSED?
'Banking Bad' - an investigation by Fairfax journalists Nick McKenzie and Bentley Dean.
Do you know #WhichBank loves the Australian Budget 2014? (Budget Speeches used to be held in August.) #CommBank $CBA shares are rocketing past $80 !!!
CBA has made a big impact on Australia. It took advantage of the GFC to swallow BankWest (for $2b?). Gargantuan CBA owns Colonial First State investments house. An Investment Package are sold direcctly by to large investors - minimum investment of say $20,000
When the GFC first struck, CSF insisted that everything would be all right.They begged investors to kee moneys in CSF (Basically, take a Bex and lie down.) These actions cost Mum and Dad investors untold millions while continuing the lucrative gravy train.
Companies such as Australian Unity, Vanguard or Merryl Lynch actively invest moneys in the chosen stock exchange, property or fixed interest area (or a mixture). There are a range of investment categories. In shares (aka equities), there are Small Caps (low capitalisation shares), Large Caps, Resources (mining) or Foreign shares. Management Fees are taken out depending on how active the investor is. Investors who invest in this way are called 'Wholesale' investors.
'Retail' investors can buy into an Investment Package with much less than the $20,000 above. Companies such as AMP, MLC, IOOF and CSF are eager to sign you up for mini-Packages with only say $2000 minimum. In this case, AMP, IOOF and CSF take additional commissions from the earnings or capital gains of small investors. Also, if you want individual ongoing investment advice, even more commissions come out. (Who says they can't get blood out of stones?)
WHICH BANK RIPS YOU OFF?
WHICH BANK SCAM WAS RECENTLY EXPOSED?
CSF allows investors to change Investment Packages online. Also online is the ability for retail investors to BORROW against their Investment Package - a MARGIN LOAN - so that they can buy more. In the GFS, investments went south (ie downward) but CSF would take 10% pa out per annum each month. With a Margin Loan (for shares or Investment Packages), the lender is obliged to sell down his investment if its value falls (or cough up more cash).
When the GFC hit, The People's Bank, Australia's Central Bank, as it once was, wasn't interested in CFS investors. It failed its duty of care badly. People held on to their investments, often life savings, and saw them go down the drain. CSF sent them letters urging them to stay put and leave their moneys alone.
What the moneygrubbing CommBank was interested in in 2008 (and beyond) was highlighted by this 4Corners programme. Ordinary bank tellers and finance advisors were touting for the Big Elephant (Old ad campaign: 'Get with the Strength'). McCommonwealth ??? They received commissions, and in the finance advisor's case, ONGOING kickbacks. The whole finance investment industry receives these yearly TRAILING COMMISSIONS for seducing you into investment packages!!!
The industry doesn't want to see this beautiful Conflict of Interest stopped. No way!! A bit like the Big miners and their tantrums and full-page ads against the Mining Superprofits Tax. 4Corners and Australian Financial Review journalist Adele Ferguson showed the everyday corruption expected of a Third World moneychanger !!
Commonwealth Bank (CBA) ran through files of existing loyal long-term customers and identified targets for tellers and then self-intersted investment. Retired couples had no idea they were being SCAMMED by their trusted Commonwealth!!! A dying man was dealt with by a heartless monster. They had no idea their house was endangered. These customers were dealing with crooks !!!
Imagine the shock on happy customers' faces when they realised that SENIOR EMPLOYEES of the bank were FORGING CUSTOMER SIGNATURES in order to transfer Investment Packages to those which were high risk and thus guaranteed a higher kickbacks - money, commissions, concert tickets, overseas holidays...
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Banking System rotten to the core:
Covering up corruption in Australia's Central Bank (RBA)
In September 2013, ABC 4Corners did another expose. That episode concerned the Reserve Bank of Australia (RBA). Major corruption and bribery took place in the SECURENCY plastic banknote division of the RBA. Both RBA and CBA crises involve commissions, whistleblowers and a conspiracy of silence.
Dr David Chaikin, University of Sydney Business School:
This is the worst corruption scandal in our history, not because of the amount of money that's been involved, but because the most respected institutions of our country have failed to discharge their responsibilities to the public.
'COVER UP' is from Deb Watson and Australian Financial Review journalist Adele Ferguson.
Don't trust the Commonwealth Bank and its subsidiaries (eg Colonial (CFS) or CommSec !!!!
It's NOT your money, Ralph (an modified ad campaign). It's theirs and they will induce you into having credit cards (interest payable: 20%pa), insurance and investments - at THEIR pleasure. Remember even the humble teller secretly makes money out of you. Would you like fries with that??
The recent 4Corners/Fairfax investigation on Which Bank - Commonwealth Bank of Australia.
CBA is no friend to its employees either. It has decimated staff numbers and destroyed many careers. As a 'leader' in job-destoying banking and online technologies, CBA has shrunk banking space. It is in the business of gouging more income in the form of shop rentals. For instance, there was a Commonwealth Bank on the corner of Flinders and Elizabeth Streets. It was opposite Flinders St railway station. A great deal of previous banking space is now rented out to food shops eg Lord of the Fries and Spanish Doughnuts. The Commonwealth Bank, by destroying careers and by funding 'development' has helped to destroy enjoyment of towns and cities, including Melbourne. As a leader, and as a Banking cartel member, the Bank could possibly shown alot more responsibiloty, ethics and transparency. BUT NO!!!
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#WhichGrubbyBank
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