Why don't you go back and crawl under your rock you supercilious child, we have now listened to you prouncing around for days and your really are very boring. Start lecturing us when you have lived a little longer.
Storm Financial Group
- Thread starter Garpal Gumnut
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Why don't you go back and crawl under your rock you supercilious child, we have now listened to you prouncing around for days and your really are very boring. Start lecturing us when you have lived a little longer.
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Indeed, although it is apparent that hasn't stopped you so far.
Having been excoriated for being forensic rather than forgiving on this subject, I bow out, although I must say I thought I was in the Aussie Stock Forum and not some sort of feel-good support group.
Pulling the age-card ("Start lecturing us when you have lived a little longer") is quite ironic as I'm of the same vintage (aged 64) as many Stormers. We all grew up having learned that you must work for what you want. We all grew up saving our pennies in piggy-banks, paying off lay-buys, and saving in a Christmas Club - when did financial conservatism become old-fashioned? I must've missed it - and aren't I glad I did!
Good-bye and good luck!
Pulling the age-card ("Start lecturing us when you have lived a little longer") is quite ironic as I'm of the same vintage (aged 64) as many Stormers. We all grew up having learned that you must work for what you want. We all grew up saving our pennies in piggy-banks, paying off lay-buys, and saving in a Christmas Club - when did financial conservatism become old-fashioned? I must've missed it - and aren't I glad I did!
Good-bye and good luck!
Quincy
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ASIC investigates Bank of Queensland
Bank of Queensland Ltd (BOQ) says it is the subject of an investigation by the Australian Securities and Investments Commission (ASIC).
The regional bank said it was made aware that it was under investigation on Thursday, June 25, Brisbane-based BOQ said in a statement on Friday.
The news comes after the bank told the stock exchange on Thursday there is no evidence it had acted dishonestly in relation to clients of collapsed investment group Storm Financial.
BOQ spokeswoman Caroline Dunworth confirmed that the ASIC investigation was related to Storm Financial, but said she couldn't be more specific.
More here : http://news.smh.com.au/breaking-new...tigates-bank-of-queensland-20090626-czhh.html
June 26, 2009 - 3:59PM
Bank of Queensland Ltd (BOQ) says it is the subject of an investigation by the Australian Securities and Investments Commission (ASIC).
The regional bank said it was made aware that it was under investigation on Thursday, June 25, Brisbane-based BOQ said in a statement on Friday.
The news comes after the bank told the stock exchange on Thursday there is no evidence it had acted dishonestly in relation to clients of collapsed investment group Storm Financial.
BOQ spokeswoman Caroline Dunworth confirmed that the ASIC investigation was related to Storm Financial, but said she couldn't be more specific.
More here : http://news.smh.com.au/breaking-new...tigates-bank-of-queensland-20090626-czhh.html
June 26, 2009 - 3:59PM
P.S. I forgot to mention that I am new to this Aussie Stock Forum and only just now discovered a little thing called 'Private Messages.' I opened it and - lo and behold! - a dozen or so private messages congratulating me on my comments. Yes, I 'do a Turnbull' and won't tell you who they were but isn't it a pity that dissenting voices have to whisper lest they get stomped on? Majority rules - and always drags us down to the lowest denominator!
This was my last post - I promise!!!
This was my last post - I promise!!!
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Another link about what Quincy posted above with some additional quotes from Carey:
"Bank of Qld confirms ASIC investigation"
"Storm was headquartered in Townsville, where economist Carey Ramm says the Bank of Queensland needs to also accept blame.
"With the Bank of Queensland, it actually has some of the worst documentation that I have seen out of all the Storm clients," he said."
http://www.abc.net.au/news/stories/2009/06/26/2609997.htm
"Bank of Qld confirms ASIC investigation"
"Storm was headquartered in Townsville, where economist Carey Ramm says the Bank of Queensland needs to also accept blame.
"With the Bank of Queensland, it actually has some of the worst documentation that I have seen out of all the Storm clients," he said."
http://www.abc.net.au/news/stories/2009/06/26/2609997.htm
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Onlooker Woof Woof all you did was restate what the previous 2000+ posts had established and your prancing around like you've invented the wheel...
I cant believe some people!!!
Onlooker, Most of the people who went down with storm did indeed grow up along those same lines as you, including myself, and my entire family and close friends(all whom were storm victims)
We all worked hard to get what we had, we all researched what we did, or at least thought we had!!! We all had wealth that we had worked our lives to create, do you think the banks lent us money just on our good word!! No they leant us money because they could see our assetts.
We all know we made an error in judgment, and some silly mistakes, or perhaps rediculous, but what I must say is... WE WERE NOT THE ONLY ONES MAKING THEM!!!
We have paid dearly for them, and I as well as most others are still and will be into the future!!! But the others That made them have walked away from it unscathed, and these others were the ones that were supposed to have our backs, but when the heat turned up, the scurried away with their tails between their legs.
