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eshmun

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Glad to see the Royal Commission is looking at the Legal fraternity and scoring a few points there..

 

I for one was disgusted with the handling of the Opes Prime debacle and how ANZ got away with what IMHO was a vast miscarriage of justice - and in my case millions of dollars.

 

Seems to me lawyers and judges have just as much to answer as the banks.

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ANALYSIS

Banking royal commission: How ASIC went missing in action with the banks

By business editor Ian Verrender

extract

Barnaby Joyce's admission that he was wrong to oppose a royal commission into banks was quickly steamrolled by Treasurer Scott Morrison's resolute and defiant shift, quickly upgrading the corporate regulator's legal arsenal.

 

Admirable maybe, but somewhat belated. Worse than that, in his hasty attempt to take control, Mr Morrison has overlooked the fundamental reason for the shocking revelations taking place under the steely gaze of commissioner Kenneth Hayne.

 

It's not that the Australian Securities and Investments Commission (ASIC) is in need of added muscle. It needs to grow a spine.

 

ASIC is the law enforcement agency that shies away from enforcement, particularly in the top end of town.

http://www.abc.net.au/news/2018-04-23/bank...ent-mia/9685792

 

From David Rowe AFR

post-330173-1524551043_thumb.jpg

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As per my previous posts below, seems others have now noticed the large increase in short positions in the banks

 

noticed short positions on the big 4 have now broken through the $5 billion mark, and that's to 27 March 2018

Now $5.5 billion as at 11 April 2018 and rising - THE BIG FOUR BANKS (ANZ, CBA, NAB, WBC)

https://www.shortman.com.au/market

 

From today's SMH

 

The major banks have all opened lower this morning after it was revealed that short positions in the banks have doubled during the March quarter.

Macquarie analysts reckon short interest in the banks sector increased to 1.4 per cent of issued equity in the first quarter, up from 0.7 per cent, to be worth $6 billion.

Westpac Banking Corp was the most heavily targeted, followed by ANZ Banking Group.

 

Commonwealth Bank of Australia had the lowest increase in reported short positions, Macquarie said.

 

Read the full story here.

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Not only our Aussie Banks behaving badly :(

 

Goldman to pay $110m over foreign exchange trades

Bank accused of putting clients at a disadvantage in carrying out currency orders

 

From 2008 to early 2013, the regulators said, Goldman traders would use code names to swap information to fix prices and rig bids. In one chatroom, traders referred to certain customers as theÃÆâ€â„¢ÃƒÆ’ƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ ÃƒÆ’Æâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“fiddler,ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ÂÂÃÆâ€â„¢ÃƒÆ’ƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ ÃƒÆ’Æâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“hat and coatÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ andÃÆâ€â„¢ÃƒÆ’ƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ ÃƒÆ’Æâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“dodgy aussie sellerÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ÂÂ, while another customer was known asÃÆâ€â„¢ÃƒÆ’ƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ ÃƒÆ’Æâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“SatanÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ÂÂ.

 

https://www.ft.com/content/bbf1e9fa-4d5e-11...8e-22951a2d8493?

 

Over at Credit Suisse - apparently not the Australian arm of CS - "instead it's understood Australian clients were serviced by Swiss relationship managers who regularly flew into Australia to see local clients, who had no link to the Australian arm of the bank".

 

ATO targets 106 secret Credit Suisse accounts

The Tax Office has begun contacting 106 Australian clients of Credit Suisse over $900 million in suspicious transactions linked to secret numbered accounts.

 

Read more: http://www.afr.com/#ixzz5EImcVeM0

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  • 2 weeks later...

How Misbehaving Australian Banks Are Causing Global Pain

How widespread is the pain?

Between one-fifth and one-quarter of the big fourÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s shares are held offshore. U.S. funds BlackRock Inc. and Vanguard Group Inc., NorwayÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s sovereign wealth fund and JapanÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s government pension fund are among the biggest holders, according to data compiled by Bloomberg. David HerroÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s Chicago-based Harris Associates LP is AMPÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s second-biggest investor. As of Friday, AMP shares were down 29 percent compared with a year ago, Commonwealth Bank 14 percent, National Australia 12 percent, Westpac 9 percent and ANZ Bank 4 percent.

https://www.bloomberg.com/news/articles/201...-pain-quicktake

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Make sales or get the sack': Whistle-blower exposes Commonwealth BankÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s toxic workplace culture

 

By Liz Little ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚¢ 60 Minutes Digital Producer

12:01pm May 20, 2018

In an explosive interview with 60 Minutes reporter Liz Hayes, an ex-Commonwealth Bank employee has lifted the lid on the unethical standards set on bank employees to take advantage of vulnerable customers.

https://www.9news.com.au/national/2018/05/2...rkplace-culture

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Royal commission to focus on small business lending as banks troop back to the witness box

The banking royal commission has been big. It's about to get small.

 

Small and medium enterprises are the focus of the next fortnight of hearings, beginning on Monday.[

 

Nationals senator John Williams strongly advocated for a banking royal commission, to the irritation of some of his colleagues.

 

He expects the behaviour of Commonwealth Bank subsidiary Bankwest ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâہ¡ÃƒÆ’‚ and the selling of seized assets at "fire sale" prices ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâہ¡ÃƒÆ’‚ to be a key focus of the hearings.

 

"One thing that's become very clear to us over the years, is that when small businesses are sold up sometimes their assets are sold out very cheap, way below their value," he said, rattling off examples of $3.8 million farms sold for $800,000, and asset values halved, then sold low before being revalued at the original valuation.

 

"I think the biggest shock will be the price assets are sold for. There will be ridiculous prices paid for assets, far, far below their proper value."

 

There are five topics, with different groups and institutions forced to answer questions about them.

 

Let's go through each of the five topics in turn (even though previous hearings haven't always stuck to the order they'd set out at the start).

 

First up is "responsible lending to small businesses". We'll hear from ANZ, frequent fliers Commonwealth Bank, Westpac and for the first time: Suncorp and Bank of Queensland

Next is the "approach of banks to enforcement, management and monitoring of loans to businesses". That sounds to me like the "calling in" of mortgages and overdrafts, which has been a controversial practice that has created a lot of aggrieved small businesses. Who must answer for that? The Commonwealth Bank, Bankwest and NAB

Then it's "product and account administration". Could be anything. Your guess is better than mine. CBA (three from three!) and Westpac will field a witness on this topic.

Penultimately, the "extension of unfair contract terms legislation to small business contracts" will be scoped out by the Australian Securities and Investment Commission (ASIC). After some searing exchanges during their appearances in the last hearing, this will be insightful.

Finally, the "Code of Banking Practice" will be examined. The Australian Banking Association, almost certainly represented by CEO Anna Bligh, the former premier of Queensland who has held the role since last year. ASIC will also have a say

 

http://www.abc.net.au/news/2018-05-20/bank...ection=business

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Aviva fund places triple short bet against Australia

 

Mr McAlevey also warned of dangerously high exposure of Australian investors to the banks that dominate both equity and bond indices which are in turn linked the health of the housing market.

 

"This sounds like a very leveraged system that is kept together by the price of housing and housing alone.

 

"The risks to the economy would be of a level of magnitude that is not currently on most investors' outlooks."

http://www.afr.com/markets/currencies/aviv...20180515-h103y9

 

Shortman - THE BIG FOUR BANKS (ANZ, CBA, NAB, WBC) - https://www.shortman.com.au/market

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