US-Style Mortgage Fraud a ‘Nuclear Bomb’ to Australian Banks

Be prepared for the next great transfer of wealth. Buy physical silver and storable food.

wolfstreet.com / By Lindsay David, Australia, founder of LF Economics / April 25, 2016

The Australian Securities & Investments Commission (ASIC), which regulates financial services companies,has the backbone of a chicken wing when it comes to enforcing the rule of law; this is widely recognized in Australia and resulted in a Parliamentary inquiry. If any politician believes that ASIC is a “tough cop on the beat,” they should seriously reconsider their opinion on this issue.

Under the pomp and ceremony of the government’s decision to levy the banks to fund ASIC’s prolonged $400 million+ annual fishing vacation is its pursuit of catching tadpoles in the open seas while leaving sharks and barracudas to freely roam. Unfortunately for the regulator, there is a new term Australians will become accustomed to.

Control fraud. It refers to fraud committed by the high-ranking employees of a corporation: executives and managers, typically a bank. It’s a crime that ASIC has decided neither to investigate nor prosecute, leaving borrowers on their own with no pennies to spare and nowhere to turn to.

READ MORE

The post US-Style Mortgage Fraud a ‘Nuclear Bomb’ to Australian Banks appeared first on Silver For The People.

Thanks to BrotherJohnF