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I Wrote Something Here About Spotting Ponzi's and the Aussie Bubble
2010 Jun 11, 1:58am 1,523 views 3 comments
by GaryA follow (0)
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GaryA
2010 Jun 12, 10:00am
I hope you guys would read this link because it gets to the root of the derivatives crisis. The section on the Repeal of Glass-Steagall has the information.
GaryA
2010 Jun 12, 10:09am
Also, the site shows that ING, who was BBL and once owned by a Rothschild family member, Baron Lambert, wants to set up a perpetual loan in Australia. That would mean that ING would be your mortgage banker for life, lol. You would never pay off the loan! Lol.
Baron Lambert's family likely still owns ING. Baron passed away in 1987 and was the great grandson of Baron Rothschild. He was also part of Drexel, Burnham, Lambert!!!! This company was at the heart of the notorious insider trading scandal
The bubble also was created by "Fake Bidding" on the part of the realtors. Of course the REA denied it happens. Canadian and the British REA were also exposed using similar tactics. It certainly was a big factor in the bubble down under and has become a huge fraud issue. This will be last leg to fall in the US RE bubble.
Agents to face $1m fines for fake bids MARK RUSSELL
July 19, 2009
THE Australian consumer watchdog says real estate agencies involved in under-quoting and dummy bidding will be hit with fines of up to $1.1 million from January 1.
Australian Competition and Consumer Commission chairman Graeme Samuel said a new Australian Consumer Law is aimed at any businesses involved in misleading and deceptive conduct, including real estate agents.
Maximum penalties will be fines of up to $1.1 million for businesses and $220,000 for individuals convicted of dishonest behaviour under the bill, which is now before the Senate.
"It's a generic law that applies to all misleading and deceptive conduct — false labelling, false pricing on goods, everything," Mr Samuel told The Sunday Age.
"It will cover under-quoting by real estate agents, dummy bidding, the airbrushing of photos." he said. "It's a substantial improvement on where we've been for the last 30 years."
Mr Samuel said the law would give the ACCC and all state consumer bodies significant powers to deal with dishonest conduct by businesses.
"If someone was engaged in deceptive conduct in the past, the worst they got was a rap over the knuckles," he said.
"Offenders were slipping through the cracks in the law — now there'll no longer be any cracks. It's a big step forward. Being hit with penalties in excess of $1 million is going to hurt, as it should."
Mr Samuel said businesses could be issued with a substantiation notice where they would have to back up their claims. If they can't, they face being charged with misleading and deceptive conduct.
"It's been virtually impossible for us to get compensation or damages or restitution for consumers who suffer loss if a business misleads or deceives them. This new law will give us the capacity to go to court on behalf of consumers."
Big Aussie Bubble:
#bubbles