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Banks, behaving badly
nipper
post Posted: Feb 5 2019, 04:45 PM
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QUOTE
Nicole Cannon claims she will be forced to quit the mortgage broking industry because of "devastating" recommendations by the banking royal commission that she said amounted to a $1.6 billion free kick to the major banks.

No. You were just a volume based intermediary. And besides, the fact you call it an industry reveals the sordid truth. No professionalism to be seen.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
blacksheep
post Posted: Feb 5 2019, 01:11 PM
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In Reply To: blacksheep's post @ Feb 5 2019, 10:47 AM

Australia’s Banking Overhaul Looks Like a Dud
By David Fickling | Bloomberg February 4 at 4:05 AM
QUOTE
The fearsome beast that’s menaced Australia’s financial services industry for the past year turns out to have been a paper tiger.


QUOTE
Ultimately, though, preventing the weeds of misconduct from growing depends not on design, but on the vigilance of the gardeners. Given the way the current government cut real-term funding for ASIC to a 15-year low even in the midst of this Royal Commission and the opposition Labor party’s more laissez-faire attitude when it was last in government, it’s hard to feel confident that the current desire for tougher regulation will persist.

https://www.washingtonpost.com/business/aus...1eb4_story.html?



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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: early birds  
 
blacksheep
post Posted: Feb 5 2019, 11:05 AM
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In Reply To: triage's post @ Feb 5 2019, 10:57 AM

Agree, triage. No wonder Josh Frydenberg had such a smile on his chops when the report was presented - that little "pat" he gave to the documents and the big cheesy grin - body language - wondered what that was all about - now we know.



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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: triage  
 
triage
post Posted: Feb 5 2019, 10:57 AM
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In Reply To: blacksheep's post @ Feb 5 2019, 10:47 AM

blacksheep - it now seems clear as day that it was all a stitch-up between the bankers and the current government. The only question unanswered is weather Kenneth Hayne was in on it or if he was just a patsy. Wonder who the commissioner ran the draft of his final report past for any suggested corrections?


https://www.abc.net.au/news/2019-02-05/big-...letter/10778928




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"The market can stay irrational longer than you can stay solvent." John Maynard Keynes

"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought." Rudiger Dornbush

Mozart fixes everything and Messi is a dog

Said 'Thanks' for this post: blacksheep  early birds  
 
blacksheep
post Posted: Feb 5 2019, 10:47 AM
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In Reply To: blacksheep's post @ Feb 3 2019, 12:37 PM

The RC talk was tough but did the outcomes/recommendations fit the crimes - the Banks seemed to have come off lightly IMHO.

Appears the shorters, who expected more, are having to cover their positions this morning - thus all Banks up considerably

Below are daily charts yesterday for all 4 Banks - odd how the trading patterns for all look identical - big spike in the morning
Attached File(s)
Attached File  asx.png ( 77.02K ) Number of downloads: 2
Attached File  cba.png ( 76.96K ) Number of downloads: 3
Attached File  nab.png ( 76.19K ) Number of downloads: 0
Attached File  wbc.png ( 76.81K ) Number of downloads: 1

 




--------------------
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
 
early birds
post Posted: Feb 5 2019, 09:19 AM
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https://www.afr.com/business/banking-and-fi...20190203-h1at2t

Big banks: The report makes no changes to vertical integration, or any expansion to how banks asses the suitability of borrowers; it also does not prohibit the use of the "household expenditure measure" as the basis for making loans;
.....

Losers
The (at least) three companies facing prosecution over fee for no service: The final report is scathing about the industry-wide scandal fee for not service scandal where between them AMP, ANZ, CBA, NAB and Westpac will refund customers at least $850 million.

