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Are the banks ripping us off?
Will the banks pass on the full RBA interest rate cut?
You cannot see the results of the poll until you have voted. Please login and cast your vote to see the results of this poll.
Total Votes: 353
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post Posted: Nov 26 2020, 08:52 PM
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In Reply To: plastic's post @ Nov 25 2020, 04:06 PM

And will it be exactly like the Royal Commission... and the fines that APRA dished out? Ie. completely un-enforcable... and then the ASIC BS that claims they can't regulate the banks because they sit behind APRA?
I bet the boards of the banks don't loose one minute of sleep over this. Just jawboning.

post Posted: Nov 25 2020, 04:06 PM
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Here it comes. Slowly but surely.


[Two banks and an insurer are under investigation by the Reserve Bank over compliance issues and one of the banks is facing enforcement action.

What did Uncle Mel do to us?
post Posted: Nov 23 2020, 01:20 PM
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Anyone who was still under the impression that the US elected officials and their underlings run anything except a publicity machine, should read the following.

FromWall strrt on Parade
Yesterday, U.S. Treasury Secretary Steve Mnuchin stunned markets by demanding in a letter to Federal Reserve Chairman Jerome Powell that the Fed return Treasury funds that are backstopping the bulk of its emergency lending programs and wind down these programs by year’s end. Adding further shock, the Fed rebuked the idea with its own statement, saying this:

“The Federal Reserve would prefer that the full suite of emergency facilities established during the coronavirus pandemic continue to serve their important role as a backstop for our still-strained and vulnerable economy.”

At issue in this newly-emerged war between Treasury and the Fed is $454 billion, $340 billion of which has yet to be accounted for. The process has played out as follows:

On March 27, 2020 President Trump signed the CARES Act emergency stimulus plan into law. That law instructed the Treasury Secretary to make $454 billion available to the Federal Reserve for emergency lending facilities. The funds were to make $10 of Fed emergency funding available for each $1 from the taxpayer. The taxpayers’ money was to be used as loss-absorbing capital. The $454 billion would have supported up to $4.54 trillion in lending by the Fed.

But according to the Fed’s H.4.1 balance sheet statements that are released weekly on Thursday afternoon, the Fed has only used the following amounts of money from the Treasury: $10 billion for the Commercial Paper Funding Facility; $37.5 billion for the Corporate Credit Facilities to buy up corporate bonds and Exchange Traded Funds; $37.5 billion for the Main Street Lending Facilities for loans to small and mid-size businesses; $17.5 billion for the Municipal Liquidity Facility that buys up municipal bonds; $10 billion for the Term Asset-Backed Securities Loan Facility; and $1.5 billion for the Money Market Mutual Fund Liquidity Facility which bailed out toxic waste in money market mutual funds to keep them from breaking a buck. All of this adds up to just $114 billion out of the $454 billion that Congress allocated.

Wall Street On Parade has been repeatedly asking for an explanation as to what has happened to the balance of $340 billion that Congress intended to be used to help American families and businesses during the worst economic downturn since the Great Depression. (See As 98,000 Businesses Permanently Closed, the Fed and Treasury Have Sat on $340 Billion of Untapped Money from the CARES Act.)

Not only does the American public not know what happened to that $340 billion but as we pointed out previously “despite regular promises from the Fed Chairman that the Fed will be transparent about its lending programs, there are four programs for which the Fed has yet to provide transaction level data – meaning the names of the borrowers and how much they borrowed. Those programs include: the Primary Dealer Credit Facility; the Commercial Paper Funding Facility; the Money Market Mutual Fund Liquidity Facility; and the Fed’s Repo Loan facility that sluiced over $9 trillion cumulatively to the trading houses on Wall Street beginning on September 17, 2019 – months before the first case of COVID-19 appeared anywhere in the world.”

Three of the programs that the Fed has operated in the dark are the very programs that Mnuchin has asked in his letter to be extended for 90 days: the Primary Dealer Credit Facility; the Commercial Paper Funding Facility and the Money Market Mutual Fund Liquidity Facility. In addition, Mnuchin would like the Fed’s Paycheck Protection Program Liquidity Facility, which provided more than $3 billion to Citigroup, to also be extended for 90 days.

Love the response, the US sec ton treasury issues and order to the US fed to return funds and the U FED (A private organisation, not an arm of the government or president), basically gives him the bird.
The real power is with the Banks via the US FED. So much for transparency. Its a weird country.


sent from my Olivetti Typewriter.

Said 'Thanks' for this post: Pendragon  
post Posted: Nov 6 2010, 10:52 AM
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Well they seem to be happy to enable identity theft .

