Bank Fraud at National  Australia Bank - Introduction

Fraudulent Bank Practices in Australia have been a window into the unethical, immoral and unlawful practices of all banks around the world connected to the IMF and central banks established under the direction of the Money Powers. Bank Fraud is the foundation of tyranny and debt elimination Soar Home with REAL Debt Elimination. Eliminate credit card debt and accelerate mortgage pay-off.
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Recent surveys of banking products for small business imply a sector in excellent working order. A qualitative advance since financial deregulation is presumed with more diverse and cheaper facilities. Other sources reveal a story more complex and troublesome. Many small businesses have had disastrous experiences with their lenders. Their experience does not appear to be the result purely of their own ineptitude. This paper examines eight case studies, all involving the National Australia Bank, although comparable cases could be elicited involving other major banks. Most of the cases are of recent vintage, although some are of long standing and retain their salience. Their experience merits recounting as an apparent reflection of the unequal relationship that small businesses experience with the major banks. The capacity of the legal system to appropriately process small business complaints is also at issue.

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Table of Contents

Bank Fraud Exposed - Money out of YOUR Pocket!

Paul McLean is Back to Expose Bank Fraud

Bank Fraud in Australia is Systemic - part 2 - part 3

The Foreign Currency Loan Experience in 1980s Australia: Dwyer v Commonwealth Bank of Australia -  2 - 3 - 4 - 5

The Quade Appeal on Decision vs CBA - 2 - 3 - 4 - 5 - 6 - 7

Jones Letter to CBA Noting Hypocrisy concerning Dwyer

Dwyer Letter to Kevin Rudd

Dwyer Letter to Malcolm Turnbull, MP

Bank Fraud in Australia Is a Step Toward Controlling the Economy and the People

Bank Fraud in Australia Is Systemic and Affects All Australians

The Banks and Small Business Borrowers: case studies of adversity by Evan Jones

1  - Introduction
2 - Goonans
3 - Paul Buckman
4 - The Walter family
5 - The McMinns
6 - Lynton Freeman
7 - Ross Delahunty
8 - Keith Smith
9 - The Somersets
10-Conclusion

Bank Fraud in Australia Is Systemic and Affects All Australians

Articles by Evan Jones

The NAB and Its Publicity Grabs

Innovation at the NAB and Grab

NAB accused of dirty tricks in Queensland

Bank Fraud and John Howard

Australian Four Pillars Bank Policy

Document Discovery and the Australian Courts

Final Warning: A History of the New World Order

Banks Behaving Badly

When the Bankers became Con-men

NABbed - an overcharging scandal involving the biggest Australian bank

A Case Study in the Adverse Small Business Environment in Australia

The Walter Family and the National Australia Bank - part 2

The Victorian Courts  - part 2

The Industry and the Federal Authorities

The State of Victoria and the Bracks Government

The NAB and the New Public Relations Program

The Regulators, the Law and Bank Malpractice - part 2

Conclusion and References

Tony Rigg -Never in Default

1 - NEVER IN DEFAULT - Rigg

2 - Fraudulent Swiss Franc loans

3 - Insider Trading within a Secret Society

4 - Corrupt Receiver and Illegal Eviction

5 - Collusion in Government

6 - Commonwealth Bank Code of Practice

7 - Pioneer in Steel Structure Building

8 - Summary of Argument on Appeal from Federal Court

9 - Brief for Joanna Gash, Federal MP from Gilmore

Steve Heinrich's Last Submission to Federal Court

Wilfred Taylor

Corporate Australia

Patricia Poulos, Senior Consultant and Head of Litigation

The plight of Tony Rigg and others is a disgrace.

What a blight on the Legal System and the government, when the likes of successful businessman Tony Rigg has had to assume the role of his own lawyer.

Try though they may, these wonderful Australians are no match for those who act for the banks and other lending institutions and who, without
conscience, sacrifice these innocents to the scrapheap.

