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Storm Financial Group

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Specialed mate this has all been gone over before but for you and you alone, let us step into the cone of silence, just you and me . Now please listen.

The sicag webpage prominently states that it is not associated with the Cassimatis but in the lower left hand corner prominently lauds the fee model of theirs, as compared to present best practice fee charging by Financial Planners. Btw, I think all FP’s are muppets, but you guys don’t , so I guess that is my first piece of evidence.

Nowhere on the sicag site is there even one, not one tiny, tiny, criticism of Manny, the Storm model or the Cassimatis. This in spite of criticism of them and the model by the following
A Parliamentary Inquiry
A Liquidators Report
By the major litigating firm involved with sicag members.
The majority of ex clients I’ve spoken to in Townsville.
Ex staff of Storm
All the major financial commentators from the Murdoch, Fairfax and ABC Financial Press offices

Some of the top sicag identities are either senior ex Storm employees or held quite high positions in Storm. One at least to my knowledge is related to an ex Storm adviser.

In relation to the ressurection of the Storm model, this is for the future, I of course have no proof, it is a surmise made from rational examination of the facts and knowledge of previous scams and the guilty but not punished survivors of those scams. They start selling again.. They do what comes naturally to salesmen.



Now I couldn’t give a monkeys whether you accept this or not, most people I read and speak to do.

People suffering delusions when they’ve been done over by charismatic salesmen often suffer from Stockholm Syndrome, where they identify with the perpetrator to protect their mind from further injury.

I’ve never been to Stockholm, but I hear it’s a good place to get a root.

And you’ve been rooted good and proper by Storm, so I guess anything I say from the viewpoint of a reasonable person is not going to change your opinion.


gg
 

This rambling offers evidence (or sorts) that SICAG is yet to critisise Storm financial via their website. It does not however answer my two questions. AGAIN, can you please offer the evidence you possess as to why SICAG or anyone would want to resurrect STORM, and how this would be acheived. While your at it you can explain how ASIC, FPA, etc etc would enable this to happen, what this would acheive. I actually agree with your opinion of FP's however with regard to the rest, there is very little that is rational about it.....
 
Garpal,

I'm sure I have asked this before but don’t recall getting an answer.

Can you please explain to me why you show such vigour in your pursuit of SICAG. It obviously extends beyond just a cursory interest in the public good, yet to the best of my knowledge (and please correct me if I’m wrong) your efforts to point out its failing, and its hidden agenda remain stuck in this forum. I am wondering what this group actually did in the first place to cause you such distress.

What efforts have you made in the public arena to discredit what you seem to feel so strongly is such a hideous organisation, and have you done this without the shade of anonymity that this forum provides you. You mention the majority of ex clients you speak to. Is this the majority of ex clients, or just the majority of those you speak to. If you only speak with three, then yes two would form a majority. I am guessing that the number you speak to falls well short of the current membership of SICAG otherwise, they , along with yourself could have finished off with SICAG some time ago.

You highlight how most people you speak to accept your opinion. Can I suggest with the greatest of respect that you probably are not speaking to many, and certainly not many outside of this forum. Again, the many you refer to appear all but silent in their opposition to SICAG, and even more silent in the attempts to also rid the world of this support group.

I actually have no problem with your opposition to their volunteer organisation, but would like to know what exactly causes the agenda you have, there is obviously something that has happened. Do you care to share ?

By the way, As stated so many times, I have never, will never invest with storm. Have never, will never, as you so nicely put it "been rooted by storm"....I would actually like to have a few minutes alone with MANNY....
 

Top post Ironhalo - I agree with your sentiments. I also accepted the offer made by CBA as I considered it to be reasonable, given my set of circumstances. I had/have some reservations about the way the scheme is structured, but felt that it provided the best outcome I was likely to achieve in the short term, and emotionally I felt the need to have the whole saga resolved. I can understand that some people feel the need to pursue other options, and one of the complications with any resolution process is that not everyone's situation is identical, however when someone emailed me the link to the petition to the Govt with a plea to add my signature I was tempted to reply that they should "get a grip".
 
