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Another sign of Manny's arrogance. That he would try and offer $1 million (despite saying, 'I am financially devastated!') under the table to make it all go away.
Good try. And the advisers complicit in all this are about to realise they aren't in the clear yet either.
I asked them about that and they said 'not at this stage'. BoQ will be under the pump very soon, but they are holding out.
The biggest catalyst for all of this I think is that Storm Townsville was filled with ex-CBA staff who exploited the systems knowledge/relationships that they had with existing CBA/Colonial staff.
I am stoked, my Colonial index shares were sold from under me (I wasn't even remotely near margin call) one month after they granted us the loan (and also despite having extra cash in the accelerator account to react to any market drops), costing me to the tune of 11k so I am hoping to get some of this back.
Can't wait to see what happens to Manny.
4. Slater and Gordon indicated that 'Manny' will be found fully culpable for fraudulent business practices, and will be pursuing him in court. At this stage they are looking to 'take Manny to the cleaners.' Apparently Manny offered S&G $1 million to make the legal pursuit problems 'go away'. He was told in no uncertain terms to get stuffed. The insurers are being pressured as well legally.
This was in yesterdays Townsville Bulletin,
http://www.townsvillebulletin.com.au/article/2009/08/13/70935_hpnews.html
Financial Planning Association is pursuing charges of professional misconduct against three of Storm's former advisers.
Anyone happen to know who the three adviser's are?
My guess is Manny might possibly be one which means he's going to cop it from all directions.
And just as an aside, while some, especially those affected by the events, consider it the issue of the millennium, probably the vast majority of the general population are unaware of it and if they are couldn't give a toss.
Another sign of Manny's arrogance. That he would try and offer $1 million (despite saying, 'I am financially devastated!') under the table to make it all go away.
Good try. And the advisers complicit in all this are about to realise they aren't in the clear yet either.
this whole thing is getting crazier-after last night im not too confident that the little guy is every going to get everything back-everybodies trying to help but i really dont know who you can trust anymore- so cba has been a naughty boy- mr s says storm gave crumby advice- cba says its helping - but what about the others- my head is spinning with all of this- if you are pushing shait up hill with all of this dont let the buggers wear you down- its a freaking big job sorting this all out- sometimes you just feell like youve been suckered by them all-gee i hope if any fraud has been done they end up on the chain gang-yes mr gg i read yourpost about the prision it sounds like a bad place
My rellies in QLD have returned from the Slater and Gordon meeting held tonight in Redcliffe about half an hour ago. Some very interesting points have come out, with CBA senior staff in attendance that are heading up the Resolution Scheme:
1. CBA have acknowledged fault and mentioned that 'they will fix and compensate the actions they took', and will pay up to $8000 in legal fees per client to Slater & Gordan. CBA apologised to everyone present for their actions, and many people there appreciated the two young CBA guy's honesty and said they were genuinely shameful of the bank's actions.
2. Macquarie or any other banks are excluded for the time being. Anyone with a CBA/CGA loan will be eligible for financial compensation.
3. Storm advisers will be dealt with on a case by case basis and will be investigated and charged with fraud where applicable. S&G are being paid by the bank to pursue this, so guess who the banks will be chasing? Storm advisers are about to get their come-uppance.
4. Slater and Gordon indicated that 'Manny' will be found fully culpable for fraudulent business practices, and will be pursuing him in court. At this stage they are looking to 'take Manny to the cleaners.' Apparently Manny offered S&G $1 million to make the legal pursuit problems 'go away'. He was told in no uncertain terms to get stuffed. The insurers are being pressured as well legally.
5. SICAG have (and colour me surprised) dismissed EVERY ex-Storm affiliated member and associate ex-Storm employee as of this week noting the legal developments. There are un-substantiated claims that O'Brien may have left or been asked to leave SICAG noting the above.
6. ASIC's summary to Parliament to come at the end of Aug.
Stay tuned...very interesting times ahead.
this whole thing is getting crazier-after last night im not too confident that the little guy is every going to get everything back-everybodies trying to help but i really dont know who you can trust anymore- so cba has been a naughty boy- mr s says storm gave crumby advice- cba says its helping - but what about the others- my head is spinning with all of this- if you are pushing shait up hill with all of this dont let the buggers wear you down- its a freaking big job sorting this all out- sometimes you just feell like youve been suckered by them all-gee i hope if any fraud has been done they end up on the chain gang-yes mr gg i read yourpost about the prision it sounds like a bad place
Yes Chris,
Prison is a very, very nasty place. awful, violent and dangerous.
All lower ranking Storm advisers would be well advised to come clean with all they know at the Inquiry.
Rich people have good lawyers, who can wriggle out of punishment for crimes.
The only way for Storm advisers to get on with their lives, is to tell all, and in all likelihood, should they do, they will escape gaol.
gg
I watch posts on this site with one eyebrow raised. Ironhalo is smoking something illegal or his rellies are. Wrong, mate. There have been NO sackings, movements, cleanouts etc at SICAG. It's business as usual. For the information of GG, Ironhalo and others whose ignorance of SICAG's REAL work astounds me, the organisation was praised at last night's meeting by Damian Scattini of Slater & Gordon for its exemplary work for its members. Damian's comments (shock, horror GG and Ironhalo) were met with spontaneous applause that quickly developed into a standing ovation that lasted at least a minute - long enough for me to pull out the camera and take a pic. Wanna see it? I'll bring it to Brisvegas next month GG and I'll show it to you over a beer while we discuss Manny's appearance in the Federal Court. As for you, Ironhalo, would a retraction be asking too much?
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