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Storm Financial Group

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"Storm tried to 'help' investors"

"STORM Financial's dying days are revealed in a document that shows the desperate attempts by Storm founder Emmanuel Cassimatis to keep his business alive as it sought funding from Commonwealth Bank."

"....Storm said it was attempting to forestall customers' margin calls by spending $300,000 to $400,000 a month."

More by Stuart Washington in The Age here;

http://business.theage.com.au/business/storm-tried-to-help-investors-20090610-c3oa.html
 
Storm helped by CBA valuations

The forthcoming inquiry into financial services has found the Commonwealth Bank of Australia (CBA) and Storm processed $25 million worth of loan applications from Storm's clients on June 30 to meet the end of year deadline, reported The Australian Financial Review newspaper.

The paper reported the loan applications were made by clients who wanted to take advantage of upgraded valuations on their homes to borrow money to invest in Storm-linked index funds.
Click to expand...

See HERE
 
I have short message for all who are touched by this unfortunate episode.

There are many good men and woman working on the side of right, investigators, enforcers and lawmakers can only do so much.

They need your help.

There are many who are yet to contribute, many who know much more.

Come forward, divulge and tell.

There are many avenues to assist.

Truth will out.
 
Dark Leopard said:
I have short message for all who are touched by this unfortunate episode.

There are many good men and woman working on the side of right, investigators, enforcers and lawmakers can only do so much.

They need your help.

There are many who are yet to contribute, many who know much more.

Come forward, divulge and tell.

There are many avenues to assist.

Truth will out.
Click to expand...

Sure, but you will never ever post anything about Emmanuel Cassimatis and his poor management, which lead his clients into financial ruin, whilst he hid behind a company structure.

He was always a salesman, and his greed for commission lead him to overgear people of retirement age.

Can you post your opinions about Emmanuel Cassimatis? Or is it a bit difficult for you to do so?

"I have a short message for all the people who have been mislead and ill-informed by storm financial

There were many good men and women who trusted this company with their money, but unfortunately there were no checks in place to protect their assets.

they now need help

There is one person who can contribute, who knows much much more

Come forward manny, confess and tell

The authorities will assist

Prison no doubt?"
 
AFR has a very interesting read on the front page and page 62 and 63 today .... (makes 3 front pages for storm in the AFR - something EC couldnt manage when storm was still operating)

http://www.afr.com/home/login.aspx?ATL://20090611000031236211&section=News

really makes u wonder if some of these banks are really fit and proper to hold a banking license

also seems to be the start of storm insiders starting to come out ... must be plenty of guilty consciences out there!

it is also very interesting to see that ASIC have concerns about the terms of the CBA settlements that are occurring - if CBA have done nothing wrong then they should have no problem allowing clients legal redress if it is found the CBA has acted improperly

GG i bet u a beer (at The Brewery of course) that:

1. Stormers will get something back (there are already substantial numbers that have taken bank settlements and improved their position from where it was)
2. It will not go on forever - yes it may take a year or two but not a decade

In terms of that Cohiba i think we can be pretty confident that many people read this forum regularly (it has a huge number iof hits) so my money is on JC from Belmont - the infamous grays online bidder!

This forum is very much troll central....
 
As it is stated - Evil triumphs when good people do nothing.

Now is the time to come forward whether you were associated with Storm, the Banking sector or have substantiated knowledge that will assist to end the suffering of those adversely affected by this event.

There are many faceless people working with much energy in the background giving their all, eager to see the successful positive finalisation of this episode.

If you can help, the ball is in your court.

Be brave, be true.
 
apart from the cryptic posts def leopard, do you really have anything
of substance to offer ? just another manny in disguise ? yawn

jc
 
Dark Leopard said:
As it is stated - Evil triumphs when good people do nothing.

Now is the time to come forward whether you were associated with Storm, the Banking sector or have substantiated knowledge that will assist to end the suffering of those adversely affected by this event.

There are many faceless people working with much energy in the background giving their all, eager to see the successful positive finalisation of this episode.

If you can help, the ball is in your court.

Be brave, be true.
Click to expand...

Hi Dark Leopard,

Can you tell me when you plan to bring your website back its still Temporarily unavailable?

http://www.cassimatis.com.au/
 
carey ramm said:
AFR has a very interesting read on the front page and page 62 and 63 today .... (makes 3 front pages for storm in the AFR - something EC couldnt manage when storm was still operating)

http://www.afr.com/home/login.aspx?ATL://20090611000031236211&section=News

really makes u wonder if some of these banks are really fit and proper to hold a banking license

also seems to be the start of storm insiders starting to come out ... must be plenty of guilty consciences out there!

it is also very interesting to see that ASIC have concerns about the terms of the CBA settlements that are occurring - if CBA have done nothing wrong then they should have no problem allowing clients legal redress if it is found the CBA has acted improperly

GG i bet u a beer (at The Brewery of course) that:

1. Stormers will get something back (there are already substantial numbers that have taken bank settlements and improved their position from where it was)
2. It will not go on forever - yes it may take a year or two but not a decade

In terms of that Cohiba i think we can be pretty confident that many people read this forum regularly (it has a huge number iof hits) so my money is on JC from Belmont - the infamous grays online bidder!

This forum is very much troll central....
Click to expand...

Mate, as usual you are very much a one eyed man in the land of the blind, and wise with it..

You will lose your bet, but I'll have a beer with you at the Brewery when its all over.

