I think this discussion sometimes moves in circles. I certainly agree that all the blame should not be levelled at the banks. However, Personally I don’t believe all the blame has been directed towards them, merely they are the only ones left standing with the money. This point was recently reiterated in the Goodridge letter. I eagerly await the ASIC report and to see if and where they perceive blame lies. Although don’t actually hold out much hope of either. I suspect if it does go so far then blame will be placed at the same place the original judge placed it in making his determination in Dec 08. That blame lies either with the banks, with storm, with the clients or in a combination of two or three of the parties.
It is unfortunate and a little ironic that we may end up in a situation whereby it is decided in the courts in the exact manner that it was indicated it needed to be, back in Dec 08. However, although this case was thwarted by the CBA back then, I suspect they will not have as much luck in thwarting future attempts to get this before the courts.
Whether people feel the banks have any responsibility for this mess or not the reality is that the resolution process has now increased the resolve of many to see this go to trial.
Further I get the feeling that what little good will they may gained through the resolution process initially has well and truly gone. There appears to be two distinct groups; Firstly, those who have had no choice but to accept the offer, and whilst you cannot say they have been coerced, they are certainly in no position, either financially or mentally to do anything but to accept. And secondly, those who are now very angry, feel that the compensation offer will do nothing to secure them anything of a future and therefore nothing is to be lost in pursuing this in the courts.
There are some who will pursue the CBA through the courts now if for no other reason to ensure the CBA are dragged through the process irrespective of the outcome. Sooner or later Ralph Norris will realise this and again step in.
It is unfortunate and a little ironic that we may end up in a situation whereby it is decided in the courts in the exact manner that it was indicated it needed to be, back in Dec 08. However, although this case was thwarted by the CBA back then, I suspect they will not have as much luck in thwarting future attempts to get this before the courts.
Whether people feel the banks have any responsibility for this mess or not the reality is that the resolution process has now increased the resolve of many to see this go to trial.
Further I get the feeling that what little good will they may gained through the resolution process initially has well and truly gone. There appears to be two distinct groups; Firstly, those who have had no choice but to accept the offer, and whilst you cannot say they have been coerced, they are certainly in no position, either financially or mentally to do anything but to accept. And secondly, those who are now very angry, feel that the compensation offer will do nothing to secure them anything of a future and therefore nothing is to be lost in pursuing this in the courts.
There are some who will pursue the CBA through the courts now if for no other reason to ensure the CBA are dragged through the process irrespective of the outcome. Sooner or later Ralph Norris will realise this and again step in.