It is imperative that the battle fought is on 'legal' grounds and the result obtained is financially beneficial to the battlers.

I am saddened that so many, spend so much of their life, with very little reward.

I have been where these fine people are, and now have a real
opportunity to assist. I now own an Incorporated Legal Practice - "NICHOLAS POULOS LAWYERS" and we specialise in litigation (but have a general practice).

With my knowledge and experience, no stone will be left unturned in researching documents in order to uncover the truth and put it before the courts.

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A New Beginning: A Practical Course in Miracles
1  INTRODUCTION
HISTORY OF COMMERCE
3 RESPONSIBILITY
4 REDEMPTION

5 POWER OF ACCEPTANCE
6 BEING A DIPLOMAT
7 BEING A SOVEREIGN
8 PRIVATE BANKING

Drug Smuggling

Why Taxes Are Not Necessary

Income Taxes are Cartoon Images of the Law

Hidden Truth about Income Taxes

Stopping an IRS Audit with 32 questions

Agent Reveals IRS is a Fraud

CAFRs Are the True State of the State, Not Budgets

Comprehensive Annual Financial Reports Expose Fraud 1

Comprehensive Annual Financial Reports Expose Fraud

Behind the Stock Market Illusion is Government Collusion

Taking Control of your TRADE NAME!

I Want The Earth Plus 5% -- an allegory that's not a  fairy tale.

Collapse of the Dollar: How America Was Set Up to Take a Fall

THE UNIVERSITY OF SYDNEY
Political Economy
Faculty of Economics and Business
Merewether Building
NSW 2006
AUSTRALIA

1. Introduction and background

The mission statement of the Australian Bankers’ Association reads “Improve the economic wellbeing of Australians by fostering a banking system recognised as one of the safest, dynamic and most efficient in the world”.

In February 2002 KPMG Consulting produced a report for the Australian Bankers’ Association on small business banking. The general tenor of the report was of a sector in excellent working order, with the claim of 57 institutions offering 720 debt financial products. The tenor of the 2003 KPMG report is comparable. The ABA’s CEO, David Bell, summarised the essence of the 2003 report, painting a glowing picture of the banking sector’s catering to small business needs (Bell, 2004). Bell claimed a qualitative advance since financial deregulation, based on the thrust to user pays pricing by which the imposition of fees for services have facilitated downwards pressure on interest margins. Competition was reputed to be intense: “…business bankers are working hard to retain and attract customers” says Bell.

Academic opinion has generally painted a rosy picture of the after-effects of deregulation. Ackland and Harper claim that “popular resentment directed at the banks in recent times has much less to do with deregulation than with the current restrictive stance of monetary policy”. They also claim that calls for “the reintroduction of regulations on banks and non-banks on the grounds that deregulation has failed to deliver its promised benefits or unleashed evil spirits of one sort of another” is “either misguided or naïve” (Ackland & Harper, 1992: p.69).

In a recent book, Straw Polls, Paper Money, the economist David Love claims that the Australian finance sector has created a ‘web of economic
rationality’ that has underpinned Australia as a top-ranking modern economy by global standards (Love, 2001: p.27).1  

These claims are representative of the ‘official’ banking community and the representation in the respectable media of the sector’s positive contribution to the economy. 

KPMG surveyed the financial providers, not small business customers.  Telstra’s subsidiary Sensis does survey small business regularly, albeit the financial dimension is not included in its regular surveys.  Sensis’ 1999 Yellow Pages Survey2 though not ideal, provides rare information on (non-rural) small business attitude to their financial providers.  The myriad and growing number of providers touted in the KPMG summary and press release distorts the skewed character of small business providers.  The four major banks comprised the major financial institution for approximately 80% of the Sensis sample (the percentage varied across States), with the Commonwealth Bank and the National Australia Bank being the major institution each for approximately one quarter of all sample businesses. 

