Storm Financial Group

Has there been any indication of what type, or level of settlement CBA are offering?

It would seem to me the most they would do is waive some, or at most all of outstanding home equity loans

I could not forsee that anyone would get back one cent of any lost investment money.

As a shareholder of CBA, I for one would not want them to, unless they were legally obliged, which would suppose extreme negligence or criminal conduct by CBA.

Many Storm investors would have had investments over $500k, and therefore be classified as "sophisticated investors"

In this instance, investors are expected to have reasonable knowledge

It would be really interesting to see who reduced their equity exposure at the right time, or even pulled out entirely, as they should have done, if resistance was encountered

No-one is offering to compensate me for "losing" money on shares I held, including CBA.

I could have sold them at $60, or $50

I dont mean to be heartless, and have a different view about Storm, but they aint around anymore

Judd said:

Stupid thing is that there is absolutely nothing wrong with margin loans as a product. It's the extreme gearing that Storm advised their clients to take which is/was the real issue. Stand in front of an oncoming train and you are going to get totaled. So who is at fault? You for standing in front of the train or the train running merrily along its tracks minding its own business?

I was going to make a submission along those lines to the Parliamentary Committee but came to the conclusion that that is not what they wish to hear. You cannot put brains into a monument aka Committees of Inquiry (dumb buggers cannot even get their definitions correct.).

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Perhaps a representative from ASF such as Solley should present the opinions of "unsophisticated" investors to the Parliamentarians in their Inquiry into Storm Financial.

There is more sense talked about Storm on this thread, and throughout on ASF about how to avoid becoming a "fish"for the inept Financial Advisers and Banks who prey on the ordinary person in Australia.

gg

Judd said:

Stupid thing is that there is absolutely nothing wrong with margin loans as a product. It's the extreme gearing that Storm advised their clients to take which is/was the real issue. Stand in front of an oncoming train and you are going to get totaled. So who is at fault? You for standing in front of the train or the train running merrily along its tracks minding its own business?

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Good analogy, Judd. I'm getting pretty tired of all the protecting people from themselves stuff.

awg said:

Has there been any indication of what type, or level of settlement CBA are offering?

It would seem to me the most they would do is waive some, or at most all of outstanding home equity loans

I could not forsee that anyone would get back one cent of any lost investment money.

As a shareholder of CBA, I for one would not want them to, unless they were legally obliged, which would suppose extreme negligence or criminal conduct by CBA.

Many Storm investors would have had investments over $500k, and therefore be classified as "sophisticated investors"

In this instance, investors are expected to have reasonable knowledge

It would be really interesting to see who reduced their equity exposure at the right time, or even pulled out entirely, as they should have done, if resistance was encountered

No-one is offering to compensate me for "losing" money on shares I held, including CBA.

I could have sold them at $60, or $50

I dont mean to be heartless, and have a different view about Storm, but they aint around anymore

Click to expand...

Quite understand how you feel. Some years ago I was "done" by a crooked solicitor. Lost quite a lot of money.

I haven't spent the years following expecting either the State or my fellow tax payers to take responsibility.

The fact that the solicitor was eventually struck off, disciplined etc, didn't improve my financial situation. Nor do his actions mean that all solicitors have to be subjected to a raft of unreasonable restrictions in their business.

Garpal Gumnut said:

Perhaps a representative from ASF such as Solley should present the opinions of "unsophisticated" investors to the Parliamentarians in their Inquiry into Storm Financial.