Just some quotes from the petition at

http://www.petitiononline.com/vfahmg/petition.html


 
DocK said:
. I had/have some reservations about the way the scheme is structured, but felt that it provided the best outcome I was likely to achieve in the short term, and emotionally I felt the need to have the whole saga resolved.
Click to expand...
Dock, now that you've made that choice, can you say if it has allowed you to, if not 'put it behind you', start to move on? Emotionally and psychologically it sounds so much more sensible than living with the stress of the unknown any longer than necessary.
I suppose it depends somewhat on your nature: for me the ongoing anxiety and indecision would be worse than accepting what's possibly a lesser settlement.

Ironhalo: great post. Much admire your attitude and Dock's.
 
Hi Everyone,
I have been taking a back seat for the past few months.....well... letting my emotions have a holiday anyway. But I just had to join the land of the living again when I learnt today that Bank of Queensland/ CEO David Liddy/ Two Townsville branches (Kirwan and North Ward) will be taken to task over their relationship/ involvement with Storm Financial this Sunday night on 60 Minutes. Apparently it is a very revealing, very informative piece of investigative journalism. Uhmmm....

Reckless
Reporter: Ellen Fanning
Producers: Jonathan Harley

It's amazing they got away with it for so long. Bankers bending the rules, ignoring the risks and making a motza in the process.

Here in Australia we like to think we avoided the worst of the Global Financial Crisis.

But we had our share of rogues in this country too and the misery they've inflicted on hundreds of Aussie battlers is as cruel as anything perpetrated by Wall Street.

It all started when the Bank of Queensland got into bed with a reckless outfit called Storm Financial.

It was a time of easy money, dodgy loans and monumental greed. And presiding over it all was a fast-talking CEO who won't admit his bank was wrong.​
 

Anastasia,
It indeed will be interesting to so see this report. I wonder if there will be an appearance by Matthew Buchanan, he did give some quite interesting responses to questions at the Inquiry at Harry's.

Mr Liddy has previously given positive accolades to the North Ward branch.

“North Ward’s two Owner-Managers, Declan Carnes and Matthew Buchanan, represent the Bank’s five core values – passion, achievement, courage, integrity and team work – and this is reflected both in their growing customer base and their branch’s amazing financial performance,” Mr Liddy said.

The above quote is from,
http://www.boq.com.au/aboutus_media_20061027.

I believe Ellen's report will be very informative.
 



specialed, we seem to be two persons on either side of a boat shouting out in to the wind and not hearing each other, let alone listening. On reflection I am as guilty as you.

You feel I am not answering your questions, and I likewise about you.

I am glad you were not stung my Manny and that you see the Storm model for what it was.

Likewise I can assure you that apart from attempting to buy banks when the price is low, and selling when high or taken over, that is my only relation with them.

I did, many years ago, lose a (then) significant amount of money in a scam and an amateurish mob got up like sicag and generally stuffed about and the head crook did a few months in gaol and to my knowledge lived in luxury thereafter. His family continued to sell other dubious products, thus continuing his lifework. A pittance was returned to investors.

The only other point I would make is that S and G now feel some in sicag are too close to Manny, as I have all along, and I and they feel this is wrong.

http://www.investordaily.com.au/archive/9260.xml


On a lighter note I have had communication from Solly that he was enlightened by my reference to the sexual proclivities of the young ladies of Stockholm, so if you haven't been rooted by Storm, it may be a an idea to visit there anyway.

So I will call a halt to this dialogue of the deaf. Solly is forced to go deaf when away from his Lady Pen, so you may see him trying to cure his problem in Stockholm as well.

gg
 

gg, I thought those pics of my evening at the Pelikan Beer Hall in Södermalm had all been deleted from Facebook, I'll have to poke Zuckerberg again. But an evening of husmanskost and schnapps can sometimes tend to blur one's judgement.
 