Tell me, how Hard do you think CBA worked for their 2.5bill profit? I dont think they did an honest days work to tell you the truth, and to raise interest rates a few days before announcing the storm deals they are making, Gee what a coincidence?
I think people should have a hard think before typing and posting comments on this site, especially people who clearly have no idea exactly what unfolded within the storm confines!!!!
Dont crawl under a rock as someone told you to, I think you need to crawl out open your eyes and learn about what really happened!!!
Onlooker, Most of the people who went down with storm did indeed grow up along those same lines as you, including myself, and my entire family and close friends(all whom were storm victims)
We all worked hard to get what we had, we all researched what we did, or at least thought we had!!! We all had wealth that we had worked our lives to create, do you think the banks lent us money just on our good word!! No they leant us money because they could see our assetts.
We all know we made an error in judgment, and some silly mistakes, or perhaps rediculous, but what I must say is... WE WERE NOT THE ONLY ONES MAKING THEM!!!
We have paid dearly for them, and I as well as most others are still and will be into the future!!! But the others That made them have walked away from it unscathed, and these others were the ones that were supposed to have our backs, but when the heat turned up, the scurried away with their tails between their legs.
Tell me, how Hard do you think CBA worked for their 2.5bill profit? I dont think they did an honest days work to tell you the truth, and to raise interest rates a few days before announcing the storm deals they are making, Gee what a coincidence?
I think people should have a hard think before typing and posting comments on this site, especially people who clearly have no idea exactly what unfolded within the storm confines!!!!
Dont crawl under a rock as someone told you to, I think you need to crawl out open your eyes and learn about what really happened!!!
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"Bank of Queensland admits Storm error"
"BANK of Queensland was forced to make an embarrassing correction, confirming it was the subject of a regulatory investigation into its lending to clients of the Storm Financial collapse."
More by Kerrie Sinclair in the Herald Sun here;
http://www.news.com.au/heraldsun/story/0,21985,25696309-664,00.html
"BANK of Queensland was forced to make an embarrassing correction, confirming it was the subject of a regulatory investigation into its lending to clients of the Storm Financial collapse."
More by Kerrie Sinclair in the Herald Sun here;
http://www.news.com.au/heraldsun/story/0,21985,25696309-664,00.html
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"Bank wrong on Storm investigation claim"
"It is understood investigators with the Australian Securities and Investments Commission told the bank to correct the record after it issued a statement denying improper conduct and that it was not under investigation by ASIC."
More by Tony Raggatt from the Townsville Bulletin here;
http://www.townsvillebulletin.com.au/article/2009/06/27/61051_hpnews.html
"It is understood investigators with the Australian Securities and Investments Commission told the bank to correct the record after it issued a statement denying improper conduct and that it was not under investigation by ASIC."
More by Tony Raggatt from the Townsville Bulletin here;
http://www.townsvillebulletin.com.au/article/2009/06/27/61051_hpnews.html
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Another two submissions of interest to
Inquiry into Financial Products and Services in Australia.
http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub103.pdf
http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub104.pdf
Inquiry into Financial Products and Services in Australia.
http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub103.pdf
http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub104.pdf
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feret
what these people did was invest in managed investment funds like the vast majority of australians do in some form or another. yes they used leverage, and some used a lot of leverage. but these same people also signed documents to sell out and minimise their losses and yes they would have lost some money (as many other australians have done so in the past year) but it would not have been fatal - as it has become. now the banks have started admitting errors the final piece of the puzzle that remains unanswered is why werent the sell orders signed by the clients enacted????
now because the sell orders werent acted upon many clients ended up in negative equity up to 140% - when even the margin loan prospectuses indicated that they will sell u up before u get into negative equity. this isnt about research it is about a systems breakdown or ignoring client instructions...
i know that if i put a sell order into a stockbroker and soemewhere bewteen the broker and the asx they decided not to act on my instructions (and not even call me to say they hadnt acted) i would be mighty peeved and would be most certainly calling my lawyer. I am sure u would feel the same way.
so the $3billion question remaining is - was it Storm or the margin lenders who didnt act on the client sell orders????
what these people did was invest in managed investment funds like the vast majority of australians do in some form or another. yes they used leverage, and some used a lot of leverage. but these same people also signed documents to sell out and minimise their losses and yes they would have lost some money (as many other australians have done so in the past year) but it would not have been fatal - as it has become. now the banks have started admitting errors the final piece of the puzzle that remains unanswered is why werent the sell orders signed by the clients enacted????
now because the sell orders werent acted upon many clients ended up in negative equity up to 140% - when even the margin loan prospectuses indicated that they will sell u up before u get into negative equity. this isnt about research it is about a systems breakdown or ignoring client instructions...
i know that if i put a sell order into a stockbroker and soemewhere bewteen the broker and the asx they decided not to act on my instructions (and not even call me to say they hadnt acted) i would be mighty peeved and would be most certainly calling my lawyer. I am sure u would feel the same way.
so the $3billion question remaining is - was it Storm or the margin lenders who didnt act on the client sell orders????
