Storm Financial Group

[bunyip]

Anastasia,

Hang in there, what i said to Harleyquin, applies to you as well.
Hold your head up, keep positive, and yes maintain your spirit.

Darkside.

I definitely endorse Darkside's remarks....I too hope that Storm victims can find some closure on this and move on with lives that hopefully still contain joys and pleasures.
I think most of us over-estimate how much money we really need to lead fulfilling and enjoyable lives. Many of the best pleasures in life don't have a price tag - they're absolutely free.

 

[darkside]

Hey Darkside, when you're proven to be wrong, it's polite to apologise and important that you correct the record. I'll say it again . . . not only am I not a former Storm employee, I am not a former Storm client! I am a paid consultant to SICAG. Do the right thing.:nono::nono::nono:

Max,

Are you refering to your own post? if so then i am big enough to accept your apology , otherwise please in bold , with sugar on top show me where i am proven wrong and said you worked for "storm" , or anything else i should retract .

Are you just gleaning over the posts again (i know you love that word).

Clearly "humble" is not one in your vocabulary, other than that , then yes i accept your apology , and you should move on, then cut the medication in half, (DYOR i am not a Dr, just IMHO) and direct your anger in the right place.

A paid consultant to SIGAG, wow, when your finished promoting them, i'm sure with the professionalism and restraint you have demonstrated on this site the job offers will keep flooding in .

Do the right thing or wake up to yourself, works both ways.

 

[Anastasia]

To Darkside, Ironhalo, Bunyip, Solly and all who have offered us encouragement and a little consideration on this thread, "THANK YOU"I realize that this is a forum and as such members are at liberty to post their views. But it does mean a lot to sometimes read well directed words as trust me, we have done a very good job belting ourselves up...sometimes we can be our own worst enemies. And you are right....well directed words, and a little human compassion don't cost anything and do go a long way. So THANK YOU again and cheers..... see you at the Northern GG when this is all over.

 

[DocK]

"Parliamentary inquiry begins into Storm Financial failure"

"Storm founders Emmanuel and Julie Cassimatis are not scheduled to give evidence to any of the hearings."

More here in the Brisbane Times from AAP.

http://www.brisbanetimes.com.au/queensland/parliamentary-inquiry-begins-into-storm-financial-failure-20090831-f4yh.html

"Norris declines Storm invitation"


"Commonwealth Bank of Australia chief executive Ralph Norris could be subpoenaed to face a federal parliamentary committee into the collapse of Storm after he declined an invitation to attend a hearing this Friday."

Read more in The Australian Financial Review of Sept 1 2009 by Duncan Hughes.

This is what I don't get. I'm not at all knowledgeable about the ins and outs of parliamentary enquiries, but surely it's all pointless if the Cassimatises (sp?)(Cassimatisii (?)- sounds like a disease - quite apt) aren't made to front up and answer the hard questions we all want answers to? Same with CBA.

I want to know:

1. What went wrong in the "marriage" to make CBA file for divorce with such haste? Had the relationship been going sour for some months (a fact storm would have been at pains to keep private from their clients) or was it prompted by panic?

2. Who was really responsible for communicating margin calls to clients?

3. For how long had storm been trading whilst knowing they were insolvent, or nearly so. Clearly they were still gouging new clients for fees until the bitter end - and should have known they had no hope of covering liabilities to ATO and CBA at that stage, let alone the rest

4. Why didn't storm act on the written requests to cash out of the managed funds?

5. How do they justify taking such a massive dividend on 30 June 2008 (when the ship must have been starting to list a bit, if not already taking on water) and how do they justify signing on Julie's sister as a director in order to pay another 2mill div to themselves in the dying days prior to being wound up, as well as pre-paying PR firms, law firms etc for costs they knew they'd incur after being wound up - presumably in an attempt to reincarnate themselves?

6. What happened to the "war chest" and on what basis was it determined that some clients were "helped out" with unsecured, interest-free loans from company funds, and others weren't?