Read the transcript here;
"BOQ docs show problems with Storm loans"

http://sixtyminutes.ninemsn.com.au/stories/1064746/boq-docs-show-problems-with-storm-loans
 
Any comments about the "60 Minutes" programme?
 
I have seen numerous BoQ loan docs re storm and most clients shocked at data included - inaccuracy of it that is and not what they had told storm or BQ - some met with managers - so very suspect tht they did not record what they were told by clients as to income, debts, etc.
 
I noticed that Liddy stated that borrowers were being dealt with on an individual basis, and not as a group - can anyone confirm whether any BOQ borrowers have received any offer of compensation?

I do hope that last night's programme adds to the pressure to compensate anyone who has been unfairly dealt with by BOQ.
 


Me too, but only if the compensation is paid by the bank, not by the Australian taxpayers. And only if the people being compensated have enough integrity and reality about them to realise and admit that since they themselves, not just the banks, bear some responsibility for their situation, the compensation cannot and should not be 100% of what they lost.
 
Re: BOQ.....Where fraudulent activity is proven and it will be, with physical evidence, loans should be rendered null and void. The offending bank staff should be removed/ and or prosecuted and David Liddy should be forced to step aside. It may be deemed to be the customers responsibility, however, when an employee joins the bank in a lending capacity, they are trained to process material within the parameters of the Trade Practices Act, the Banking Code of Practice and the Bank's individual policy and procedure. They will have been taught the correct and honest way, when to approve and when to reject certain loans based on information provided and are made aware of the penalties in approving incorrect material. Thus, at the end of the day the originator of the contract (being the bank) must take responsibility for rectifying fraudulent loans in order to salvage any scrap of professionalism remaining.
 
BoQ is offering to freeze repayment on loans but interest is still accruing - so after 2 years there will be even a bigger amount to repay.
In the audit mentioned on TV, 60% of the loans were described as "should not have been granted".
They have revealed only the tip of the iceberg in regards to this branch and its managers practices - let's just say creative loan applications submitted to central office and not with data clients signed off on - yes changed by managers and not even by storm in some cases.
Quite a few of the stormified - like the people mentioned on the program, have sold their homes or refinanced.
The local BQ manager told someone in my family - in Dec 2008 - you will have to pay out that loan immediately if you were with storm. Very short on compassion that statement and all we have heard from BoQ. . . .
They were indeed in bed with storm and should be held to account - a
My post is an explanation and a long way of saying - they are not offering compensation at all or to cancel loans . . .
banghead:
 

I would like to remind people that there other banks as well not just CBA and BofQ. This is not my terminology but I have been told by two sources that there was a cell operating in the ANZ Bank Nambour who were churning out inappropriate bank loans.
 
shibby said:
What are your comments Julia?
Click to expand...
To be honest, I didn't really feel much enlightened by the program which was typical "60 Minutes" stuff, including Ms Fanning chasing Mr Liddy into lifts, around car parks etc in real tabloid journalism style.

Unless I'm being obtuse, there was an implication, rather than proof, that it was BOQ who had misrepresented figures on the loan applications, not Storm.
Maybe it was definitely BOQ, but I was disappointed at how absolutely Cassimatis was left out when it came to doling out responsibility for the clients' failed positions.
Also, there was not a mention of any responsibility to be attributed to the clients in borrowing amounts they could not hope to service. Imo both these factors make the program unbalanced.

Does the fact that BOQ branches are individually owned make any difference in the Head Office's reluctance to take responsibility for at least some of what went wrong? What has happened to the Branch Managers concerned?
Are they still in their jobs? If so, then that's clearly poor judgement on the part of BOQ management.

What would be interesting (but will never happen) would be a panel discussion, chaired by e.g. Kerry O'Brien with Manny and the variously implicated bank personnel.

The lady featured in the program was a great choice - hard working typical Australian who didn't question the financial 'advice' given by Manny.
 
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