Editor : Perry White
Friday 28th October 2011
The Plain Truth commences exposure of the consequences of players in the GFC.
Our maiden investigation is both contemporary and relevant to thousands of people and indeed Australian society as a whole. Much is written about unavoidable disasters such as bush-fires, cyclones, floods and earthquakes and the tragic effects that these natural, uncontrollable and unavoidable occurrences have on thousands of people.
There are however events such as wars, terrorist acts and acts of deception which are often no less tragic in their effect and can be more wide-spread in their range of devastation.
One such event is an act of deception perhaps unprecedented in its viciousness and complexity. We refer here to the sad and sorry saga of the actions by the Commonwealth Bank of Australia (CBA) and its role in the collapse of Storm Financial Limited (Storm).
The consequent destruction of the financial lives, dreams and aspirations of thousands of Australians has been the subject of many a tale most of which are either partially or completely fabricated.
The Plain Truth has approached this story by reviewing much of what has been written, including the conclusions drawn by the parliamentary enquiry into financial products and services in Australia.
In spite of numerous representations to us that there were serious flaws in the reporting of the CBA / Storm event, we commenced our process by assuming that the general prevailing consensus (particularly in the press) and the general conclusions arrived at were correct. What we were interested in was the evidence and proofs that led to this consensus and the conclusions. After many months of searching for this evidence and proof we surprisingly discovered a landscape littered with lightweight opinions, myths and an environment almost completely devoid of facts and supporting evidence. We did find that facts and supporting evidence actually existed but we suspect these facts and evidence were suppressed for the purpose of protecting the CBA. Our task suddenly became that much more difficult requiring us to dig a lot deeper in search of the real story. This led us on a path of discovery for actual evidence as opposed to innuendo and self-serving statements.
The big surprises were:-
a) The discovery that the evidence actually pointed in a direction away from Storm and its people (rather than to Storm), and
b) The extent to which Australian Securities and Investment Commission (ASIC) was responsible for much of the cover-up and subsequent pain and suffering by the banks victims.
c) The discovery that ASIC was as responsible as the CBA for the collapse of Storm and the devastating effect that this collapse had on thousands of lives. It is arguable that ASIC was more responsible because after all ASIC is the policeman.
The mandate of The Plain Truth is not just to expose those that we know to be responsible but to make them accountable.
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