A Hat tip to the Australian Property Forum for its coverage of the ongoing Bankwest/CBA scandal. In case you missed it Bankwest was a victim of the GFC and after the insolvency of its English parent, HBOS was taken over by CBA. While previous coverage had focussed on malpractice at Bankwest (such as this Four Corners special here). The other issue is CBA's handling of the takeover and how it may have committed fraud to extract further value from the takeover, at the cost of Bankwest customers.
The following video provides a nice diagram and explanation - here. The coverage on the Australian Property Forum is here.
As has been pointed out in the above sources this raises several disturbing questions:
- if such behaviour has not been prosecuted, when crisis hits the Oz banking sector again (GFC2) surely it will happen again and entrap more customers at different banks?
- given CBA is now the 7th biggest bank in the world and has released glowing results (here) surely this will mean it is even less likely to be prosecuted and more likely to continue its conduct?
As the video notes - Australian bank customers need to beware - they will not necessarily be safe from Australian banks!
The following video provides a nice diagram and explanation - here. The coverage on the Australian Property Forum is here.
As has been pointed out in the above sources this raises several disturbing questions:
- if such behaviour has not been prosecuted, when crisis hits the Oz banking sector again (GFC2) surely it will happen again and entrap more customers at different banks?
- given CBA is now the 7th biggest bank in the world and has released glowing results (here) surely this will mean it is even less likely to be prosecuted and more likely to continue its conduct?
As the video notes - Australian bank customers need to beware - they will not necessarily be safe from Australian banks!
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