7. How do they sleep at night? Seriously. I'd be interested to know if they care at all about the lives they've helped to ruin because they either believed their own ego-fuelled lies, or were simply too busy looking out for themselves to care.

I'm sure other questions will come to me, and I'm sure there are very, very many other ex-clients who would like the same answers. I don't really see the point in having lots of devastated people with very similar stories to tell have to go through the pain of publicly "baring their souls" and having to endure the humiliation and scorn of some sections of the community, if the main players in this tragedy aren't going to be made to account for themselves. I may be bitter and twisted, but I want my pound of flesh! Monetary compensation would be welcome if it comes, but I won't be happy until Manny & Julie are made to stand up and account for their decisions and actions. If they really feel they've done nothing wrong - why are they hiding?? Bring back the stocks I say - and let me load up!

Rant over - I feel better now

 

[Solly]

"Spotlight on Storm debacle"
By STUART WASHINGTON IN CAIRNS for the SMH

"And there is the tantalising prospect that the committee may even hear from Emmanuel Cassimatis, the chief executive of the failed company and the architect of its disastrous strategy, when hearings move to Brisbane on Thursday."

http://business.theage.com.au/business/spotlight-on-storm-debacle-20090901-f5mz.html

"I'm a big loser too: Storm boss"
By STUART WASHINGTON IN CAIRNS for the SMH

"The Cairns office of Storm Financial had no idea what was happening to its clients' money as the market plunged precipitously late last year, the former managing director of Storm Financial in Cairns, Gus Dalle Cort, told a parliamentary committee hearing today"

http://business.smh.com.au/business/im-a-big-loser-too-storm-boss-20090901-f6gk.html

 

[Quincy]

"Norris declines Storm invitation"


"Commonwealth Bank of Australia chief executive Ralph Norris could be subpoenaed to face a federal parliamentary committee into the collapse of Storm after he declined an invitation to attend a hearing this Friday."

Read more in The Australian Financial Review of Sept 1 2009 by Duncan Hughes.

See the following article (as referenced by the above post).

View attachment AFR - 010909.pdf

 

[bunyip]

This is what I don't get. I'm not at all knowledgeable about the ins and outs of parliamentary enquiries, but surely it's all pointless if the Cassimatises (sp?)(Cassimatisii (?)- sounds like a disease - quite apt) aren't made to front up and answer the hard questions we all want answers to? Same with CBA.

I want to know:

1. What went wrong in the "marriage" to make CBA file for divorce with such haste? Had the relationship been going sour for some months (a fact storm would have been at pains to keep private from their clients) or was it prompted by panic?

2. Who was really responsible for communicating margin calls to clients?

3. For how long had storm been trading whilst knowing they were insolvent, or nearly so. Clearly they were still gouging new clients for fees until the bitter end - and should have known they had no hope of covering liabilities to ATO and CBA at that stage, let alone the rest

4. Why didn't storm act on the written requests to cash out of the managed funds?

5. How do they justify taking such a massive dividend on 30 June 2008 (when the ship must have been starting to list a bit, if not already taking on water) and how do they justify signing on Julie's sister as a director in order to pay another 2mill div to themselves in the dying days prior to being wound up, as well as pre-paying PR firms, law firms etc for costs they knew they'd incur after being wound up - presumably in an attempt to reincarnate themselves?

6. What happened to the "war chest" and on what basis was it determined that some clients were "helped out" with unsecured, interest-free loans from company funds, and others weren't?

7. How do they sleep at night? Seriously. I'd be interested to know if they care at all about the lives they've helped to ruin because they either believed their own ego-fuelled lies, or were simply too busy looking out for themselves to care.