Of significance is that there has been a recent gradual move away from the four majors to other providers.  Respondents report dissatisfaction with inflexibility, lack of general support and poor value for money.  However, the extent of the movement appears to be linked to the availability of the second-tier banks (hence the variability of the ‘major four’ share across States).  Without alternatives, the movement from the four majors is less.3

1 - Love was a principal in the thoroughly orthodox and influential consultancy, Syntec Economic Services, from 1972 to 1998.

2 - There has been no survey as comprehensive since the 1999 survey. This survey has now been removed from the Sensis website.

3 - This phenomenon highlights the importance of a viable second-tier in Australia, and the adverse implications of the regulatory authorities’ toleration of the gobbling up of some second-tier institutions by the four majors.

However, the four majors have retained their extraordinary dominance, though it is not from total satisfaction from customers. KPMG speculates on the reason for this continued dominance. Full service provision would probably be a factor, but KPMG also suggests that the majors offer better facilities in risk management and that ‘brand status’ matters in customer perceptions (KPMG, 2003: p.38). On the latter criterion, NAB was the most prestigious, with ‘the 4th most valuable brand in Australia’.

With respect, we would suggest that brand status counts for little amongst small business customers, and that the superiority of the majors on risk management is not only not transparent but dubious (as is clear from the case studies cited below). We would suggest that a key reason for the 'major four' dominance is ‘the devil you know’ caution amongst customers; moreover, the costs of shifting all financial facilities are substantial. In short, the 'major four' dominance tells us little about the relative performance of the various institutions, in particular the four majors, in serving the financial needs of small business.

The 2003 KPMG report notes that “the information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity”. This is an astute qualifier.

Information from other sources highlight that the story is more complex and troublesome. An undesirably large number of small businesses have had unfortunate experiences with their lenders. Some go through the court system, and their experience is (partly) exposed publicly in the material of the judicial process. Much information is passed by word of mouth. At face value, their experience does not appear to be the result purely of their own ineptitude. For predictable reasons, the media is not partial to the recounting of such small business hardship.

Dissonance between small business borrowers and their lenders arose most dramatically in the cases of an estimated 3600-4000 borrowers in foreign currencies during the mid-1980s. The offering by major institutions (particularly Westpac, the CBA and ANZ) of an intrinsically flawed credit instrument produced a catastrophe for many borrowers. The providers denied responsibility, fought litigants in the courts or made secret settlements with troublesome borrowers, to the general indifference of the regulatory authorities and of Parliament. The Martin Committee, conducting an inquiry into the banks, heard considerable evidence from all parties on the foreign currency matter, but ultimately whitewashed the issue.
4 The desire of the official financial community to paint a benign picture of the post-deregulation period necessitated the obliteration of the foreign currency debacle from the official account. In the process, however, the vulnerability of the small business community to its large corporate lenders became institutionalised.

A rare publicly accessible window into alleged bank lender continued maltreatment of small business borrowers can be found in the Parliamentary report of the Reid Committee (1997: Ch.5). Submissions noted problems related to information disclosure, access to account information and breach of client confidentiality. More significant was evidence of various forms of unconscionable conduct, and alleged ‘harsh and oppressive’ conduct with respect to repossession and sales of mortgaged property. Many submissions were confidential, for fear of reprisal. Nothing came of the evidence presented to the Committee on this matter. A handful of substantive changes to the Trade Practices Act and its administration were effected following the Reid report but none of these have been pertinent to the bank-borrower relationship. Most notable has been the 1998 enactment of S.51AC of the Act, which formally covers potential bank-borrower unconscionable conduct, but the Section has lain relatively dormant in practice.
 

4 - The chapter of the Inquiry report covering foreign currency loans is a superficial product with the character of an undergraduate essay (Martin Committee, 1991: Ch.17). Edwards and Valentine claim that “the Report of the Committee failed to substantiate the criticisms of the banks. … The detailed allegations were dismissed”. Tom Valentine was an expert witness for the banks on the status of foreign currency knowledge during the 1980s, but the judgement here is clearly inexpert. The Committee did not dismiss the allegations; it merely let them ‘go through to the keeper’.

