Australian (ASX) Stock Market Forum

Storm Financial Group

Jump to new
Jmac, rage less mate, I am on your side.

I am going off stats that are well reported. House affordability on the whole is worse for first home buyers now then when my parents bought in the 70-80's. You didn't want to go to uni? That's your choice mate, but the point I was making is that HECS wasn't even a consideration back then, you wanted to go to uni and could get a job to support your alcohol/food/book habit while you were there, you could do it. And you could get a job without someone looking down their nose at your Bachelor of Arts degree as well.

No doubt you did it tough, but on the whole the Boomers did well with what they were given, as will the newer Gens. Saying 'I don't get what the Y's get' is silly, you had other things that balance it out.

But we digress.
 
maccka said:
This makes for interesting reading.


Storm loans often broke BoQ policy

http://www.news.com.au/couriermail/story/0,27574,25825141-3102,00.html

cheers
Maccka
Click to expand...

Thanks maccka, to me, the below quote from the article is very interesting.

' Storm's Brisbane manager Stuart Drummond, speaking publicly for the first time, said CBA and BoQ home loans were "done properly". He said some BoQ loan documents were signed in Storm offices and bank officials did not meet customers "all the time". '

Does this mean Storm were acting as a type of "agent" for the bank?
 
Solly said:
Thanks maccka, to me, the below quote from the article is very interesting.

' Storm's Brisbane manager Stuart Drummond, speaking publicly for the first time, said CBA and BoQ home loans were "done properly". He said some BoQ loan documents were signed in Storm offices and bank officials did not meet customers "all the time". '

Does this mean Storm were acting as as type of "agent" for the bank?
Click to expand...

The BoQ says not, Storm suggests so.

In any event I would think that Stuart Drummond also considers the 'advice' he was delivering was similarly 'proper'.

The evidence on both counts suggests Mr Drummond needs to establish what the word proper actually means.
 
Steve Borden said:
The BoQ says not, Storm suggests so.

In any event I would think that Stuart Drummond also considers the 'advice' he was delivering was similarly 'proper'.

The evidence on both counts suggests Mr Drummond needs to establish what the word proper actually means.
Click to expand...

"Proper", I believe the meaning can be a bit vague, similar to "reasonableness", "legitimate interest", "cooperation" and "good faith" ;)
 
Not a boomer, try the next lot, better half is..
the offer we got wipe money from the loan, 1 percent below market rate, money towards solicitor's fees and an interesting paragraph that says (and our solicitor said it was the first time he'd seen it we were the 4th one he'd seen), that if it transpires that irregularities or wrong-doing occured by the bank it doesn't stop us from further action...
just been on the phone again with the which bank, things are changing again... Might have been worth our while hanging out to the last minute.
Just go without, starve and kill the loan like the last ime. Only invested in April, tried to get out in July, only wanted a few extra funds incase I was diagnosed with a medical condition that all the docs thought I had, didn't want to be burden on family, public health system at all..
I don't really trust this hardship lot, first 2 we saw she had never heard of the Storm Financial problem.... we did tell her about the home being revalued without being seen - which I understand might be against banking practises, also we kept copies of all documents, so was concerned when the bank sent copies in the mail and they blanked out stuff, also asked why was their own approved by a bank in Mackay when we had ample commonwealth banks where I live. What was discussed and what the solicitor told us, would have been worthwhile gems of information but won't put this out here, might tip people off...
Yes we are lucky we still have a house but will be working till 70..
got fired up yesterday after the visit, we didn't go on any of their hols, or put everything in one basket, probably helped too.
jmac
Ironhalo said:
Jmac, rage less mate, I am on your side.

I am going off stats that are well reported. House affordability on the whole is worse for first home buyers now then when my parents bought in the 70-80's. You didn't want to go to uni? That's your choice mate, but the point I was making is that HECS wasn't even a consideration back then, you wanted to go to uni and could get a job to support your alcohol/food/book habit while you were there, you could do it. And you could get a job without someone looking down their nose at your Bachelor of Arts degree as well.

No doubt you did it tough, but on the whole the Boomers did well with what they were given, as will the newer Gens. Saying 'I don't get what the Y's get' is silly, you had other things that balance it out.

But we digress.
Click to expand...
 
jmac2005 said:
Not a boomer, try the next lot, better half is..

Yes we are lucky we still have a house but will be working till 70..
got fired up yesterday after the visit, we didn't go on any of their hols, or put everything in one basket, probably helped too.
jmac
Click to expand...

Well done jmac, keep up the pressure and I am sure you will do better than the original offer.

All the best
 
Jmac keep up the pressure mate, and remember that anything you do with CBA doesn't pleclude you from ASIC saying that the bank has to wipe your loan if they find it shouldn't have been granted in the first place.

Best of luck mate, chin up.
 
"Storm deluge and water under the bridge"

"It's always nice to shake hands with old faces. Former High Court judge Ian Callinan no doubt will rediscover the joys as he toils to adjudicate how much compensation is due to battered and bankrupt investors in collapsed Storm Financial."

Read more in The Australian Financial Review of Saturday, 25 July 2009.
 
"CBA lets Townsville duo go"

"Two former senior managers for Commonwealth Bank of Australia in north Queensland have left the bank following investigations into the collapsed advisory company, Storm Financial."

Read more by Duncan Hughes on page 53 of The Australian Financial Review of July 24, 09.
 
Garpal Gumnut said:
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
Click to expand...

thanks mr gg you made me laugh-yes i do snore loud especially if ive had a few reds-cheap reds these days and sometimes out of cardboard but hope this will change soon-geewiz a couple of senior bank johnnies been given the flick-thats very concidential isnt it-i think the "witch bank" is starting to see some things that arent too right with things-and i hope the good judge helps out as well making sure all is above board when negotiating things-also got a mate who is a stomer-his dear misses is not too flash at the moment either- i cant beleive how aged we are all starting to look compared with 12 months ago-wish we knew what was really happening the not knowninfg is taking its toll a bit-if there has been criminal things done i really hope these guys go into the big house for a while-may be it will be a lesson to others not to mess around with the ordinary folk- gee still not a peep from anybody at the palace at belmont-i hope this is all over soon-im back to work now-
 
 
"Sacked salesman a 'scapegoat' for Storm"

"Graham Lynham, A former top salesman with Commonwealth Bank of Australia claims he has been made a scapegoat for the bank's involvement in the collapse of Storm Financial, which is estimated to have led to $3 billion of client losses."

Read more by Duncan Hughes on page 44 in The Australian Financial Review of Monday, 27 July 2009.
 
ASIC to investigate Storm Financial collapse

FAILED advisory firm Storm Financial is to be investigated in a public examination funded by the Australian Securities and Investments Commission (ASIC)

....

The investigation will complement an ASIC probe already underway.

Mr Khatri said the examination would be on "possible breaches of duty and corporate offences'.
Click to expand...

http://www.news.com.au/business/story/0,27753,25840794-31037,00.html
 

Similar threads

TiminOz
The dynamics of money and TIME: crimping cashflow for a period
Replies
3
Views
734
TiminOz
TiminOz
BossMan.
The planning of a portfolio
2
Replies
29
Views
821
Value Collector
Value Collector
basilio
Ozempic: Magic Pill or Devils Bargain?
Replies
10
Views
2K
sptrawler
sptrawler
Garpal Gumnut
Mayfair 101/Mayfair Platinum
2
Replies
35
Views
5K
Dona Ferentes
Dona Ferentes
sptrawler
Competency and trying to maintain standards
2
Replies
27
Views
3K
sptrawler
sptrawler
Top