I'm sure other questions will come to me, and I'm sure there are very, very many other ex-clients who would like the same answers. I don't really see the point in having lots of devastated people with very similar stories to tell have to go through the pain of publicly "baring their souls" and having to endure the humiliation and scorn of some sections of the community, if the main players in this tragedy aren't going to be made to account for themselves. I may be bitter and twisted, but I want my pound of flesh! Monetary compensation would be welcome if it comes, but I won't be happy until Manny & Julie are made to stand up and account for their decisions and actions. If they really feel they've done nothing wrong - why are they hiding?? Bring back the stocks I say - and let me load up!

Rant over - I feel better now

1. The 'marriage' between CBA and Storm was going to last only while there was money in it for CBA. The marriage was over as soon as CBA decided that the security of their loans was at risk. The financial meltdown and ensuing market crash, combined with the absurd levels of gearing of Storm clients, meant that the banks became increasingly edgy as clients approached margin call. My guess is that margin calls were made to Storm, since Storm apparently were acting on behalf of clients.
For whatever reason, Storm didn't notify clients of those margin calls. Hence, margin calls were not met, so the bank sold clients down to recover its money.

2. It's been virtually impossible to find out who had the responsibility of notifying Storm clients of margin calls. The banks say it was Storm's responsibility, and Storm claim it was the banks responsibility. Storm clients themselves don't seem to know. The question has been asked a number of times on this thread.....'Did you authorise Storm to act on your behalf'?

As far as I'm aware, no Storm client has yet answered that question.

3. How long Storm had been trading while insolvent? - this is another question that has no clear answer at this stage. Perhaps the truth will come out once the enquiry gets underway.

4. Storms failure to comply with requests to move clients to cash was almost certainly a result of their fear of losing their income stream. Every client moved to cash would have meant a loss of ongoing management fees for Storm. And it would have been bad publicity - had the story got around that Storm clients were cashing out en masse, new clients would have been loathe to sign on with Storm. The number of new clients had already dwindled alarmingly as the market crash took hold. To lose thousands of existing clients as well would have been the death knell for Storm.

5. Smooth-talking Cassamatis has shown considerable talent for inventing reasons to justify his massive dividend grabs while he was busy watching his clients get wiped out. The simple fact is that the big dividends cannot be justified.
As for signing Julie's sister on as a director so they could get their grubby hands on another 2 million dollar dividend when they knew their company was finished.....this low act really shows the true character of these people.

6. The 'war chest' (if it ever existed) was problem much smaller than Storm led clients to believe. More likely, however, is that the war chest was nothing but a figment of Storm's imagination.

7. I'd be pretty sure that the Cassamatisis and their former Storm advisers have had many sleepless nights. But I suspect that they're worrying more about themselves than about their former clients. I doubt if many of them have feelings of guilt and remorse for the clients lives they've wrecked.

 

[Harleyquin]

"Spotlight on Storm debacle"
By STUART WASHINGTON IN CAIRNS for the SMH

"And there is the tantalising prospect that the committee may even hear from Emmanuel Cassimatis, the chief executive of the failed company and the architect of its disastrous strategy, when hearings move to Brisbane on Thursday."

http://business.theage.com.au/business/spotlight-on-storm-debacle-20090901-f5mz.html

"I'm a big loser too: Storm boss"
By STUART WASHINGTON IN CAIRNS for the SMH

"The Cairns office of Storm Financial had no idea what was happening to its clients' money as the market plunged precipitously late last year, the former managing director of Storm Financial in Cairns, Gus Dalle Cort, told a parliamentary committee hearing today"

http://business.smh.com.au/business/im-a-big-loser-too-storm-boss-20090901-f6gk.html

Wouldn't mind a crystal ball to see what's going to happen with this inquiry and if I get a chance to throw it at EC all the better. EC was the big ideas man behind storm and he is the one we all want to see up there getting a grilling from the big boys, the man needs stringing up, and his wife is in there up to her neck as well.

According to Gus Dalle Court's evidence today ASIC and Storm Central in Townsville have gagged their employees during the most crucial time. That needs to be explaned by EC for starters.