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Good Lord, gg, don't they have one of the most litigious legal firms in the country acting for them? What more do they need????

chrisgee said:

gee anastasia your story sounds very familiar-i wonder why! yep it was all about trust-something we are finding a bit hard to do again- how do you know who to trust?? i rememnber those comm bank school banking passbook years ago-those comm bank tin money boxes that you would put your one,two and five cents in and take to the bank and get emptied- gee it seems like they try to get you very very early to trust the banks-that is why i cant beleive what has happened now- you think you are doing the right thing in dealing with big banks and a financial mob that has been around for ages-then look what happens the whole thing turns to crap-i hope that people who read this take a bitof a lesson about the banks-friends and family are not happy with what has happened and beleive me they are now very carefull which banks they will now do business with. maybe we should bring back the community type building societies-what do you think?? and there is still not a peep from mr c- i'd really love to hear from him-i would like to speak to him directly . does anybody know his number or his email ? big max can you help?

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Chrisgee. Sorry, can't help with EC's contact details. Contrary to GG and other conspiracy theorists, we at SICAG do not have that particular gentleman on speed dial.
On another matter, I hope I get the hotel room next to GG in 2011 when the Storm bad guys face the bewigged man with the gavel. It will be good to catch up again.

For those interested, Slater and Gordon's FAQs in relation to the action against Storm was updated on July 17.

See the FAQs at this link;

http://www.slatergordon.com.au/pages/class_actions_stormfin.aspx

http://redcliffe-and-bayside-herald.whereilive.com.au/news/story/storm-financial-founders-distress/

If you want to see where EC & JC re living check out the article above and anyone wanting to write to them would do well to address post to Cassimatis at London Road, Belmont, Qld 4153 . . . have a scroll down google maps street view and you could probably get an approximate address. . . those in SE Qld could print the photo and drive by and find out the exact number . . .
I still reckon we should get a caravan/camping endeavour going on that massive lawn of theirs . . . .

I actually had a very weird dream the other night where I threw clods of dirt into Manny's face and had a screaming match with him....makes a nice change from normal cliched dream themes of winning the lottery, grinding your teeth, or seeing your friends!

Maybe I have been reading this thread too long!

At any rate, I actually almost feel sorry for Manny....but not quite. It's not like he's packed and flown to Majorca, but still....maybe we need to book an ASF floor at the hotel in Brisbane for when his trial starts?

Big Max said:

Chrisgee. Sorry, can't help with EC's contact details. Contrary to GG and other conspiracy theorists, we at SICAG do not have that particular gentleman on speed dial.
On another matter, I hope I get the hotel room next to GG in 2011 when the Storm bad guys face the bewigged man with the gavel. It will be good to catch up again.

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Just for laughs i am sharing the room on the other side then, and we can car pool, i have free parking at the law courts , should be a hoot. !!!!

Big Max said:

Chrisgee. Sorry, can't help with EC's contact details. Contrary to GG and other conspiracy theorists, we at SICAG do not have that particular gentleman on speed dial.
On another matter, I hope I get the hotel room next to GG in 2011 when the Storm bad guys face the bewigged man with the gavel. It will be good to catch up again.

Click to expand...

darkside said:

Just for laughs i am sharing the room on the other side then, and we can car pool, i have free parking at the law courts , should be a hoot. !!!!

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sorry I'm a bit pist at the Darwin Showgrounds, huge amount of work went into etc etc etc, am usinf computer of odd lookinh committee guy who looks like he nomally uses morse.

anyway.

If youse like I have contacts at Lennons and can book a whole bloody floor or two for asf members although I get the ensuite with the spa.

remember its oct 2011, that the real dirt will out in the courts in Brsbdne on Storm.

The inquiry by Bernie who himself is cawsing a few ripples in governance circles wil not get to the bottom of it all.

You can walk and meet cabinet ministers on their way to 2 and a half inside, so thanks darkside I'll pass up on the lift.

gg

gg, I'm looking forward to seeing you and Big Max having a sing-a-long around the Steinbach in The Lennons Bar at 2am after debating the finer points of the evidence presented in the daily proceedings.

