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Bank Victims

Bank Victims

Banks rejected changes to small business lending rules

Changes to bankers’ codes of practice were watered down in the face of bank objections, the banking royal commission has heard. Philip Khoury, a consultant and former officer with corporate watchdog ASIC, was appointed by the Australian Banking Association in 2016 to review the code of practice for small business lending in a process that went through to April this year when a final draft was released.

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MARGIN LOANS – A DOUBLE WHAMMY BY THE CBA AND MACQUARIE!

Extending housing loans by the CBA and the BOQ to Storm’s clients was bad enough because the majority of these loans were imprudent (meaning that they should never have been approved under the banks’ banking codes in the first place), but when the CBA and the Macquarie Bank also extended margin loans to those same clients, this was sheer madness. These margin loans incidentally were for many millions of dollars.

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Australia’s bank inquiry sends shockwaves through global financial system

Australia’s banking royal commission could be the shot heard round the world in the global battle for nations to take back control of their financial systems from predatory speculators. There are signs the inquiry is starting to cause concern among the elite bankers of the City of London and Wall Street. Since the 2008 crash the banking cartel, despite being publicly reviled, has been able to maintain its corrupt political influence and block any meaningful government action to reform the financial system

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