Actually Carey, I was thinking more of a rooster that struts around the farm yard with his chest puffed out, crowing loudly and thinking he's far more important than he really is.
again it has been a week of action and heaps of things to read. i like what carey said about things not being done properley-who didnt sell when they were supposed to ?- if this had been done properley the storm people would not be in the mess that it has become- see there is blame to given out- i read abiove how some posters are bagging the storm investors again- hey its not that simple- things were supposed to be inplace to stop any of this from happening-remember 'no one will lose your house' 'just keep following what your are told to do' - 'you are safe'-'dont worry'- yep i cant wait to see what asicc and the cops find- things havent been done right- look the almighty comm bank has had the gumption tio say something wasnt quite right-i wonder if we will ever hear from mr c again?? I hope so lots would like to hear his side of the story-
Quincy
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Article in the Weekend Edition of the Financial Review - June 27-28, 2009.
"THE BANK MANAGERS WHO WERE TOO GOOD TO BE TRUE"
The mystery of how two BoQ managers outdid all their peers may be unlocked by the Storm inquiry."
Story by Duncan Hughes
More here : View attachment AFR - 27-28 June, 2009.pdf
"THE BANK MANAGERS WHO WERE TOO GOOD TO BE TRUE"
The mystery of how two BoQ managers outdid all their peers may be unlocked by the Storm inquiry."
Story by Duncan Hughes
More here : View attachment AFR - 27-28 June, 2009.pdf
Ferret, I took independant advice on what storm was offering, I spoke with several clients before I entered. I did look at the leveraging, and in my case the levels used were acceptable, and i had more cash to secure it all the way.
My problems oocured from been kept in the dark, my mistake was to much trust, my lesson is, I now know I dont need an FP to run my investments!!
How it happened was, I was told I was not in margin call when I was, I was told not to worry as my investment was safe, little did I know MML was selling me down the whole time, and neither Storm or MML were informing me, I was not given the opportunity to use more cash to secure, and if i was I would still have my porfolio. Due to an inability to handle the volume of trades and process all the info MML and Challenger funds were closed down for several days, so I could not even get info, and when I was able to get it it was inaccurate, that my friend is definately not a mistake on my behalf.
And do you honestly think that Macquarie acted appropriately, I should have been informed of these sell downs.
Its due dilligence, "this client is in margin call, and no action has been taken" 1st sell down, "This client is in margin call again and we have sold him down once I wonder why no action has been taken, oh well" 2nd sell down. " this is really strange, this client is in margin for a 3rd time, do you think we should contact him and see what is happening? Na he should be making use of the inaccesable and inaccurate data we provide" 3rd sell down.. "Gee wizz, this guy is now in a Neg. Equity position, we should give him a call now" and I get the call, but what use is it now?
And as I stated in the post you quoted, I am not looking to wholly lay the blame on others, but the other parties that made mistakes, i.e. banks etc. should be made to pay also. I have paid dearly for my mistakes, why should the others walk freely and be allowed to contiue on in the same fashion. I accept I made mistakes, its time all the others did too.
My problems oocured from been kept in the dark, my mistake was to much trust, my lesson is, I now know I dont need an FP to run my investments!!
How it happened was, I was told I was not in margin call when I was, I was told not to worry as my investment was safe, little did I know MML was selling me down the whole time, and neither Storm or MML were informing me, I was not given the opportunity to use more cash to secure, and if i was I would still have my porfolio. Due to an inability to handle the volume of trades and process all the info MML and Challenger funds were closed down for several days, so I could not even get info, and when I was able to get it it was inaccurate, that my friend is definately not a mistake on my behalf.
And do you honestly think that Macquarie acted appropriately, I should have been informed of these sell downs.
Its due dilligence, "this client is in margin call, and no action has been taken" 1st sell down, "This client is in margin call again and we have sold him down once I wonder why no action has been taken, oh well" 2nd sell down. " this is really strange, this client is in margin for a 3rd time, do you think we should contact him and see what is happening? Na he should be making use of the inaccesable and inaccurate data we provide" 3rd sell down.. "Gee wizz, this guy is now in a Neg. Equity position, we should give him a call now" and I get the call, but what use is it now?
And as I stated in the post you quoted, I am not looking to wholly lay the blame on others, but the other parties that made mistakes, i.e. banks etc. should be made to pay also. I have paid dearly for my mistakes, why should the others walk freely and be allowed to contiue on in the same fashion. I accept I made mistakes, its time all the others did too.
