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Banks, behaving badly
blacksheep
post Posted: Nov 26 2019, 10:57 AM
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Posts: 6,791
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In Reply To: blacksheep's post @ Nov 23 2019, 07:40 PM

Westpac woes a red flag for the big four banks

QUOTE
Westpac's woes suggest there's more pain ahead for the big four banks, given the sector's poor track record in technology investing in the pursuit of short-term profits, warns Hyperion Asset Management chief investment officer Mark Arnold.


QUOTE
"They all have been lagging in terms of technology spending for decades," said Mr Arnold, such that technology spending has been sacrificed in the pursuit of near-term profit, he argued. "They have been trying to squeeze out as much short-term profit as possible."


Look out for lower dividends in the future

QUOTE
The propensity of Australian companies to pay out high dividends to their shareholders has also played a part in the pursuit of short-term profit in a world where "being prepared to take a longer term view is key," according to Mr Arnold

https://www.afr.com/markets/equity-markets/...20191126-p53e3b



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Nov 23 2019, 07:40 PM
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Posts: 6,791
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Swerving SWIFT: the story behind Westpac’s money-laundering calamity
by Nathan Lynch -- 22 November 2019 -- Featured, Finance, Markets

QUOTE
As regulatory intelligence expert Nathan Lynch reveals here however, Westpac is unlikely to be alone. The story behind the story is industrial scale tax avoidance, the concealing of enormous cross-border payments.


QUOTE
SWIFT manoeuvres

The banking sector has a number of dark secrets. One is that many institutions around the world put complex systems in place following the 2009 SWIFT reporting changes to ensure they could continue to facilitate lucrative transactions in the shadows. The U.S. Department of Treasury’s recent case against UniCredit, for example, found that the Italian-headquartered bank had sought specific advice from consultants on circumventing the SWIFT reporting obligations.

The settlement agreement said UniCredit engaged a German consulting firm, which helped it “construct the evasive process by which UniCredit AG carried out this illegal conduct, apparently conducted a compliance analysis at the AG NY Branch in or about 2006.”

In internal emails bank staff made it clear that this was designed to mask payments to “sensitive” countries, such as Sudan, Syria, Iran, Cuba, Myanmar, Belarus, North Korea. The aim was to ensure there was no data in field 72 of the SWIFT message for transactions involving a U.S. bank.

The bank was intentionally avoiding oversight from the fearsome U.S. Office of Foreign Assets Control (OFAC).

As the AUSTRAC statement of claim has demonstrated, however, some banks had developed an even simpler way to avoid submitting SWIFT data. With its LitePay and ACM products for international cross-border payments, Westpac could bypass the SWIFT rails completely.

The claim says this concealed evidence of cross-border payments moving to and from sanctioned countries such as Sudan, Cuba and Iran.

The statement of claim indicates that several major international banks took advantage of this service.


read more - https://www.michaelwest.com.au/swerving-swi...ering-calamity/



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington

Said 'Thanks' for this post: Pendragon  
 
blacksheep
post Posted: Oct 19 2019, 11:47 AM
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In Reply To: blacksheep's post @ Oct 17 2019, 07:11 PM

QUOTE
Former Credit Suisse banker Andres Pearse on Thursday for the first time directly implicated an executive of the Russian bank VTB in the fraudulent scheme commonly known as the scandal of Mozambique’s “hidden debts”.

The term refers to the scheme whereby, in 2013 and 2014, three security-linked Mozambican companies, with no business record whatsoever, obtained over two billion dollars in loans from Credit Suisse and VTB. The loans were only possible because the Mozambican government of the day granted illegal loan guarantees, in violation of the budget law.

American prosecutors have been pursuing the case, because some of the money laundered passed through US banks, and because US investors were defrauded when they purchased chunks of the debts. The US investigators concluded that at least 200 million dollars of the loan money was spent on bribes and kickbacks.

https://clubofmozambique.com/news/pearse-im...-report-144840/



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Oct 17 2019, 07:11 PM
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Posts: 6,791
Thanks: 2307


Bankers behaving badly - in this case

Ex-Credit Suisse banker says he hid $45 million worth of bribes
QUOTE
Pearse tells Brooklyn jury other bankers also accepted bribes
Banker says son of former Mozambican president got $50 million
Former Credit Suisse Group AG banker Andrew Pearse told a jury in Brooklyn, New York, that he pocketed at least $45 million in illicit payments for his role in the arrangement of loans worth $2 billion to companies in Mozambique.

Pearse, 49, who had pleaded guilty to conspiracy, testified that at least four other Credit Suisse bankers also took millions of dollars in bribes from shipbuilder Privinvest Group.

“They all played a role in ensuring the bank made the loans,” Pearse testified Wednesday. “They provided the bank with false information about Privinvest.”

