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21/12/06
The Honourable Kevin Rudd
MP,
I am writing to you in
regard to the material that Professor Evan Jones has researched on our
court case and also the broader issue of foreign currency loans sold in
Australia.
I commend to you an active
consideration of the miscarriage of justice that our family has received
at the hands of the Commonwealth Bank of Australia.
My family suffered
extremely seriously as a result and our finances were totally devastated.
My wife lapsed into a coma and only 3 months ago my wife Susan passed away
after 17 years of constant care at home in our rented unit.
I have not had one day off
in 17 years in caring for my wife Susan
1/ The Banks mislead the
courts by claiming that the borrowers failed to manage their loans when
in fact the Bank had no mechanism in place for the borrowers to be able to
put in place a stop loss mechanism or be able to selectively hedge their
loans in the manner in which the bank stated was vital for managing a
Foreign Currency loan exposure.
This was pointed
out by former CBA Bank manager
Mr Max Dodd
in his affidavit. He was in charge of risk management and was appointed to
oversee these loans by the bank. Mr Dodd said a decision should have
been made at the outset to embody an affective form of stop loss mechanism
and selective hedging facility .
This should have been
made available to the borrowers when the product was first launched in
1984, but was not made available until 2 years later. By this time
borrowers had lost all their assets to the Bank.
This evidence was
confirmed by
Mr Barry Poulter;
Mr Max Dodd’s superior at the bank. Mr Poulter stated to the Banking
enquiry that there was no facility for the borrowers to manage their loans
until August 1986.
THIS WAS A DEFECTIVE
PRODUCT
My solicitor
and I were taken to the bank's "dealing room" were it was implied that the loan was
being monitored and managed. This was misleading and deceptive advise that
we relied upon to make an informed decision. Without this assurance we
would not have proceeded with the loan. In fact the dealing room had
nothing to do with managing our loan at all.
2/ The Banks own internal
G documents state that the loans could not be brought back on shore and
that the reserve banks restrictions on lending at this time re:
item 8
that the loan could not be refinanced on shore at that time.
This was a faulty product
and should never have been sold to retail customers.
3/
Quade
v Commonwealth
Bank stated
that the treasury department of the CBA knew that the Australian
dollar would depreciate. This vital information was not discovered in our court
case 3 months after the Quade decision. We have suffered a
miscarriage of justice partly due to the lack of discovery by the bank.
In Rogers
vs Whittaker a doctor who did not inform a woman patient of a 1 in 14000
chance of something going wrong with her eye operation was guilty of
negligence. The bank has made a mockery
of the court process for justice
4/ We also did not
discover the letter to state managers including Mr Jim Gerathy the chief state
manager of the CBA Martin Place who facilitated the
loan on the my family's behalf. Jim
Gerathy was a family friend and he assured us that we were in good hands,
that we had nothing to worry about. We trusted Jim and if we could
not have trusted a family friend that was the chief state manager of the
Commonwealth Bank of Australia, who would we have trusted?
Another vital document
that CBA did not "discover" for us but had discovered for Quade was the G10A document offering clients a foreign currency loan in
preference to traditional business loans only. Traditional business loans
were to be switched to foreign currency loans at the first opportunity.
G10A states this was a top priority. Both of these documents were
undiscovered to us and showed how the Banks were very keen to sell these
foreign currency loans. This contradicted the evidence given in our court case
that they were responding to competitive pressure.
5/ The Australian dollar was not
fully floated in December 1983. This
did not happen until after our loan was drawn down on the 20th
of August 1984. It was only when it was totally free that the
international currency market focused on the Australian dollar and
devalued it. The bank's own treasury department already told the bank
months earlier to expect a delayed devaluation but that information was
withheld from its clients. There was infact a
honeymoon period that the banks knew would not last. This evidence was
given to the banking enquiry by the
barrister, Mr Francis
Galbally QC.
6/ I have evidence that
the bank funded these loans by way of currency swaps that were withholding-tax free.
The banks charged borrowers the withholding tax even though that was illegal
under section 261 of the income tax act 1936 when an Australian owned
mortgage property that was the security for the loan.
No evidence has ever
surfaced that the withholding-tax was ever paid to the Australian tax
office. The 3 major banks collected over 300 million dollars in the mid
80’s. This would have helped in funding our hospitals, schools and roads
but the banks used it to pay off their own tax liabilities or perhaps kept
it in consolidated revenue?
In Drambo v
Westpac, the Queensland court ordered Westpac to refund the withholding
tax but Westpac have refused to refund withholding tax to their other
clients and CBA has also refused not withstanding the Drambo
judgement. ANZ has
refunded the tax to their customers.
7/ Currency swaps fixed
the rate that the loan was to be repaid; the
fraud was that
the bank protected their own exposure so that the borrower paid back over
twice the amount which was borrowed. This represented a 100% profit for
the bank and as these loans were set up in
Singapore where the government
gave the banks a tax holiday so no tax was paid there and no company tax
was paid to the Australian tax office. But this left the borrower totally
exposed to suffer unlimited losses that resulted in super profits for the
bank.
I am seeking redress and
some assistance and I earnestly request you to review this information and
if you would be so kind to suggest possible causes of action I can pursue.
I seek your assistance to help resolve our family’s catastrophe.
Yours truly,
Geoff Dwyer
[There has been no
response.]
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' 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.
Propaganda
by Edward Bernays
Walter
Lippmann's book, Public Opinion, published in 1922, detailed the
study in which he and Edward Bernays were involved while in London during
the First World War. It had to do with painting pictures inside people's
heads, which were cunningly and deliberately designed by expert craftsmen to
mislead not only individuals but entire societies.
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.
Our experienced
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As tragic and unjust as bank fraud is and the
number of people who have suffered at the hands of corrupt banking
institutions and a corrupt government, the stakes are still higher and will
affect even more Australians causing even more suffering. The bank frauds
that have been an endemic plague for nearly a generation or more have been
directed at small businesses and family farmers so that corporations and the
corporate state can obtain total control of the people. Too many family
farmers would make difficult the corporatization of the food and fiber
industry. Before the Australian government can take control of water. food
and fiber they must whittle down the number of privately held farms and
businesses. Bank Fraud has been their weapon of choice against free
enterprise and freedom. Tested on Australians, the project can be readily
expanded to the rest of the world." 