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CBA, COMMONWEALTH BANK OF AUSTRALIA
blacksheep
post Posted: Oct 8 2018, 03:11 PM
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Schedule
Review of the Four Major Banks (Fourth Hearings)
PUBLIC HEARING
Thursday 11 October 2018
9.15 am Commonwealth Bank of Australia
1.15 pm Westpac

Friday 12 October 2018
9.15 am Australia and New Zealand Banking Group Limited

Friday 19 October 2018
9.15 am National Australia Bank

https://www.aph.gov.au/Parliamentary_Busine...Public_Hearings




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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
 
plastic
post Posted: Sep 28 2018, 05:49 PM
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While all of this was happening, who was the Chairman? And where is he now? Have a look at what is happening there. Seems he has the Midas touch in reverse.



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What did Uncle Mel do to us?
 
blacksheep
post Posted: Sep 25 2018, 10:33 PM
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Royal Commission interim report out by end of September
Analysts flag potential double-digit drop for CBA after Hayne inquiry

QUOTE
Morgan Stanley and Citi are flagging the potential of a double-digit fall in Commonwealth Bank shares if the royal commission into the financial services sector produces a harsher result than investors are expecting

https://www.afr.com/markets/equity-markets/...20180924-h15tg5

Citi is quoted saying shares could fall as much as 21% to a low of $57.25.

Overall, currently, short positions are not that high suggesting investors don't see such a fall happening - CBA's shares have fallen some 11% so far this year
Short positions @ 19th September, 2018 1.25%:
https://www.shortman.com.au/stock?q=cba

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

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mrbear
post Posted: Sep 17 2018, 02:40 AM
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In Reply To: mullokintyre's post @ Aug 15 2018, 10:10 PM

We might whinge about our institutions but at the moment we are travelling through the balkan region and i can tell you aussie is worlds ahead. This place still has a big hangover from the communist days and if you want corruption and poor customer relations just come here. The people and and places are wonderful but the way they are run leaves a lot to be desired. Just like the attendant that walks out of his booth at a border crossing and doesnt come back for nearly 15 minutes and just leaves a heap of vehicles waiting in line , then when he does come back he lights up a smoke first. Ours are worlds ahead, cheers mrbear.

 
triage
post Posted: Sep 13 2018, 08:18 AM
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Could be an interesting morning for CBA and ASIC at the royal commission today.

Yesterday, the counsel assisting, Rowena Orr, spent a surprising amount of time talking to a CBA boss about a single heart attack victim who was denied a payout by CBA because of the definition of heart attack used at the time by CBA. So far I think it has been established that after some unaccepatable provarication to the client and to the Financial Ombudsman Service CBA eventually paid the customer what he would have been paid had they accepted that he'd had a heart attack. In part, this was brought to a head by a Four Corners story in early 2017 (?) that alleged that CBA had broken the law in how it handled claims for illnesses such as heart attacks. All good (and great for the customer affected) but hardly suggestive of some massive systemic problem like many of the previous case studies looked at by the royal commission.

But then yesterday afternoon Ms Orr moved onto the fact that ASIC had carried out an investigation of the claims made in the Four Corners story about CBA insurance. In late 2017 ASIC found that CBA had not broken any laws and within the bank this was seen as a massive victory. But Ms Orr then showed that since at least 2011 CBA was aware that its definition of heart attack fell well short of what was universely accepted by relevent international heart specialist organisations, was being advised by its own chief medical officer that the definition it was using was wrong and discriminatory but persisted with using that definition for commercial reasons. Moreover she seemed to suggest that ASIC, in preparing its final report on the Four Corners allegations, worked with CBA so that CBA could present itself in the best possible light. Again, I think it is worth noting that it was made quite clear that the way ASIC handled the issue was considered by CBA executives as a massive win for CBA.

Ms Orr may not attempt to join the dots here but my feeling is that she is not far from suggesting that for a number of years CBA wilfully ripped off its insurance policy holders and that ASIC gave CBA a free pass on that behavior. I suspect this will be another example of the regulator working too closely with the regulated.



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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

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blacksheep
post Posted: Aug 15 2018, 10:12 PM
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In Reply To: mullokintyre's post @ Aug 15 2018, 10:10 PM

Now we're talking Mick smile.gif



--------------------
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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mullokintyre
post Posted: Aug 15 2018, 10:10 PM
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In Reply To: blacksheep's post @ Aug 15 2018, 09:07 PM

APRA, ASIC and all the other alphabets are just as complicit.
Self serving, overpaid parasites that are part of the problem.
Get rid of them, but as they do, jail every CEO of an institution that had defrauded the customers.
Nothing concentrates the mind like a term in the slammer.
CEO's are paid ridiculously large amounts of mullah, as they are ultimately responsible for the operations of the iinstitution.
Then see how compliant the bastards will be.
Fines just come out of the shareholder and customers pocket.
Hold a royal commission every 5 years, would be infinitely cheaper than the alphabets, but 100 times as effective.
Mick




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blacksheep
post Posted: Aug 15 2018, 09:07 PM
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In Reply To: mrbear's post @ Aug 15 2018, 07:52 PM

QUOTE
I couldn't care less who they charge as long as they remain profitable and pay out divs.


So allowing crooks/drug dealers/possible terrorists to send millions off shore (money laundering), each transaction added to the banks coffers/profitability, charging dead people and other excessive fees, which also also added to their coffers, is all OK?

Makes you wonder why there are laws in place that prohibit, not to mention watchdogs employed to make sure they adhere to the laws. Maybe we should get rid of APRA, ASIC, and cancel the Royal Commission, and the Banks will once more "self regulate"/business as usual and then there'll be more divs to go round biggrin.gif Think of the savings to taxpayers as well - your welfare friends might even get an increase biggrin.gif Win win all round.



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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

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mrbear
post Posted: Aug 15 2018, 07:52 PM
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In Reply To: mullokintyre's post @ Aug 15 2018, 06:18 PM

Good old reliable banks charging the dead fees,at least they don't complain.

I couldn't care less who they charge as long as they remain profitable and pay out divs.

Half the fools in the country think they can do without banks,but I can see a lot of bleating as these people try to borrow money in the future and the banks will not hand it out as easily.

Maybe they would be happy if the banks and the country go bankrupt,they of course will still get their welfare check (they think )every fortnight.

I have had this conversation with a few welfare friends and to be honest I could not believe how dumb they really are.

They cannot comprehend that someone like me has to pay a heap of tax so the government can pay it to them.maybe they think they just print more of the stuff when it gets in short supply,cheers mrbear





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triage
post Posted: Aug 15 2018, 07:47 PM
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In Reply To: mullokintyre's post @ Aug 15 2018, 06:18 PM

Mick

There is nothing more black and white than fiduciary duty and the royal commission has shown fairly conclusively that a number of banks have embedded trustees into their organisation and that those trustees have repeatedly put other parts of the organisation before those customers whose interests they were required to protect. Same goes for bank employed financial advisors who have a fiduciary duty not to push their clients into bank products that are objectively inferior to other similar products available in the market.

Regarding super funds, it is patently obvious that industry funds are a far better option than the rubbish usually offered by banks. It used to be that the default superannuation fund for most employees was an industry fund but it was a wilful decision by this government to allow bank run superannuation funds into this market. The banks are of course making an absolute killing as most people are simply not financially literate enough to know any different. In my opinion that is why the current government was so much against having a banking royal commission (I think they knocked it back 23 times before finally being forced into it): they are complicit with the banks.



--------------------
"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  
 
 


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