I was a Storm 'victim', but my partner and I knew EXACTLY how much money we were borrowing from exactly which financial institution. It was all written on page 2 in layman's terms on our SOA.
The biggest thing that has made me angry, is that we weren't in margin call, and yet our investment was sold at the bottom of the market without any consultation to us by Colonial, and our margin loan paid back at a loss with the proceeds, despite us having extra assets and money in a joined CMA to avoid margin call. We knew what was going on, and we didn't even have a house betting on it....just a block of our savings as a young couple.
For people to claim 'Storm borrowed $1 million for me, and I didn't know about it' is absolute bollocks. You might not have understood the section that read 'we propose you borrow $1 million from bank X to invest into your existing Storm index fund', but for all of their faults, Storm never put a gun to people's head and made them sign for ridiculous loans.
My heart goes out to the majority of fellow Storm investors, but there are a number of people now pulling the Alan Bond 'I have low IQ and don't know what I was doing' card to avoid responsibility for their own apathy.
If millions of dollars of my super and retirement was on the line, I would have been down at the Storm office in person everyday demanding to see what was going on, and same for Colonial Lending. I hate to say it, but it's endemic of society nowadays, no one takes any responsibility for anything, Manny, the banks and Storm customers included.
Not sinking a boot in, but hopefully people learn from this.