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CBA prepares Bankwest class action defence

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Australian Broker | 02 Dec 2013, 07:25 AM Agree 0
Commonwealth Bank has claimed it will 'confidently defend' itself against allegations it benefited from engineering Bankwest loan defaults.
  • mac | 02 Dec 2013, 10:13 AM Agree 0
    The development industry knows exactly what happened and it is worthy of a royal commission. I hope they have to pay but I fear the bank will tie them up for many years. I also hope the people behind the decisions get what they deserve which is at least career death.
  • dpathle | 02 Dec 2013, 10:13 PM Agree 0
    The poor Senators will have a snowflakes chance in hell of making this one stick. Barristers for CBA with more letters after their names than they have in them; with more experience in banking than the combined brains trust of the whole upper house...... they have forgotten more than Doug Cameron knows about banking. Give up now boys, you can't take on the biggest bully in the playground, you will only end up with your undies over your head. "How much do you want, to make this go away?" "$50mil sounds fair - now how do we make this back for the shareholders?" "Let's write off a heap of bad and doubtful debts and claim the insurance ...... oh um, but hang on didn't we just pay $50mil in fines for doing that?" Pay the fines or blame someone else and the guilt don't stick. CBA will blame Bankwest, Bankwest will blame the GFC and so around and around it goes.
  • Diane Lock | 07 Jul 2014, 12:25 PM Agree 0
    I think in light of what has come out about the dodgy practices of the CBA senate inquiry recently, they should look back to the senate inquiry of 2012 Bankwest/CBA where looking at the videos ASIC shrugging, non committal, dreadful stories, corruption and fraudulent behaviour most shocking, how can senators, CBA ASIC ignore the obvious
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