Menu
Cuzz Media

Cuzz Media

Cuzz Media is part of t...

NAB VICTIM

NAB VICTIM

In late 2008 we became vi...

Banking In Australia Today

Banking In Australia Today

Visit Banking in Austra...

Donate Please

Donate Please

We need your support. ...

Prev Next
Welcome, Guest
Username: Password: Remember me
Welcome to the Kunena forum!

Tell us and our members who you are, what you like and why you became a member of this site.
We welcome all new members and hope to see you around a lot!

TOPIC: Jennie Paluka says "report McGarvie to IBAC"

James Johnson & Howard Bowles 6 months 4 days ago #3894

  • DesiredUserName
  • DesiredUserName's Avatar
  • OFFLINE
  • Platinum Boarder
  • Posts: 1029
  • Thank you received: 8
  • Karma: 0
James Johnson CHR (@JamesJohnsonCHR) said...

Hello and more praise for your good investigative work Michael.

Here is a link to a letter I have sent to Victoria's "Less than 10% of Legal Services, Commissioner" demanding acknowledgement etc of my formal complaint to trigger and investigation of the lawyer misconduct allegations against Ms Gillard that surfaced but were never properly addressed way back in 1996. See and download the full 8 page letter here: imgur.com/PaMUA

The allegations against Ms Gillard seem to fall squarely within the less than 10% of the legal services that the Legal Services Commissioner does (on its view of the world), ah hem, regulate.

You will see that I have recommended the Legal Services Commissioner's team review the excellent investigative work and treasure trove of leads at your blog, and the corresponding investigations of other high profile journalists in Sydney and Melbourne.

You will see I have also exposed, by way of 4 + 1 pointy questions the depth of corruption, in short the protection racket that this phoney regulator runs instead of the regulatory regime it is supposed to be operating.

If you or your readers are interested in following through on that higher order of corruption (the corrupt legal regulator, a scheme that is replicated in every State and Territory throughout Australia - certainly not a uniquely Victorian situation), I suggest the following mainstream news reports as useful starting points:

www.theage.com.au/news/national/evil-and...7/1134703644883.html

www.theage.com.au/victoria/policing-the-...-20110429-1e0od.html

Shocking isn't it?

You might want to look at my twin blogs to see how deep the rabbit hole goes:

jamesjohnsonchr.wordpress.com//?s=james+johnson

lawyerocracyontrial.wordpress.com/?s=lawyerocracy

And then there's a radio interview I did in May (easier investment to listen rather than read):

soundcloud.com/judy-ann-1/24th-may-2012-james-johnson

Best wishes
James Johnson CHR
Independent Candidate for Lalor
Journalist. Whistleblower
Consitututional Human Rights Advocate
Solicitor and Barrister of the High Court of Australia
(Celebrating 20 Years of Legal Practice 1990 - 2010)

Hello again Michael,

and wow, you are really kicking some goals with your blog and investigations of PM @JuliaGillard.

Here's my latest offering of updates, via a tweet, a blog link, and a 17 page compendium of 5 key correspondences re the Gillard coverup (allegedly) and the Johnson serial whistleblower witchhuntings (proven). These may be a bit of a hard read for some, but I am confident that you will study with gusto (on a full breakfast of course).

Also I wish to spread the word of a big "Lawyerocracy on Trial" hearing in Melbourne on 5 October 2012 at 10 am (William Cooper Justice Centre at 233 William Street, Melbourne) - it is a shameful abuse of process and abusive process for which I have today invited the State of Victoria via relevant failed government agencies to settle on a civilised / reformist basis as part of a $55.2 MILLION Settlement Offer. (sounds a lot but I think I'm short changing myself having regard to the years x years and tens x tens millions of dollars harm done to me. You and your readers can glean the details from the links I'm providing with this message. We are talking major criminal violations by publicly-funded lawyer-built-owned-operated-dominated government institutions, teams of dozens of lawyers x a dozen such organisations (Crimes, for example against sections 320 and 321 of the Crimes Act, sections 18 - 20 of the Whistleblowers Protection Act, etc etc etc).

With plenty of warm wishes, and w/out further ado:

twitter.com/JamesJohnsonCHR/status/250994934209970176

(Australia's Two-Tiered Legal System) With Liberty and Justice for Some. Meet Michael Keith McGarvie – Victoria’s *Less than 10% of Legal Services, Commissioner* .. bless his little lawyers socks:
lawyerocracyontrial.wordpress.com/?s=justice
lawyerocracyontrial.wordpress.com/?s=Gillard

Can I also offer the following (a neat 2 page read):
lawyerocracyontrial.wordpress.com/2012/0...-justice-to-the-law/ (see additional reading suggestions and extensive links to mainstream media articles etc, all there).

