Report : Vicki Vale
Content : Commonwealth Bank news, Macquarie Bank news, Margin Call errors, Storm PJC, CGI terms & conditions
Friday 30th March 2012
By declining to follow up on obviously deceptive statements by the Commonwealth Bank to the Parliamentary Joint Committee the CBA was able to once again evade accountability.
The Commonwealth Bank was given another opportunity to tell the truth and shed further light to the Parliamentary Joint Committee on Corporations and Services – Inquiring into Financial Products and Services on its dubious handling of margin calls. Each time the CBA's rotten eggs' reached the crossroads of truth or deception the option they selected was to deceive. This deceptive conduct by the CBA's Gestapo can be seen in their answer to a very simple question put by Senator Mason to both Macquarie Margin Lending and Commonwealth Bank.
On the 28th October 2009 in Canberra, Senator Mason asked Mr van der Westhuyzen (from Macquarie Margin Lending), “And of those margin call how many were satisfied within 10 days?”
A very simple question that requires a very simple answer, which would simply be, a number. To their credit Macquarie answered as simply and truthfully as it could with the following response.
A similar question requiring an equally simple answer was put to the CBA representatives by Senator Mason, “…how many [margin calls] were addressed within the 5 day limit response timeâ€.
The characteristic profile of a chronic liar emerged again in CBA's response. The two elements that personify this characteristic are:
1) The use many confusing and unrelated words, in this case 652, to respond to a simple question which could be answered in very few words and which Macquarie accurately answered in a very economical 34 words.
2) To simply not answer the question asked and deflect to another topic.
The CBA simply refused to answer the question asked and got away with it. The committee did not take the Commonwealth Bank to task nor did the committee follow up and insist that the question be answered. To the CBA's benefit (and sadly for its victims) the bank once again skilfully evaded answering a simple question about its margin call procedures making the Parliamentary Joint Committee members look lightweight.
Not only did the Commonwealth Bank have the temerity to not answer the question but they took the opportunity to further put down Storm by representing Storm's letter of the 8th Oct 08 and its consequent transactions as responses to margin calls. Note the transactions in response to the 8th Oct letter were designed to prevent clients going into margin call and were not in response to margin calls notices which in fact did not exist.
A special note from the Editor,
After receiving legal advice and on advice from the Commission, The Plain Truth can finally report that the evidence that the CBA methodically lied to the Parliamentary Joint Committee on Corporations and Services is overwhelming. The conclusions drawn by the Parliamentary Joint Committee and published in their report of November 2009 are flawed to the extent that the reopening of the inquiry into financial products and services in Australia is warranted and urgent. Accordingly the Commission together with The Plain Truth has commenced steps to have the Inquiry re-opened with the Commission commencing drafting on its own suggested terms of reference. Further information and suggestions on how you may assist will be published in the coming weeks.
The Editor
The Plain Truth,
PO Box 2783
New Farm QLD 4005
Content : Commonwealth Bank news, Macquarie Bank news, Margin Call errors, Storm PJC, CGI terms & conditionss
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