TE-BO: Budget 2014 – Banks – another major fraud uncovered …

TE-BO: Budget 2014 – Banks – another major fraud uncovered …
| Author: TE-BO – The Eye-Ball Opinion| Date: May 6th, 2014 |

the-eyeball-opinion6The Banks involved in fixing the daily Gold Price for settlement prices are involved in a major lawsuit targeting ‘insider trading’ base don the information traded between the Banks before they release the agreed price fix – [See story here].

This is not the first fraud involving Bank collusion to defraud the public uncovered in recent times – only a matter of 18 months ago several European Banks paid over €billion’s in fines as a result of the LIBOR price-fixing scandal.

Then there are the frauds associated with the Sub-Prime price setting that triggered the GFC.  How much proof is needed to act against the monopolies that Banks control?  The exposures since the GFC confirm that Major Banks head the list of the greatest fraud merchants in the world.

Poor Greece, and now Portugal have been fleeced as a result of the bail-out packages they were forced to swallow to remain a part of the ECU.   One could say that Banks control Governments – as Hillary Clinton said – China are our Bankers and we had better not upset them …

The ‘4 Corners’ program last night – [‘ABC IView’ link here] – exposed the CBA in a way that should make politicians ask questions – CBA is but one bank involved in another scandal over the ‘Storm’ margin lending scheme that collapsed in the aftermath of the GFC.  Also trapped and exposed in that scandal is ASIC – the agency charged  with oversight into major fraud schemes – if has been said that the CBA run ASIC … and this Storm lawsuit is testament to that theory …

I was a banker for 8 years before I went into Merchant Banking during the 70’s and 80’s – and thee only recommendation I can offer is for everyone to look at their Bank association and ask whether you are ahead of their game, or trapped in it …

This entry was posted by TE-BO - [The EYE-BALL Opinion].

3 thoughts on “TE-BO: Budget 2014 – Banks – another major fraud uncovered …

  1. You raise some very good points and yes ASIC is the disgrace out of this. The CBA actions are unconsciouable, but what you would expect of them given everything you rightfully said about the banks. This one has become and is so big it has lost it’s self respect and has shown it has no soul. Shame CBA, you were once a great bank, the peoples’ bank, now you are nothing but a non caring behemoth that positions itself amongst the lowest and most uncaring of criminals. Robin Hood supposedly gave to the poor, CBA you are no more than a common robber with the most selfish of intents. ASIC what can we say about you….almost a child in your efforts to be a policeman,soul less in every sense, self serving and incompetent, if you were not government owned you would have been sued out of existence.

    What sort of people have we become to have these organisation running in a great country like we have or was that once had!


    • David – I see it as the Banks being this big bottom feeder trading on people’s misery – they have an institutional approach to fleecing fees and margins off their clients that was never there 40 years ago. The executives who have made it so are just zombies looking for a bag of gold for their time served – the moral employee has no chance of giving Banking any ‘soul’. They have become as you say these ‘behemoth’s that graze all the lands and streams and leave nothing but scorched earth behind.

      I say tax the shit out of them.


      • NO not tax, they need to be fined and punished and the people they rob should have there money returned to them. The executives responsible should also be fined, but more importantly the board members who are ultimately responsible need to have their corporate directorships disqualified, regardless of who was culpable along the way. I see this as a way of cleaning up the miscreants we find on corporate gravy trains. They most certainly can not then sign off to a accounting firm making them non responsible.
        You want to be a board member of a listed company, then start taking personal responsibility!!! You want to be a politician starting paying for ASIC’s mistakes.They are the ones responsible for their actions. Politician’s super funds would be a good place to start!

        NB How did you know my Christian name? is Pragmatist not sacred


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