Australian (ASX) Stock Market Forum

Storm Financial Group

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Garpal Gumnut said:
This is probably the best summary of Storm matters to date, unfortunately due to the libel laws Mitch was unable to publish or flesh out the stupidity and culpability of some, mentioned and unmentioned in the article.

gg
Click to expand...

GG,

What is your confidence level of any of the participants in this saga actually ending up doing porridge in the 'Creek' ?

S
 
Solly said:
GG,

What is your confidence level of any of the participants in this saga actually ending up doing porridge in the 'Creek' ?

S
Click to expand...

My confidence level is quite low.

It has all along hinged on ASIC's performance and it is just one big Muppet Show at present.

I doubt if anyone will do any time.

gg
 
Garpal Gumnut said:
My confidence level is quite low.

It has all along hinged on ASIC's performance and it is just one big Muppet Show at present.

I doubt if anyone will do any time.

gg
Click to expand...

Yes, I am starting to wonder myself if ASIC will ever recommend any criminal charges against any parties.

I was looking forward to spending a few weeks at Lennons in the New Year to follow any possible proceedings.
 
Solly said:
Yes, I am starting to wonder myself if ASIC will ever recommend any criminal charges against any parties.

I was looking forward to spending a few weeks at Lennons in the New Year to follow any possible proceedings.
Click to expand...

Agreed, even the FPA has been able to make a determination......ASIC's inaction Im sure represents a desire to safeguard themselves rather than identify the blame. I doubt anyone will ever be privy to what they have consistently referred to as "confidential negotiations" even if they end up going nowhere.
 
The competition and consumer watchdog has been asked to investigate collusion between Storm Financial and the banks in the lead-up to the company's $3 billion collapse. According to Sydney lawyer Stewart Levitt, it is the ACCC, not ASIC, that should investigate why Storm clients were automatically approved for margin loans up to 90 per cent against their investment equity values, during the height of the global financial crisis. The risky loan-to-value ratios led to disastrous outcomes for clients, with hundreds owing more than their investments were worth when banks sold down the Storm-badged funds in late 2008. Mr Levitt said this might have occurred because "Storm, through its founder, Emmanuel Cassimatis, had demonstrated that it could direct billions of dollars of business to the banks, both for retail and margin lending".:rolleyes:
 
Smiley said:
The competition and consumer watchdog has been asked to investigate collusion between Storm Financial and the banks in the lead-up to the company's $3 billion collapse. According to Sydney lawyer Stewart Levitt, it is the ACCC, not ASIC, that should investigate why Storm clients were automatically approved for margin loans up to 90 per cent against their investment equity values, during the height of the global financial crisis. The risky loan-to-value ratios led to disastrous outcomes for clients, with hundreds owing more than their investments were worth when banks sold down the Storm-badged funds in late 2008. Mr Levitt said this might have occurred because "Storm, through its founder, Emmanuel Cassimatis, had demonstrated that it could direct billions of dollars of business to the banks, both for retail and margin lending".:rolleyes:
Click to expand...

Smiley this is a new direction, thanks for letting us know.

I wonder if there has been any demonstrated breach of Section 51AC of the TRADE PRACTICES ACT 1974,
regarding unconscionable conduct in business transactions ?
 
Smiley said:
The competition and consumer watchdog has been asked to investigate collusion between Storm Financial and the banks in the lead-up to the company's $3 billion collapse. According to Sydney lawyer Stewart Levitt, it is the ACCC, not ASIC, that should investigate why Storm clients were automatically approved for margin loans up to 90 per cent against their investment equity values, during the height of the global financial crisis. The risky loan-to-value ratios led to disastrous outcomes for clients, with hundreds owing more than their investments were worth when banks sold down the Storm-badged funds in late 2008. Mr Levitt said this might have occurred because "Storm, through its founder, Emmanuel Cassimatis, had demonstrated that it could direct billions of dollars of business to the banks, both for retail and margin lending".:rolleyes:
Click to expand...

Great, I can see it now. ASIC takes two years to determine that in fact the ACCC should have been investigating this whole affair. The ACCC, not content with ASIC investigations decide to hold their own. This then takes another two years....Meanwhile storm victims continue to go bottom up waiting for this to end. The only winner is the banks who through attrition simply outlast everyone else. Ralph Norris must be laughing all the way to the bank............He is untouchable......
 
specialed said:
Great, I can see it now. ASIC takes two years to determine that in fact the ACCC should have been investigating this whole affair. The ACCC, not content with ASIC investigations decide to hold their own. This then takes another two years....Meanwhile storm victims continue to go bottom up waiting for this to end. The only winner is the banks who through attrition simply outlast everyone else. Ralph Norris must be laughing all the way to the bank............He is untouchable......
Click to expand...

I did warn you guys five or six pages into this thread, that it would end up like this.

When you have a collection of Masons, Micks and Mediterraneans
such as Storm, SICAG, the Banks, Slater n Gordon, Levitts, Asic and the Accc, what the bloody else can you expect.

It is a Muppet Show writ large.

Poor bastards who invested or got advice or trusted the guvment are who I feel for.

gg
 
Garpal Gumnut said:
My confidence level is quite low.

It has all along hinged on ASIC's performance and it is just one big Muppet Show at present.

I doubt if anyone will do any time.

gg
Click to expand...

Mr gg,

have not visited this site for a while. Rather surprised at your change of location, Etna Creek CC (Correctional Centre?).

Sincerely hope on the outside looking in!

Why would you forsake the ambience of the Ross Isl. pub.

Landyman
 
"ASIC DECISION ON STORM LITIGATION TODAY"

"The Australian Securities and Investments Commission (ASIC) will meet with a number of financial institutions subject to its investigations into failed financial planning firm Storm Financial today, where it will decide whether to pursue litigation against parties associated with the group."

More by Lucinda Beaman in Money Management here;

http://www.moneymanagement.com.au/news/asic-decision-on-storm-litigation-today
 
"ASIC to reveal Storm Action"

"The corporate watchdog will deliver its judgement on the Storm Financial collapse tomorrow and reveal if any court action will be taken against the failed company"

More by Emma Chalmers on page 11 of The Courier Mail Thur Nov 25, 2010.
 

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