- Was Christopher Skase Innocent?
- Is this this an argument for Islamic Banking?
- If this isn’t Systemic corruption what is? After all the banks have no investment they just created a debt from nothing anget paid all the way. (ODT)
The legal “profession” is central. It appears lawyers who work in bank litigation are often corrupt. It goes with the job. Myriad lawyers and law firms have built profitable businesses on their complicity. They are on the front line to savage the victim.
Victims perennially find that their own lawyers – at the time draining their last shekels – are working for the other side. This discovery really knocks the victim’s head around.
Banks force victims to pay for “consultants” and an endless round of valuers do the bank’s bidding, while the payee perennially doesn’t even get to see the reports they paid for.
Liquidators savage the wounded business, perennially consigning the lifeless body to the graveyard out of malice. They operate under direction and protection of the bank, though the law has it that the liquidator is an agent of the borrower. (Spender J does somersaults on this farce in NAB v Freeman, FCA 244, 12 March 2002.)
The regulators fail the borrower. ASIC tells the borrower complainant to bugger off, lying to them in the process regarding their powers. This practice is so institutionalised and the signatories so numerous that the cynical culture is evidently deeply entrenched.
The Financial Ombudsman Service (FOS) messes victim-complainants around, threatens and ultimately sells them out. This institution is there formally to offset the unequal power of the bank lender but it reinforces the power and bastardry of its banking sector funders.
This complicity by the top finance sector policeman and the “external dispute resolution” mediator is another mind-bender for the victims. This is “nails in the coffin” stuff.