What amazes me are the "Storm Survivors". http://sicag.info

They still back Manny.

Never a link to adverse publicity, media or findings against Manny and Julie.

Manny is such a good salesman, even to the end. Poor poor mugs.

gg
 
carey ramm said:
AFR has a very interesting read on the front page and page 62 and 63 today .... (makes 3 front pages for storm in the AFR - something EC couldnt manage when storm was still operating)

http://www.afr.com/home/login.aspx?ATL://20090611000031236211&section=News

really makes u wonder if some of these banks are really fit and proper to hold a banking license

also seems to be the start of storm insiders starting to come out ... must be plenty of guilty consciences out there!

it is also very interesting to see that ASIC have concerns about the terms of the CBA settlements that are occurring - if CBA have done nothing wrong then they should have no problem allowing clients legal redress if it is found the CBA has acted improperly

GG i bet u a beer (at The Brewery of course) that:

1. Stormers will get something back (there are already substantial numbers that have taken bank settlements and improved their position from where it was)
2. It will not go on forever - yes it may take a year or two but not a decade

In terms of that Cohiba i think we can be pretty confident that many people read this forum regularly (it has a huge number iof hits) so my money is on JC from Belmont - the infamous grays online bidder!

This forum is very much troll central....
Click to expand...

Carey, you say that Storm holders will get some thing, I will tell you what they are going to get, they will be conned out of more money, by the way I have a real big bridge for sale in Sydney will make you a lot of money, are you interested??
 
GG
Certainly this "survivor" does not support ec... we just know that his ego and bad advice was aided and abetted by the banks.... he would not have spread his "crappy advice" without the backing and back room dealings from all banks...... CBA (Colonial Margin Lending),Macquarie, ANZ, NAB, Westpac and BoQ..

and pilots... I think you need some new material....big bridge in sydney ... yaaawn..if you can't be constructive at least be entertaining :rolleyes:
 
pilots said:
Carey, you say that Storm holders will get some thing, I will tell you what they are going to get, they will be conned out of more money, by the way I have a real big bridge for sale in Sydney will make you a lot of money, are you interested??
Click to expand...

The fact is that hundreds of CBA/Storm clients have received offers from the Bank, these offers entail a combination of the write-off of debt, reduced or no interest being charged and permanent tenancy. Many have accepted these offers and many more will accept over the coming days and weeks.

Sure they have to sign away their rights to sue the CBA or CBA Group Entities although some don't appear to have much of a case (especially those who weren't with CGI).

So if you were a CBA/Storm client who is having your debt halved or not having to pay interest on your $250k home loan ever again or at the very least know that your house is not going to sold out from under you then I would think they believe they have received something.

Of course it all depends on your agenda.
 
Solly said:
" Storm Financial inquiry: 'Alarm bells already ringing' "

"Inquiry chairman Bernie Ripoll says he has spoken with Storm founder, Emmanuel Cassimatis, and a picture of what happened is starting to emerge."

Story by Murray Cornish from the ABC.

http://www.abc.net.au/news/stories/2009/06/11/2595544.htm
Click to expand...

Solly its a shame Bernie Ripoll hasn't spoken to you today, your forensic collection of data on this debacle shows a knowledge of the workings better than poor ole Bernie will get from Manny or CBA.

Keep it up mate.

Well done.

gg
 
Dark Leopard said:
I have short message for all who are touched by this unfortunate episode.

There are many good men and woman working on the side of right, investigators, enforcers and lawmakers can only do so much.

They need your help.

There are many who are yet to contribute, many who know much more.

Come forward, divulge and tell.

There are many avenues to assist.

Truth will out.
Click to expand...

'Come forward, divulge and tell' eh? LOL

You're not Kevin Rudd by any chance, are you? That's the sort of pooncy manner of speaking that he favours!
 
carey ramm said:
AFR has a very interesting read on the front page and page 62 and 63 today .... (makes 3 front pages for storm in the AFR - something EC couldnt manage when storm was still operating)

http://www.afr.com/home/login.aspx?ATL://20090611000031236211&section=News

really makes u wonder if some of these banks are really fit and proper to hold a banking license

also seems to be the start of storm insiders starting to come out ... must be plenty of guilty consciences out there!

it is also very interesting to see that ASIC have concerns about the terms of the CBA settlements that are occurring - if CBA have done nothing wrong then they should have no problem allowing clients legal redress if it is found the CBA has acted improperly

GG i bet u a beer (at The Brewery of course) that:

1. Stormers will get something back (there are already substantial numbers that have taken bank settlements and improved their position from where it was)
2. It will not go on forever - yes it may take a year or two but not a decade

In terms of that Cohiba i think we can be pretty confident that many people read this forum regularly (it has a huge number iof hits) so my money is on JC from Belmont - the infamous grays online bidder!

This forum is very much troll central....
Click to expand...

Thanks Carey for the steer to this AFR article, I just managed to finish reading it now.

I was quite amazed where it states in Duncan Hughes' AFR article on page 60;

" A former CBA executive based in Townsville, involved on the Cassimatis account for three years, says the (the CBA VAS desktop property valuation) system was used "to deliver customers up to Storm for them to pick them off".
"The CBA proactively delivered their customers to Storm in a falling market. By offering Storm the opportunity to increase clients borrowings without first seeking the clients approval, it gave tacit approval to the Storm model."

I look forward to the CBA's response after the commencement of the federal parliamentary inquiry on June 24.
 

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