I sent an email to ANZ the other day, logged on and used their secure mail. I get this reply:
" Good Morning Mr Genninges, thank you for your reply. Dear Sir the servicing department will send you a letter to the overseas address we have recorded on the system. Once they amend the rate you will be able to see that on the Internet.
I have removed all my details in the email from this post but Mr Genninges would have received them.

My reply to this was:
What overseas address? Who's Mr Genninges?
And what two bit operation are you running!

So I checked what to do to protect myself, one was to get a copy of my personal credit file from Baycorp Advantage (this is from ANZ website) So all I have to do is sent all my identity documents to them and they will send me a credit file? What the F@#$k!

Dont worry about people going through your bins, the banks will just email all the info to the fraudsters (one in the same really)

post Posted: Mar 22 2010, 05:02 PM
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Our good and socially caring banks are at it still!

Westpac sent a leaflet stating that as of 8th June they are going to charge interest on the total amount owing on credit cards including the interest already applied,so as an example if your tally is $1000 and interest of $16.00 has been applied for the month you will now have to pay interest on that total.

In another case of questionable banking promotions a TV advert comes close to belittling other banks who charge 19.99 % on credit cards by stating that they will only charge 2.9% for an initial period but in fine print say that the rate will revert to their standard rate of 20.99%.

post Posted: Oct 28 2008, 04:40 PM
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Banks sure know how to make sure they do alright....
Shareholders are then left the scraps if there are any......
Interesting to read.


post Posted: Oct 15 2008, 07:19 PM
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In reply to: hellyeah on Wednesday 15/10/08 04:37pm

G'day Hellyeah

I'll be dropping by shortly to offer you some encyclopaedias !!!!!! laughingsmiley.gif

Actually it's two good lessons in one.

1. Read carefully before committing

2. Don't take any notice of polls


"Sometimes I sits and thinks, and sometimes I just sits." Satchel Paige

"No road is long with good company." Traditional
post Posted: Oct 15 2008, 04:37 PM
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In reply to: uraniumbull on Friday 03/10/08 05:48am

hey, guys, just to let you know...just found that this poll on here is visually reading are banks ripping us off...and of course clicked yes.....didn't even notice the small print underneath question are they going to pass on you know as far as the running poll result is concerned should be one vote less yes and 100 votes more of this....always, but always, read the fineprint first before you say yes or no or sign anything!!!!!!!!!!!! devilsmiley.gif

post Posted: Oct 3 2008, 05:48 AM
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In reply to: Avenger on Thursday 02/10/08 02:35pm

Yes Avenger,
and those same greedy piggies in 1987, have one again squandered the billions.
The stupid/greedy Banks have once again lent money to the wrong people with little care or due diligence. Home owners are the small fry.
Why banks lent out Gazillions to private equity, hedge funds etc is beyond me.

Why they lent Alan Bond, or Cristopher Skase all those billions, or how Tricontinental, Bank of Victoria and South Australia all went broke was complete lack of financial control by the banks.
Lending billions to people with vague plans.

Its no better now.
I have been telling people for years that ABC Learning centres was built on a house of cards, how the banks lent to that lot I have no idea.
But hey there is worse, much worse than ABC out there that have lost hundreds of billions.

The hundreds of billions people wasted has all gone somewhere, and it has fuelled our excessive lifestyles, it has stimulated our economy.

Not just householders borrowing too much, its the big guys to blame for this mess and the banks were negligent in handing out the money so easily.

A few years ago I went to borrow $15,000, secured against a car.
I could not believe it the banks said no, unless I provided fully audited accounts for the past 2 years, signed in blood by my accountant. Self Assessed taxation office approved accounts were not allowed!

A few weeks later I went to borrow $2M and a month later $6.5M
Flashed a few numbers past their eyes.
Guess what the bank said yes!
They came to my premises twice, and approved the loans for the projects in principle within 1 hour.


I have no doubt that if I had asked for $20M I would have got it, and I have no doubt the bank had no real idea of the financial risks involved.

In the end I did not go through with the deal as there were some pretty big financial risks.

Another company ended up coughing up $1.2M more, for the project than I was willing to pay,
This company ended up losing around $1M, and is now in receivership, and the banks will probably lose $1M-$1.5M on that deal as they sell off the assets.

So glad I walked away, but the banks lent more money to a far less capable company, and did zero due diligence.

My story is repeated thousands of times around this country and these stories are about to haunt the banks for years

Life is like a toilet roll.
The closer you get to the end, the faster it goes.
post Posted: Oct 2 2008, 08:41 PM
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In reply to: Avenger on Thursday 02/10/08 07:52pm

Done deal Avenger !



"Sometimes I sits and thinks, and sometimes I just sits." Satchel Paige

"No road is long with good company." Traditional

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