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'Pony-up' Banksters: Breach of Continuous Disclosure Rules - Comply (ASIC)

 Andy     Banking & Finance Consumers Support Association (inc)    05 September 2012

ASIC chairmen, Mr Greg Medcalf said: " companies must disclose bad news immediately. Whilst impairment calculations may be complex, directors can play an important role in questioning the appropriateness of cash flows used & key assumptions ,having regard to KNOWLEDGE of the BUSINESS and the ENVIRONMENT of which it OPERATES. "

A director of Bendigo & Adelaide Bank, Jacqueline Hey said:" the push for greater disclosure was partly being driven by increased scrutiny by ASIC & should be welcome. I think one of the good things that has happened over previous years is that the level of disclosure is improving greatly & that is a positive thing. "

Any purported loan agreements banks rely upon (can be set-aside); are NOW subject to successful High Court (case law) which cost Denise (others) spent years of their hard work & effort to achieve that result (+ $3m).

The banks must inform the public of that est. case law's potential material effect on financial markets ("shareholders") as it crystallises the bank's responsibility to "make-good" on any parent-lender and/or broker falsified LAF's.

Prior to that case law est., the banks said "Not Our Fault" & we don't need to make any "provision for potential impairments" on our balance sheets based on "RMBS - not on our books" & any default issues are "covered by LMI".

But LMI is not enforceable where the bank is responsible in these instances of falsified LAF's!

Yesterday: Page(6) Financial Review (Sep 3/2012) "Pressure to reveal bad news quickly".

The moment we compel the banks to acknowledge & disclose at least $1.00single dollar of impairment provision, is the moment the fraudulent LAF system "implodes" & the contrived RMBS structure must be thereafter - completely dismantled.

That's why they(bank executives) are fighting so hard to avoid admitting "systemic issues" in the broker Laf "Bankster - Chain of Command". Life as they know would be forever altered big time (we hope some hard time) & maybe no "Golden-Parachutes" to hand out to go off and retire on comfortably etc.

Also it's the only issue ASIC seem to be interested - Public Company "continuous disclosure rules"; maybe worried about their own retirement portfolio's going up in smoke ????

This is my strong instinct to pursue by engaging groups of influence such as "Shareholders Assoc' etc.

Last modified onTuesday, 28 May 2013 07:23

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