There are some good comments on this forum keep them coming. We all want to know exactly what happened. I've blamed myself for eight months and cursed storm and anyone associated with them for just as long. Depression then set in and I'm just coming back to life with the help of a few little white pills. Will be glad when this whole sordid mess is well and truly sorted and behind us and we can move on.

We aren't flash people and don't need a fortune to be happy but what these mongrels have done to so many is beyond human belief. That's my little spack attack for the day. Thanks for the words of encouragement you have no idea how much it all helps.

 

[Garpal Gumnut]

I'm staying at the Southbank in Townsville for tonight and will get any goss I can from Ripoll and McDonald.

The staffers accompanying these shows like a beer and will divulge to a yokel like moi.

Should be interesting tomorrow. I'll have a hipflask with me.

Della Corte certainly made a duclorange of the Storm behaviour in the dying days of Storm.

The SICAG model will come under increasing pressure if the reactions of Storm victims in Cairns to the testimony is any indication.

Manny's role will be a major point pressed in Townsville and further south this week.

The SICAG model will have Jelich to flesh out the role of Storm.

From what I heard today, there will be grounds to recommend criminal charges, so book your place in Lennons early.

gg

 

[Mindstorm]

I'm staying at the Southbank in Townsville for tonight and will get any goss I can from Ripoll and McDonald.

The staffers accompanying these shows like a beer and will divulge to a yokel like moi.

Should be interesting tomorrow. I'll have a hipflask with me.

Della Corte certainly made a duclorange of the Storm behaviour in the dying days of Storm.

The SICAG model will come under increasing pressure if the reactions of Storm victims in Cairns to the testimony is any indication.

Manny's role will be a major point pressed in Townsville and further south this week.

The SICAG model will have Jelich to flesh out the role of Storm.

From what I heard today, there will be grounds to recommend criminal charges, so book your place in Lennons early.

gg

Hi,

Could you please explain to me what you mean by "The SICAG model"?

Thanks!

 

[specialed]

Dito, Can you please explain what you mean by "the SICAG Model". Fair dinkum Garpel, I read your posts and swear when your not submitting some reply on here you must be searching for the latest conspiracy theory. Cant wait to here your analysis of "The Sicag Model". Can you also let me know who it was who really shot kennedy, oh, and Is Michael Jackson really dead ??

 

[Solly]

"Storm Financial 'gagged staff'"

"STORM Financial gagged staff from speaking to clients as they presided over "chaos" allowing some of their 4000 investors to be financially destroyed, an inquiry has heard."

More by Peter Michael in The Courier Mail here;

http://www.news.com.au/couriermail/story/0,23739,26011595-3102,00.html

 

[Solly]

"Storm inquiry eyes CBA chief"

"Commonwealth Bank chief executive Ralph Norris is facing the threat of being compelled to appear before a federal parliamentary committee's inquiry into Storm Financial after the committee was formally notified yesterday he would not appear at hearings on Friday."

More from STUART WASHINGTON IN CAIRNS from the SMH

http://business.watoday.com.au/business/storm-inquiry-eyes-cba-chief-20090901-f5w8.html

 

[Solly]

'Where's Norris?', asks Storm inquirers

"An Opposition member of the Parliamentary Joint Committee on Corporations and Financial Services has expressed his disappointment that Commonwealth Bank (CBA) chief executive Ralph Norris will not be appearing at hearings in Sydney this Friday to discuss the bank’s involvement with Storm Financial."

More from Mike Taylor in Money Management here;

http://www.moneymanagement.com.au/article/wheres-norris-asks-storm-inquirers/496408.aspx

 

[Solly]

" 'Chaos' behind the scenes as Storm failed "

"AS Storm Financial veered towards collapse late last year its senior staff had virtually no idea of the dire situation the company and its clients were in, an inquiry has heard.
Its customers knew even less, especially in the final days as the company's head office ordered advisers not to talk to clients."