I really hope I'll still be in Oz in Oct '11 and not stuck on a DC-8 on heading for Bogotá from Miami

Another two submissions of interest to the

Inquiry into Financial Products and Services in Australia;

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub140.pdf

http://www.aph.gov.au/senate/committee/corporations_ctte/fps/submissions/sub141.pdf

Solly said:

gg, I'm looking forward to seeing you and Big Max having a sing-a-long around the Steinbach in The Lennons Bar at 2am after debating the finer points of the evidence presented in the daily proceedings.

I really hope I'll still be in Oz in Oct '11 and not stuck on a DC-8 on heading for Bogotá from Miami

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Lennons at2am with you guys around the peeano would be heaven on a stick awaiting jail time for the bastards who send so many good folk broke.

Sorry Solly I misspelled your name earlier.

I may be going on a similar trip to you next year, I plan on ecuador and then by mbike hopefully doen to Pata
gonia and tierrla del fuego.

take care mate.

gg

i hear there are some new job vacancies at the aitkenvale branch of the CBA - the branch where most of the storm loans went through - interesting...

Not the first "vacancy" to eventuate at CBA. I was told by a CBA employee in Brisbane that at least one senior manager is no longer employed by CBA as a direct result of the "Storm Situation".

looks like there has been some action since ive been away-a few vacancies in the 'which bank' hey-i wonder why? - ok big max i see you you cant help but maybe ill write a letter to mr c or maybe now i cant be bothered it probably would be thrown in the bin any way- mr gg reckomns there will be some action in 2011 that will be interesting to see-ive read a couple of subs to the enquiry they seem to have a familiar ring to them- why was money lent out in the first place? if the banks said no to the loans none of this would have happened- its probably more complex than this ill also let the guys with the wigs and gavels work that out- they are way smatatrer than me- are you guys serious about meeting at lennons ? it might be worth a bus trip down just see the action- i still dont trust the big guys with all of this-at least i've just spent a few days out of town with some real decent folk-and thats always good to be around in times like this--

I'm new to the aussie stock forum, yes I've been subscribed for a while, but a bit computer illiterate, which probably makes me stupid in some people's eyes on this forum.
We have a settlement currently with the solicitors at the moment, (every settlement is different).
We had our margin loan with BT Financial - yes we made money before we sold out, that happened after receiving a letter in the mail lunch time and had till 4pm to pay, off we flew to Storm Financial and had a fair go at our financial planner (use that term loosley Carey Fraser), she sold some stock down on the spot - another week went buy and got another margin call.. Ran in again, had the receptionist and her trying to get more money out of us on the spot and if my husband hadn't have used a few ajectival phrases and stood his ground we would have lost our house. He even lased up Manny.
We never got first home owners grant, baby bonuses and all the other handouts that the y generation and others have.. When we bought our home interest rates were 18 1/2% we paid our 10 year loan off in 4 and had 2 overseas trips - we did without. Its alright for some of you to call us nieve or stupid, but we went to so many seminars. We were cautious, we invested once with David McCallum and sat still - they came back every 6-12 months and wanted more money - when we said no - we were palmed off to Carey Fraser. They only got money out of us in April when I was under the care of doctors and hospitals and had no fight left in me, signed and bullied under duress.....
I don't know if its worth a submission to Parliament - but wouldn't trust a financial planner or even the Commonwealth Bank (who by the way changes the goal posts all the time cause we are better off than some) as far as I could through them. Did they sell a faulty product - yes, were we mislead - probably - have we accepted responsbility for our fault - yes what about the Financial planner who infalted the earnings....
Our solicitor has told us some interesting stories too.
So you can see - settlements are being offered, thank god we did not have a margin loan with someone else or loans with the B o Qld.
Waiting on solicitor's advice now - ran into the original financial planner in a shopping centre carpark - took alot not to abuse him...
Jmac

awg said:

Has there been any indication of what type, or level of settlement CBA are offering?

It would seem to me the most they would do is waive some, or at most all of outstanding home equity loans

I could not forsee that anyone would get back one cent of any lost investment money.

