Tag: banks

Simpler lending rules for home loans and credit to free up the economy

Treasurer Josh Frydenberg will overhaul bank lending rules to make it simpler to decide mortgages and credit card lending.

The promise to change irresponsible lending practices force the LNP to draw up a bill to put the reins on payday lending so that people aren’t simply caught up in the debt trap the LNP in their wisdom are cancelling that bill. Australians already carry am inordinate amount of personal debt an the government are about to increase that. Yes the talk about the abstract but divide peoples lives.

Customers will be promised faster access to loans under simpler rules that aim to free up credit and lift the economy by ending confusion over lending obligations for banks and finance companies.

Simpler lending rules for home loans and credit to free up the economy

 

Westpac To Pay $1.3 Billion Money Laundering Fine Using Unmarked 100 dollar Notes | The Shovel

Outgoing Westpac chief Peter King has asked regulators if it would be ok to settle their impending $1.3 billion fine for money laundering and child exploitation with a half dozen briefcases filled with $100 notes.

Westpac To Pay $1.3 Billion Money Laundering Fine Using Unmarked 100 dollar Notes | The Shovel

FinCen Files Shine Spotlight on Suspicious Bank Transfers | The Smirking Chimp

In September 20th, the International Consortium of Investigative Journalists (ICIJ) –the reporters who brought us the “Panama Papers” and the “Paradise Papers” — released the “FinCEN Files,” in collaboration with Buzzfeed News. The FinCEN Files are the result of a U.S. leak of 2,100 “Suspicious Activity Reports” (SARs) – covering over 18,000 transactions — filed by banks when they believe a transaction may involve fraud, corruption, or other criminal activity. SAR reports are not public. A former U.S. Treasury official leaked the documents to expose corruption.

FinCen Files Shine Spotlight on Suspicious Bank Transfers | The Smirking Chimp

Trump Has a Half Billion in Loans Coming Due. They May Be His Biggest Conflict of Interest Yet. – Mother Jones

Trump’s biggest creditor is Deutsche Bank, which in the late 1990s took a gamble on the real estate developer whose history of corporate bankruptcies made him untouchable by most other lenders. Although Trump and the Frankfurt-based bank pulled off several profitable deals, eventually Deutsche’s commercial lending division learned the hard way one reason why other banks considered him persona non grata: If pushed by his creditors on payments, Trump shoves back. In 2008, after he defaulted on a loan for his Chicago hotel and condo development, he filed a multibillion-­dollar suit accusing Deutsche Bank and others of contributing to the recent financial meltdown, which he blamed for his inability to repay the loan.

via Trump Has a Half Billion in Loans Coming Due. They May Be His Biggest Conflict of Interest Yet. – Mother Jones

Bankster Bailout: will the trickle-down package trickle beyond the banks and big business? – Michael West

QE, Reserve Bank, RBA

Irresponsible lending created the GFC (ODT)

The Morrison Government’s emergency measures to protect the economy are another massive subsidy from embattled taxpayers to Australia’s largest corporations. They are a failure of government to govern. Michael West reports.

Question: why would a bank lend money to a business with no customers?

Answer: it wouldn’t.

Question: who will benefit from the Reserve Bank’s massive loan and money-printing program?

Answer: banks, bond traders and corporate customers.

Bankster Bailout: will the trickle-down package trickle beyond the banks and big business? – Michael West

Hunting ‘the Mafia’: Big investment banks face Australian cartel claim

 

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Scott Morrison voted against the Royal Commission into Banks 26 times. He continued to do little or nothing since, and even after the release of the Panama Papers were banks were found to be party to money laundering and tax evasion. He’s allowed the banks to to create an industry that simply ran riot over the Australian public farming profits for itself with little and no service provided in return,and now he’s allowing that system to continue. Australia has slid 6 places on the global corruption index since 2013 (ODT)

Five of the biggest investment banks in the world, including UBS, Barclays and Citibank, have been accused in an Australian class action lawsuit of operating a foreign exchange cartel using secret chat rooms titled “the Cartel”, “the Bandits Club” and “the Mafia”.

The banks, including JPMorgan and Royal Bank of Scotland subsidiary NatWest, have been accused of colluding to fix interest rates to the financial benefit of their own banks and to the detriment of other market participants including individual investors and businesses.

via Hunting ‘the Mafia’: Big investment banks face Australian cartel claim

Five pillars of financial crime (part 3) – » The Australian Independent Media Network

has anyone been charged or will this process be put aside like the GFC, the Panama Papers and allow everyone to keep the spoils? (ODT)

While the scale of illegality and unethical behaviour in the Australian financial sector might be news to many Australians, the scale of fee-gouging, profiteering and the terrible treatment of customers should be no surprise to our regulators or politicians.