More from AAP on news.com.au

http://www.news.com.au/story/0,27574,26012726-29277,00.html

 

[Garpal Gumnut]

"Storm Financial 'gagged staff'"

"STORM Financial gagged staff from speaking to clients as they presided over "chaos" allowing some of their 4000 investors to be financially destroyed, an inquiry has heard."

More by Peter Michael in The Courier Mail here;

http://www.news.com.au/couriermail/story/0,23739,26011595-3102,00.html

Mr Dalle Cort is the first former Storm adviser to give evidence to a joint parliamentary inquiry into Financial Products and Services in Cairns today.

His evidence that he did not call the banks for clarification as his 1000 clients faced devastating margin calls drew gasps of horror from the packed public gallery.

http://www.news.com.au/couriermail/story/0,23739,26011595-3102,00.html

Its all coming out now, and its only the first day. No wonder there were gasps of horror.

gg

 

[specialed]

I'm staying at the Southbank in Townsville for tonight and will get any goss I can from Ripoll and McDonald.

The staffers accompanying these shows like a beer and will divulge to a yokel like moi.

Should be interesting tomorrow. I'll have a hipflask with me.

Della Corte certainly made a duclorange of the Storm behaviour in the dying days of Storm.

The SICAG model will come under increasing pressure if the reactions of Storm victims in Cairns to the testimony is any indication.

Manny's role will be a major point pressed in Townsville and further south this week.

The SICAG model will have Jelich to flesh out the role of Storm.

From what I heard today, there will be grounds to recommend criminal charges, so book your place in Lennons early.

gg

Still Waiting...What is the SICAG model ?

 

[Solly]

I'm staying at the Southbank in Townsville for tonight and will get any goss I can from Ripoll and McDonald.

The staffers accompanying these shows like a beer and will divulge to a yokel like moi.

Should be interesting tomorrow. I'll have a hipflask with me.

Della Corte certainly made a duclorange of the Storm behaviour in the dying days of Storm.

The SICAG model will come under increasing pressure if the reactions of Storm victims in Cairns to the testimony is any indication.

Manny's role will be a major point pressed in Townsville and further south this week.

The SICAG model will have Jelich to flesh out the role of Storm.

From what I heard today, there will be grounds to recommend criminal charges, so book your place in Lennons early.

gg

gg, Lennons is looking good, see that tight left turn to the car park but the valet reckons you should have no problem getting the Azure down the ramp.

 

[Harleyquin]

"Storm inquiry eyes CBA chief"

"Commonwealth Bank chief executive Ralph Norris is facing the threat of being compelled to appear before a federal parliamentary committee's inquiry into Storm Financial after the committee was formally notified yesterday he would not appear at hearings on Friday."

More from STUART WASHINGTON IN CAIRNS from the SMH

http://business.watoday.com.au/business/storm-inquiry-eyes-cba-chief-20090901-f5w8.html

The CBA submission contradicts what almost everyone else's submission has stated. Interesting days ahead for the CBA Solly and about time. I look forward to seeing him try to squirm out of this one.

 

[Ironhalo]

SICAG Model (noun) a system of actions performed by SICAG

1. To blame the banks/ASIC solely for the implosion of Storm Financial, at the exclusion of anyone who was also responsible, thereby attempting to ensure questions are not asked of people who are morally bankrupt (see also: Emmanuel Cassimatis and Storm Employees) "SICAG is about getting a decent outcome for all its members and furthermore ensuring that both the banking and financial services industry act ethically and can be held responsible for their actions. Additionally, we here in Australia need to be confident that the regulators are doing their jobs and not simply sitting on their hands."
2. To provide a means of moral support to victims and their families.
3. While doing a good job at the above, sadly concurrently dodging questions pertaining to links and conflict of interest between key SICAG members and ex-Storm employees responsible for skimming clients while driving them into financial ruin. (see also: hypocrisy, Ron Jelich and Andrew O'Brien)

That define the model for you?