Let us examine a number of case studies, all involving the National Australia Bank.5

One could readily construct an alternate list of case studies involving the Commonwealth Bank of Australia. Anne Lampe, the experienced Sydney Morning Herald financial journalist, has recently reported on several cases that deserve attention. There is the case of the Timms family, who bought a furniture business in 1991 with funds borrowed from the CBA, reputedly on the strength of positive claims from bank staff regarding viability, only to discover that the business was a lemon (Lampe, 2003a, 2003b, 2003c, 2004a). The Timms case bears a remarkable similarity to the Kabwand case outlined below. There is the case of Bernie Madigan whose attempt to close out a mortgage involved demands for further unwarranted and substantial payments, with Madigan’s costs escalating with battles through the court system (Lampe, 2004b). There is a Queensland case pending since 1996 of a Dr Robert Cook, proprietor of three medical emergency centres whose modernisation was being funded by the CBA under agreement, with the bank subsequently reneging on that agreement and foreclosing on the centres. Other cases that deserve exposure arose when the Commonwealth Bank (following full privatisation) closed its small business subsidiary, the Commonwealth Development Bank in 1996 (Jones, 2001), with some CDB borrowers getting rough treatment. Case studies involving the Commonwealth Bank deserve attention on another occasion.

The NAB borrowers’ experience merits recounting as an apparent reflection of the unequal relationship that small businesses experience with the major banks. It needs to be emphasised that the accounts below are based on the representations of the NAB’s customers. These will inevitably be prejudiced. Nevertheless, the representations highlight issues that deserve exposure and generate questions that deserve answers. Analytical commentary is warranted but, with some exceptions, has generally not been pursued in the stories.
 

5 - The recent report by the Australian Prudential Regulation Authority on the NAB’s currency desk may or not be relevant to the matters under discussion here. The Executive Summary notes: “’Profit is king’ was an expression frequently heard in our interviews with Corporate and Institutional Banking (CIB) staff.” (APRA, 2004: p.6). That the NAB would be focused on profit is a truism; the issue presumably is the means by which profit is achieved. APRA’s comments on corporate culture perhaps offer resonance beyond the specific focus of the report. One of two cultural themes emphasised by APRA concerned “a close management of information flows that discourages the escalation of issues of concern to the Board or to relevant external parties (such as APRA). … Managing the message was frequently given equal, or greater, priority than dealing with the underlying issue. NAB’s tendency to closely control information flows can be seen in the lack of escalation of issues outside the immediate operational environment” (ibid.: Ch.6).

1 - 2 - 3 - 4 - 5 - 6 - 7 - 8 - 9 - 10

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History of Banking Fraud: The Coming Battle By  M. W. WALBERT 

The Coming Battle documents from Congressional records, newspaper reports and writings by the founding fathers and others a chronology of events long forgotten that shaped our fledgling nation from 1776 to 1899. Read about the manipulation of our money and its supply, the intentional creation of recessions, depressions and panics, manipulation of the stock markets, and the demonetization of silver.

Secrets of the Federal Reserve by Eustace Mullins

Eustace Mullins' carefully researched and documented treatise picks up from Walbert's expose' of control of the money supply and the economy and brings it to the mid 1980's.

 The World Order by Eustace Mullins

How control of the world's money has inexorably led to an ever tighter grip on control of the world's people.

Uranium Wars by Leuren Moret

How control of the world's people has inexorably led to wider use of depopulation methods which include spreading radioactivity in food, water, air, and the human genome.

Taking Back Your Power by Allen Aslan Heart

WHAT CAN YOU DO? Stop playing THEIR game. Take back your power. Stop paying taxes that are not legal or lawful. Stop paying bills you don't really owe. Stop using THEIR money. There ARE ways if you open your mind and look for the gaps in their fences that keep the sheeple in their pasture. Are you chattel or a real person? You are the one who makes that choice.

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