Do let me know if "Mr Less than 10% .." and his large numbers of even smaller fractorials on staff do contact you as a source for their investigations of PM @JuliaGillard!

Best wishes once more
James Johnson CHR
Independent Candidate for Lalor
Journalist. Whistleblower
Consitututional Human Rights Advocate
Solicitor and Barrister of the High Court of Australia
(Celebrating 20 Years of Legal Practice 1990 - 2010)
The administrator has disabled public write access.

Jennie Paluka says "report McGarvie to IBAC" 5 months 4 weeks ago #3899

  • DesiredUserName
  • DesiredUserName's Avatar
  • OFFLINE
  • Platinum Boarder
  • Posts: 1029
  • Thank you received: 8
  • Karma: 0
The news says Austrac found funding to Al Quada, moneylaundering and child trafficking.
The administrator has disabled public write access.

Meredith Potter's letter to the Royal Commission 5 months 4 weeks ago #3900

  • DesiredUserName
  • DesiredUserName's Avatar
  • OFFLINE
  • Platinum Boarder
  • Posts: 1029
  • Thank you received: 8
  • Karma: 0
The administrator has disabled public write access.

Defects in FOS by Consumer Action Law Centre 5 months 3 weeks ago #3901

  • DesiredUserName
  • DesiredUserName's Avatar
  • OFFLINE
  • Platinum Boarder
  • Posts: 1029
  • Thank you received: 8
  • Karma: 0
The administrator has disabled public write access.

Howard Bowles' Amex Case: 5 months 3 weeks ago #3902

  • DesiredUserName
  • DesiredUserName's Avatar
  • OFFLINE
  • Platinum Boarder
  • Posts: 1029
  • Thank you received: 8
  • Karma: 0
Glenn Jones says he wasn't evicted. Who then was Howard Bowles talkng to before and after the Oganised Crime Task Force arrested criminals and Mastercard's lawyer at Willkie Farr, Ms keila Ravelo?
www.bloomberg.com/news/articles/2017-10-...upreme-court-hearing
politics
American Express Fee Accusations Get U.S. High Court Hearing
By Greg Stohr
17 October 2017, 00:32 GMT+11 Updated on 17 October 2017, 03:50 GMT+11

Government says American Express thwarts competition
Retailers seek to reduce $50 billion in fees to card companies

The U.S. Supreme Court accepted a case that could roil the credit-card business, agreeing Monday to consider reviving government allegations that American Express Co. thwarts competition by prohibiting merchants from steering customers to cards with lower fees.

A federal appeals court had thrown out the lawsuit, saying the U.S. government and 11 states failed to prove that the American Express rules harmed cardholders as well as merchants.

The Supreme Court’s decision to take the case offers new hope to retailers trying to reduce the $50 billion in fees they pay to credit-card companies each year. It’s a boost for Discover Card Services, which says the rules undercut its ability to compete with American Express.

AmEx shares dropped 1.1 percent to $91.88 at 12:25 p.m. in New York, the biggest decline since September and the second-worst performance in the 67-company S&P 500 Financials Index. Discover gained as much as 2 percent, the most since September.

The states asked the Supreme Court to intervene, pointing to the "astronomical number" of credit-card transactions each year -- 22 billion totaling more than $2 trillion in 2011, according to court documents.

"Whether assessed from the perspective of consumers or from that of merchants, this case’s importance cannot be overstated," Ohio officials argued for the group.

While the U.S. Justice Department also sued American Express, it didn’t join the appeal to the Supreme Court. The Trump administration said that, while the appeals court ruling was wrong, the case didn’t meet the Supreme Court’s usual standards for review.
Using Leverage

The justices will hear arguments early next year and rule by June.

Antitrust enforcers accused American Express of using its leverage over merchants to thwart competition from cards that would charge retailers lower fees. American Express’s agreements with retailers contain an "anti-steering" provision that bars them from doing anything to encourage the use of competing cards, such as offering discounts.

The Justice Department and states said the effect was to thwart rivals like Discover, which tried in the 1990s to adopt a low-cost business model, and to ensure that retailers would continue to pay high fees.

American Express urged the Supreme Court not to hear the case, saying the appeals court was correct. That ruling "protects a consumer’s right to choose how they pay, prevents our card members from being discriminated against and promotes competition in the payments industry,” Andrew Johnson, a spokesman for AmEx, said in an emailed statement.

In court papers, the company said merchant fees help pay for cardholder rewards and that antitrust enforcers failed to account for those benefits.

"AmEx uses the vast majority of merchant discount fee revenue to pay valuable benefits to cardholders to incentivize them to obtain and use an AmEx card at that merchant rather than cards issued on other networks," the company argued.

A spokesman for Discover declined to comment.