Pearse is a key witness against Jean Boustani, a Privinvest salesman described by prosecutors as the “mastermind” of a scheme to defraud U.S. investors. Prosecutors allege Mozambican government officials, corporate executives and investment bankers stole about $200 million in loan proceeds.


read more - https://clubofmozambique.com/news/ex-credit...-bribes-144606/



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Oct 8 2019, 11:49 AM
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Posts: 6,791
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Liberal and Labor leadership lying about bank interest rates
QUOTE
These are dismal days for Australian politics on a number of fronts.

A quick example is that the Prime Minister, Treasurer, Opposition Leader and Shadow Treasurer apparently have no idea of how the Australian financial system works – or are happy to routinely mislead and lie.

As predictable as stories about Christmas “killer toys”, the pollies fell over themselves to declare the banks should pass on the latest Reserve Bank’s interest rate cuts in full.

“They never learn. They honestly never learn and it’s disappointing,” said Prime Minister Scott Morrison, indicating either he’s never known, or worse.

The banks were putting profits before customers, former banker Josh Frydenberg proclaimed, faking outrage.


QUOTE
As this RBA graph shows, most of the money banks lend comes from domestic depositors.

That’s a desirable thing, as we discovered during the GFC when foreign borrowings made up a bigger percentage of funding and threatened to be flighty.

As this RBA graph shows, most of the money banks lend comes from domestic depositors.

That’s a desirable thing, as we discovered during the GFC when foreign borrowings made up a bigger percentage of funding and threatened to be flighty.


continue reading - https://thenewdaily.com.au/money/2019/10/07...interest-rates/



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Oct 4 2019, 11:35 AM
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Posts: 6,791
Thanks: 2307


CBA faces criminal charges over CommInsure scandal

QUOTE
Australia's largest bank is facing 87 criminal charges over unscrupulous practices in its life insurance arm — the first major bank to face criminal charges following the banking royal commission.

Commonwealth Bank's insurance arm CommInsure has been charged with 'hawking' for offering to sell insurance products through unsolicited phone calls.

The Australian Securities and Investments Commission (ASIC), alleges CommInsure did not comply with all of the hawking exceptions in section 992A(3) of the Corporations Act.

CommInsure has been sold by CBA, but the bank is liable because it owned the insurance arm at the time.

The maximum fine is about $1.8 million, ASIC said.

More to come.




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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 

Featured Stock Stories





blacksheep
post Posted: Aug 7 2019, 02:28 PM
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Posts: 6,791
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'Dills': Graeme Samuel raises concerns on bank boards
QUOTE
Bank directors regarded as "dills" by their peers remain ensconced on the boards of the nation's largest financial institutions, former top regulator Graeme Samuel has claimed as he warned the sector had failed to heed the lessons of the Hayne royal commission

In a speech to be delivered on Wednesday, the former chairman of the Australian Competition and Consumer Commission (ACCC) will also criticise regulators and major accounting firms for allowing auditors to provide independent audits and lucrative consulting services, which he views as an "inherent conflict of interest."

https://www.smh.com.au/business/banking-and...52egp.html?btis



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Aug 5 2019, 03:14 PM
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Posts: 6,791
Thanks: 2307


Little Relief In Sight For Banks
Australia | 12:07 PM

QUOTE
Australia's banking sector is under pressure amid soft loan growth, a squeeze on margins and a reinvestment burden. Brokers are not yet factoring in much of a recovery.

-Too early to be confident in a post-election rebound for the banks
-Borrowers likely to use lower interest rates to reduce existing debt
-Action to support bank share prices may be viewed favourably

By Eva Brocklehurst


read more - https://www.fnarena.com/index.php/2019/08/0...ight-for-banks/




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jul 24 2019, 02:30 PM
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Posts: 6,791
Thanks: 2307


Extract - Why the best performing hedge fund is selling
QUOTE
LHC is also shorting the Australian banks due to "declining return on equity in a low credit growth environment with unsustainable payout ratios".

https://www.afr.com/business/banking-and-fi...20190723-p529t2

Shortman
THE BIG FOUR BANKS (ANZ, CBA, NAB, WBC)
This graph shows the total dollar amount of all shorted shares on the big four banks, which together dominate the banking market share in Australia.
https://www.shortman.com.au/market




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington

Said 'Thanks' for this post: early birds  
 
blacksheep
post Posted: Jul 11 2019, 10:48 AM
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Posts: 6,791
Thanks: 2307


APRA forces NAB, Westpac, ANZ to hold extra $500m each in capital due to culture, governance concerns
QUOTE
The financial regulator will force National Australia Bank, Westpac and ANZ Bank to each hold an extra $500 million in capital due to problems with their governance and culture.

The Australian Prudential Regulation Authority (APRA) on Thursday said it was slapping on the extra capital requirement in response to the bank's "self-assessments" of how they managed "non-financial risks
."
https://www.smh.com.au/business/banking-and...711-p5265y.html



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
 


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