What s likely to remain, as a primary cause of the decade-old malpractice governing the industry and surrounding collaborators – as eloquently shown by K. Lee is ‘The incestuous relationship between government, the financial sector, the regulators, and the legal firms the use’, theaimn.com, 3 October 2018).

via Five pillars of financial crime (part 3) – » The Australian Independent Media Network

Government corruption and the need for a Federal ICAC

Paladin corruption allegations;
Royal Commission findings on banks;
no charges laid over questionable tip-offs on AFP’s union raid from Michaelia Cash’s office; and
Northern Territory’s public service corruption charges.

via Government corruption and the need for a Federal ICAC

How Israeli banks finance theft of Palestinian land | The Electronic Intifada

Under the United Nations Guiding Principles on Business and Human Rights, “businesses are expected to undertake human rights due diligence to identify and mitigate contributions to human rights violations of not only their own activities but also activities to which they are directly linked by their business relationships,” Human Rights Watch notes.

“None of the seven Israeli banks contacted responded to questions regarding any steps they have taken to implement” the UN Guiding Principles, according to Human Rights Watch.

But there is no way to limit the harm that comes from doing any business related to Israel’s colonies.

“Settlements inherently contribute to serious violations of international human rights and humanitarian law,” Human Rights Watch states. “Companies, including banks, that conduct business in or with settlements cannot mitigate or avoid contributing to these abuses, because the activities they conduct take place on unlawfully seized land, under conditions of discrimination, and through a serious violation of Israel’s obligations as an occupying power.”

The group urges banks to completely “cease doing business in or with Israeli settlements” because “in Human Rights Watch’s view, these activities inherently contribute to serious abuses.”

This report builds on one Human Rights Watch published last September debunking claims by Israeli banks that Israeli law requires them to provide services that aid the theft and colonization of Palestinian land.

via How Israeli banks finance theft of Palestinian land | The Electronic Intifada

Crime and terror in the banks | The Saturday Paper

The Saturday Paper logo

Tabcorp was fined $45 million in March for breaching money laundering laws 108 times over five years. AUSTRAC boasted at the time that the ruling was the largest civil penalty in Australian corporate history. Applying the same standard to the 53,760 breaches Commonwealth Bank is accused of would see it staring down the barrel of a $22 billion penalty.

Source: Crime and terror in the banks | The Saturday Paper

Panama Papers leak exposes how Vladimir Putin, Xi Jinping’s friends hide money

A massive leak of documents has blown open a window on the vast, murky world of shell companies, providing an extraordinary look at how the wealthy and powerful conceal their money.

Source: Panama Papers leak exposes how Vladimir Putin, Xi Jinping’s friends hide money

Greek bailout ‘a new Versailles Treaty’, says former finance minister Yanis Varoufakis – Late Night Live – ABC Radio National (Australian Broadcasting Corporation)

Former Greek Finance Minister Yanis Varoufakis speaks to the press

Greek bailout ‘a new Versailles Treaty’, says former finance minister Yanis Varoufakis – Late Night Live – ABC Radio National (Australian Broadcasting Corporation).

As HSBC shows, we’ve been timid and pathetic in dealing with tax dodgers. The ATO allows corporations to self audit pay as much as you see fit. Is that fair?

lin homer, chief exec HMRC<br />

As HSBC shows, we’ve been timid and pathetic in dealing with tax dodgers | Prem Sikka | Comment is free | The Guardian.

Matt Corman says “Old News Move On” Let’s screw the new Oldies. He’s Belgian says it without smiling or his face would crack

scam-financial-advisor

Chris Bowen said the government’s changes to the FoFA regulations had scored a ”daily double” by reducing consumer protections from unscrupulous financial planners and increasing red tape.

”They’ve emasculated the requirement to work in the best interests of the client,” he said.

Now, independent Senators Nick Xenophon and John Madigan have introduced two amendments to tackle the worst and arguably most potentially dangerous aspects of the Coalition’s reforms – namely general advice and changes to the best-interests duty.

Considering the banks and AMP own or control up to 80 per cent of the financial planning industry, as Nick Xenophon put it,

“The financial services industry is big enough and ugly enough to look after itself and … consumers are the ones government should be providing with certainty and adequate protections.”

But hey…we’re open for business.  Caveat emptor.