The lawsuits originally targeted Visa Inc. and Mastercard Inc. over their anti-steering policies as well. Those two companies settled the claims in 2010.

The case is Ohio v. American Express, 16-1454.

— With assistance by Jennifer Surane
The administrator has disabled public write access.

Bears 5 months 3 weeks ago #3903

  • DesiredUserName
  • DesiredUserName's Avatar
  • OFFLINE
  • Platinum Boarder
  • Posts: 1029
  • Thank you received: 8
  • Karma: 0
www.smh.com.au/business/banking-and-fina...20180613-p4zl88.html

Big banks in bear market on housing, royal commission jitters
By Clancy Yeates
14 June 2018 — 12:00pm

Share on Facebook
Share on Twitter
Send via Email

Australia's big four banks have slipped into a "bear market" as investors fret over multiple challenges including falling house prices, a regulatory backlash sparked by the royal commission, and higher funding costs.

With the major banks lagging the broader sharemarket for several years, Commonwealth Bank closed at a near five-year low on Thursday and the other major lenders fell to new 2018 lows, prompting some experts to suggest now may be an opportune time to buy.
Investors say the big four banks are being priced for an era of slower credit growth.

Investors say the big four banks are being priced for an era of slower credit growth.
Photo: Ryan Stuart

The latest slump means the major banks have all fallen at least 20 per cent from highs reached before last May's budget shocked the industry with a bank tax, which triggered a slump that has deepened in the 13 months since then.

Commonwealth Bank, Westpac, and National Australia Bank shares are about 23 per cent below their peak of late April 2017, while ANZ's stock has fallen 20 per cent. The major banks' total returns underperformed the S&P/ASX 200 by 1 per cent in 2015, 5 per cent in 2016 and 10 per cent in 2017, according to UBS strategist David Cassidy.

Fund managers and analysts blame the poor performance of the banks on the combined impact of slowing credit growth caused by a weaker housing market, and unprecedented regulatory scrutiny including the royal commission.

The potential upside for investors, however, is that experts believe bank dividends are safe, and at current prices the banks' yields could prove attractive for investors in search of income.

David Walker, senior analyst at Clime Asset Management, said a key reason for the slump was the realisation banks were at "the end of 25 years of strong home loan growth", and the credit slowdown had further to run.

"That's a real problem, because mortgages have grown to be two-thirds of the loan book, depending on the bank. As that happens, they will compete more intensely for the remaining share."

Housing credit growth has slowed from 6.5 per cent to 6 per cent in the past year and banks expect it will dip to about 4 or 5 per cent. Mr Walker said the banks were becoming more like utility stocks - paying healthy dividends, but with little in the way of growth prospects.

"They need to be priced for a slower growth era, and the market is seeing that," Mr Walker said.

Credit ratings agency Moody's underlined these concerns, saying the royal commission was a "risk to profitability" for banks.

It warned that tigher lending by banks would lower credit growth, there could be fines resulting from the commisison, and that poor underwriting by banks could leave some customers with too much debt, and vulnerable to any shock

"While housing loan impairments and loan losses have been at benign levels, contained by low rates
and strong economic growth, housing credit quality could deteriorate meaningfully if conditions change," Moody's said.

White Funds Management managing director Angus Gluskie said that as well as the weaker housing market, investors were nervous about the impact of the royal commission, and risk of profits being hit by rising bad debts.

“One of these items would have only weakened the sector a limited amount. But because we’ve had one issue coming one after the other there’s a bit of a reinforcement effect," Mr Gluskie said.

A further challenge is that international funding costs have been creeping up in recent months – a trend likely to cost banks hundreds of millions if they are not passed on to customers.

CLSA analyst Brian Johnson said the royal commission would make it much harder for major banks to raise their interest rates independently of the Reserve Bank - which the market expects will not move rates anytime soon.

“I would have thought a bank CEO would be a brave person if they were going to lift mortgage rates,” Mr Johnson said.

I would have thought a bank CEO would be a brave person if they were going to lift mortgage rates.

Even so, Mr Johnson said he thought after recent share price falls the banks offered "relative value" compared with banks overseas.

Hugh Dive, chief investment officer at Atlas Funds Management, also thought the market had become too pessimistic towards banks.

He pointed out the flipside of weak credit growth was that banks had less need to set aside capital to support lending, which should underpin dividends.

“In a situation where credit is not really growing very fast, and they sold a lot of businesses, that’s going to return a lot of capital,” Mr Dive said.

Overseas bank shares are also suffering, with more than half the 30 lenders classified as "systemically important financial institutions" by the Financial Stability Board also down at least 20 per cent from their most recent peaks, according to Bloomberg.
The administrator has disabled public write access.
Time to create page: 0.622 seconds

News

Major Topics

Helpful Resources

Socialize

About Us