Geoff Dwyer
1/8 Wallaroy Crescent,
Double Bay, 2028
02-93275586
2/4/07

Mr Malcolm Turnbull, MP
Federal Member for Wentworth

Dear Sir:

I commend that you ask your legal advisers to look at the Quade v Commonwealth Bank appeal judgement before judges Neaves ,Burchett and Einfeld jj – June the 7/8th 1990 and the 14th of February 1991 the Sydney Federal Court general division.

The judgment states the Bank was told by their own treasury department not if or maybe the Australian Dollar would devalue but it will devalue substantially.
This information was withheld from the borrowers that were sold a Foreign Currency Loan by the Commonwealth Bank.

Fraudulent behaviour and negligent.

Please relate the above judgment to the judgment handed down in the high court of Australia case Rogers v Whittaker.

Re Life & Death

How much a patient should be told?

This is a major issue bothering Doctors today , following a high court decision that found that a doctor who did not inform a female patient of a 1 in 14,000 chance of something going wrong with her eye operation, was guilty of negligence.

Re: Reserve Bank item 8 restrictions on lending policy in Australia.

Borrowers were not informed of item 8 when they were sold a Foreign Currency loan. This omission to warn borrowers that the Bank would not be able to refinance their loans back on shore if in the event that there was a 5% devaluation that would eliminate any advantage of the F.C.L. over a normal loan.

Mr Max Dodd head of F.C.L department of the CBA Bank, stated in his affidavit dated the 10/3/98 when Mr Dodd contacted over 250 F.C.L. borrowers by phone, the common response was that the Bank officers had advised them if in the unlikely event that there was a 5% devaluation as any thing greater would cost more than a traditional onshore loan at the time of 13% pa. It would be automatically brought back on shore.

We now know that the Banks knew that the Reserve Banks restrictions re item 8 would not permit this to be able to be accomplished.

The banks, by not informing the borrowers of this information that they [the banks] were fully aware of was unconscionable conduct and fraudulent behaviour as they were in the position of having knowledge that was vital to the borrower so that he could make an informed decision that the banks with held from them.

The result was that borrowers were left off shore unable to manage their loan as the banks were unable to put in place a stop loss order or selectively hedge the exposure at this time and unable to refinance in Australia due to item 8. This was a disastrous situation. The banks were fully aware of the situation. When the borrowers sort help from their bank, they were told the devaluation was only an aberration and not to worry about it. If as they said the loan would automatically come back on shore if a 5% devaluation occurred.

The borrowers would not have lost any money at all. But due to their negligence and unconscionable conduct and fraudulent behaviour. The borrowers lost everything not just 5% but over 100%. It was a financial disaster.

It appears to me this matter has never been raised and it is absolutely critical this matter be investigated.

Yours truly,

Geoff Dwyer
Carer

PS: The consequences of a F.C.L were when the Bank was unable to refinance the borrower at domestic interest rates at the time 13% per annum.
Once the 5% advantage of the F.C.L had been lost due to the devaluation. The borrower was left unprotected and exposed to further devaluations of the Australian dollar, with the end result being when the loan period expired this borrower's original loan being AUD $1M had blown out to AUD $2.5M and then had to be refinanced in Australia at the time this borrower was forced to pay the unbelievable amount of 22% per annum interest.

This situation would not have happened if the Bank had put safe guards in place before these loans were promoted to the Banks customers.

This was a defective product

See also: Malcolm XXX Finally Rings at Election Time

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