Mortgage brokers:

Retail super funds

Insurers



 


blacksheep
post Posted: Feb 3 2019, 12:37 PM
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In Reply To: blacksheep's post @ Feb 1 2019, 09:23 PM

An Upheaval Is Coming for Australian Banks
By Jackie Edwards
February 3, 2019, 8:00 AM GMT+11 Corrected February 3, 2019, 10:10 AM GMT+11
Inquiry may recommend financial firms be broken up, pay curbed
Bribery, forgery, charging the dead among scandals uncovered

QUOTE
Potential Charges
There will be some nervous people waiting to see if Hayne recommends criminal or civil charges against individuals or companies. The prospect of charges was raised during the hearings and all the big-four banks, AMP and IOOF acknowledged misconduct that in some instances may have breached the law. Hayne can’t lay charges, but he can recommend the public prosecutor consider bringing them.

https://www.bloomberg.com/news/articles/201...nd=premium-asia



--------------------
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: Feb 1 2019, 09:23 PM
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In Reply To: triage's post @ Feb 1 2019, 08:36 PM

Did Frydenberg organise this photo shoot without Haynes knowledge - I didn't think Commissioners do this kind of publicity stunt. Shocking lack of judgement on Frydenbergs part. Once Josh reads the report I'm guessing the smile will be wiped off his face.

QUOTE
It’s known, in the game, as a picture opportunity.

Politician on the make meets constituent/kiddie/moviestar/public figure, hands are grasped, big smiles, cameras whir, flashes pop and the happy little circus moves on.

Sometimes, it doesn’t work so well. The kiddie bursts into tears. Sometimes, it’s a bust. The movie star’s smile is so radiant the politician may as well have stayed in bed.

And then there’s the day the Treasurer, Josh Frydenberg, met the royal commissioner, Kenneth Hayne

https://www.theage.com.au/politics/federal/...201-p50v75.html
Attached File  iCckxPzh.jpg ( 32.05K ) Number of downloads: 0


The whistleblower, politician and journo who hauled the banks before a royal commission
https://www.abc.net.au/news/2019-02-01/how-...ection=business



--------------------
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
 
triage
post Posted: Feb 1 2019, 08:36 PM
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Posts: 3,681
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In Reply To: blacksheep's post @ Feb 1 2019, 06:43 PM

Any experts on body language out there?

https://www.theguardian.com/global/video/20...ergs-hand-video



--------------------
"The market can stay irrational longer than you can stay solvent." John Maynard Keynes

"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought." Rudiger Dornbush

Mozart fixes everything and Messi is a dog
 
blacksheep
post Posted: Feb 1 2019, 06:43 PM
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Posts: 5,403
Thanks: 2080


In Reply To: blacksheep's post @ Jan 30 2019, 02:02 PM

Update on SP

ANZ - down o.4%
CBA - down 0.21%
NAB - down 0.29%
WBC - up 0.12%

Shortman total short positions as at 25/1/2019 - short positions since 25/1/19 yet to be added and appear higher than normal

ANZ - 1.44% https://www.shortman.com.au/stock?q=anz
CBA - 2.09% https://www.shortman.com.au/stock?q=cba
NAB - 0.70% https://www.shortman.com.au/stock?q=nab
WBC - 1.96% https://www.shortman.com.au/stock?q=wbc

In today's AFR - Hedge funds short banks ahead of banking royal commission final report
QUOTE
Offshore investors have been harder to lure in and have been net sellers of Australia's big four bank stocks, with NAB being the bank stock most sold by overseas funds. Overseas funds have also sold off ANZ and CBA while being net buyers of Westpac.


QUOTE
Macquarie's analysts, however, see a silver lining in the build up in short interest, explaining that a benign final report from Commissioner Hayne may result in a short squeeze or spike in share prices, as speculators who are short the stock are forced to buy it back during a rally, sending prices even higher.


read more - https://www.afr.com/business/banking-and-fi...20190201-h1aqgp

Let's hope there are no "leaks" from the report during the course of the weekend and Monday - the report not being made public until after the market close on Monday



--------------------
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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