As a shareholder of CBA, I for one would not want them to, unless they were legally obliged, which would suppose extreme negligence or criminal conduct by CBA.

Many Storm investors would have had investments over $500k, and therefore be classified as "sophisticated investors"

In this instance, investors are expected to have reasonable knowledge

It would be really interesting to see who reduced their equity exposure at the right time, or even pulled out entirely, as they should have done, if resistance was encountered

No-one is offering to compensate me for "losing" money on shares I held, including CBA.

I could have sold them at $60, or $50

I dont mean to be heartless, and have a different view about Storm, but they aint around anymore

Click to expand...

jmac2005 said:

We never got first home owners grant, baby bonuses and all the other handouts that the y generation and others have..

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Yes but you didn't have $25-30k HECS loans, your first house didn't cost 12-15 years of salary to pay off, and all of your health care was practically free. I'm sorry but the Boomers vs Gen X vs Gen Y argument never works for me. Each has had their fair share of pro's and con's. Although I must guiltily admit that I get a perverse feeling of amusement watching a Gen Y at work get their 'comeuppance' at the hands of the Gen X/Boomers....but I digress....

Good to hear that things seem to be working out for you mate, a person close to me just got a settlement from CBA which will mean she will keep her house and will look forward to a great retirement. Not as great as it could have been, but it's a godsend noting what has happened over the past year or so.

hang in there buddy.

I couldn't afford to go to uni, that was your choice to further your education not mine - why should I pay. I didn't live at home from the age of 16, that's why I don't have HECS fees and in regard to Medical - I pay insurance have done since I was 16... You also forget that the government propped up the ABC baby sitters and howard propped up his brother's company...
never took a cent off anyone including parents...
How do you know what I was earning from 1982... did you see my pay check, did you pay my rent,etc...
you aren't in my shoes, shame I can't afford the 4 QC'S in my class from school and shame I went to school wtih Julie Garvey, (Cassimatis)..
cause we both put our heads down, didn't spend money I'm at fault..
jmac

Ironhalo said:

Yes but you didn't have $25-30k HECS loans, your first house didn't cost 12-15 years of salary to pay off, and all of your health care was practically free. I'm sorry but the Boomers vs Gen X vs Gen Y argument never works for me. Each has had their fair share of pro's and con's. Although I must guiltily admit that I get a perverse feeling of amusement watching a Gen Y at work get their 'comeuppance' at the hands of the Gen X/Boomers....but I digress....

Good to hear that things seem to be working out for you mate, a person close to me just got a settlement from CBA which will mean she will keep her house and will look forward to a great retirement. Not as great as it could have been, but it's a godsend noting what has happened over the past year or so.

hang in there buddy.

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We never got first home owners grant, baby bonuses and all the other handouts that the y generation and others have..

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Yeah, most of Gen Y doesn't have it either .

chrisgee said:

looks like there has been some action since ive been away-a few vacancies in the 'which bank' hey-i wonder why? - ok big max i see you you cant help but maybe ill write a letter to mr c or maybe now i cant be bothered it probably would be thrown in the bin any way- mr gg reckomns there will be some action in 2011 that will be interesting to see-ive read a couple of subs to the enquiry they seem to have a familiar ring to them- why was money lent out in the first place? if the banks said no to the loans none of this would have happened- its probably more complex than this ill also let the guys with the wigs and gavels work that out- they are way smatatrer than me- are you guys serious about meeting at lennons ? it might be worth a bus trip down just see the action- i still dont trust the big guys with all of this-at least i've just spent a few days out of town with some real decent folk-and thats always good to be around in times like this--

Click to expand...

Don't worry mate, every dawg has its day, don't worry about a bus, I'll pick you up from the Ross Island Hotel in my Bentley and drive you to Lennons in Brisbane. If you don't snore you can sleep on the sofa in the big suite.

The big wigs have left 3 months of sittings in the courts for sept-nov 2011.

gg