60 mins storm
- Thread starter grossreal
- Start date
Townsville?
http://sixtyminutes.ninemsn.com.au/article.aspx?id=757649
There is the story and transcript.
It was not that 1 in 3 houses in Townsville are for sale....it was that 1 in 3 of the houses that are for sale, are Storm Financial victims....
"CAREY RAMM: So you're talking about one in two, or one in three of everyone of these homes is a Storm victim.
ELLEN FANNING: But the carnage is being felt across the country, even internationally, and could run to $1 billion."
There is the story and transcript.
It was not that 1 in 3 houses in Townsville are for sale....it was that 1 in 3 of the houses that are for sale, are Storm Financial victims....
"CAREY RAMM: So you're talking about one in two, or one in three of everyone of these homes is a Storm victim.
ELLEN FANNING: But the carnage is being felt across the country, even internationally, and could run to $1 billion."
Subtle but important difference Id assume ?
ta
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ta
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Nice exaggeration of 60 Minutes to imply that 1 in 3 houses in Townsville are for sale! Looks like they were driving up a street in the Castle Hill/Townsville City/North Ward area where if people are selling out of desperation they must really have had a lot of money on the line.
I'd be happy to scrape up such bargains, but I don't really think there are that many around. I did see a place on Magnetic Island though reduced by $2 million.
I really do wonder about some of these "Storm affected" people who didn't mind riding the massive highs of the stock market but refused to experience the bottom.
Sure they weren't warned adequately about risk, but hey there was once that thing called due diligence...
I'd be happy to scrape up such bargains, but I don't really think there are that many around. I did see a place on Magnetic Island though reduced by $2 million.
I really do wonder about some of these "Storm affected" people who didn't mind riding the massive highs of the stock market but refused to experience the bottom.
Sure they weren't warned adequately about risk, but hey there was once that thing called due diligence...
that's what urks me about it.
DD. Do it.
still, those that HAD concerns were still fed misinformation. that's just wrong.
DD. Do it.
still, those that HAD concerns were still fed misinformation. that's just wrong.
hi Lukey13
don't wish to get into a slagging match but when people sign paperwork and allow brokers or financial advicers to add figures in after they have sign with
just sign here and it will be right we will do the right thing by you.
and they sign they are not going to be doing due diligence
now we can all look out our flower filled glasses and say well they should have know better
for me no they shouldn't
they paid someone to do a job and if that job was not done then go after the person that didn't do the job and if that job was done to defraud a lender and putting an income of 154k on paperwork when the person was on the dole that simple fraud and the eprson that filled in the paperwork need a few questions answered
also for a lender to lend to some one without checking out the capacity to fund is the lenders problem
again a few questions there
and the capacity of a finance house having the ability to create without the knowledge or the ability should be a very big question to not only apra but also the goverment at the time.
the number of times I hear the broker or financial advicer got us to ign this and sign that
where the hell was the legal people and there due diligence for their client
you can tell me athat some solicitor told this lady on the dole to take a 2.5 mil debt with no capacity to pay
and I like the idea of three types of debt
good debt(know what that is)
bad debt ( have alot of people with that and they are selling at the moment)
and then theirs debt you don't have to worry about.
now this debt I would have love the guy on 60 mins to explain that one again to me.
in all my time doing finance I have never heard of that type of debt maybe thats what the americans are working on.
maybe this guy is educating them
or maybe he could get a job with mr rudd's new dude bank he can just go in and change all the toxic debt into this don't worry about it debt.
for some one that was supposed to be telling people how and where to put their money and for goodness sake giving advice on investing to believe that there is a form of don't worry about it debt just blow me away
and for that reporter not to ask as in the saying in far qld
please explain
because I missed it
due diligence
crikey
you would need to have a degree in economics and phd just to work out what they were saying.
I have heard of layering and its used alot in finance but this was not layering this was not smoke and mirrors.
this was a structure to reap as much money as possible and pay high fees.
no phd or degree in economics to work that out.
the only thing missing in the interview was the presenter to ask the guy to dress as ned kelly
or at least wear a scarf as this is the normal attire when doing a hold up.
which everyway you look at it these people had little or no chance
to understand what these guys were doing they had as much chance of pulling an aston martin engine apart and putting it back to gether ie little or non.
all I can say to the gentleman on the show is there is a thing called karma
or as they say what goes around comes around.
do a bad thing and it comes back 4 or 5 times.
I have no problem making profit but their is a very big line between ethical and non ethical
and I think here that line looks like a heart attack
don't wish to get into a slagging match but when people sign paperwork and allow brokers or financial advicers to add figures in after they have sign with
just sign here and it will be right we will do the right thing by you.
and they sign they are not going to be doing due diligence
now we can all look out our flower filled glasses and say well they should have know better
for me no they shouldn't
they paid someone to do a job and if that job was not done then go after the person that didn't do the job and if that job was done to defraud a lender and putting an income of 154k on paperwork when the person was on the dole that simple fraud and the eprson that filled in the paperwork need a few questions answered
also for a lender to lend to some one without checking out the capacity to fund is the lenders problem
again a few questions there
and the capacity of a finance house having the ability to create without the knowledge or the ability should be a very big question to not only apra but also the goverment at the time.
the number of times I hear the broker or financial advicer got us to ign this and sign that
where the hell was the legal people and there due diligence for their client
you can tell me athat some solicitor told this lady on the dole to take a 2.5 mil debt with no capacity to pay
and I like the idea of three types of debt
good debt(know what that is)
bad debt ( have alot of people with that and they are selling at the moment)
and then theirs debt you don't have to worry about.
now this debt I would have love the guy on 60 mins to explain that one again to me.
in all my time doing finance I have never heard of that type of debt maybe thats what the americans are working on.
maybe this guy is educating them
or maybe he could get a job with mr rudd's new dude bank he can just go in and change all the toxic debt into this don't worry about it debt.
for some one that was supposed to be telling people how and where to put their money and for goodness sake giving advice on investing to believe that there is a form of don't worry about it debt just blow me away
and for that reporter not to ask as in the saying in far qld
please explain
because I missed it
due diligence
crikey
you would need to have a degree in economics and phd just to work out what they were saying.
I have heard of layering and its used alot in finance but this was not layering this was not smoke and mirrors.
this was a structure to reap as much money as possible and pay high fees.
no phd or degree in economics to work that out.
the only thing missing in the interview was the presenter to ask the guy to dress as ned kelly
or at least wear a scarf as this is the normal attire when doing a hold up.
which everyway you look at it these people had little or no chance
to understand what these guys were doing they had as much chance of pulling an aston martin engine apart and putting it back to gether ie little or non.
all I can say to the gentleman on the show is there is a thing called karma
or as they say what goes around comes around.
do a bad thing and it comes back 4 or 5 times.
I have no problem making profit but their is a very big line between ethical and non ethical
and I think here that line looks like a heart attack
The "sign blank paperwork never to see the light of day again" is unfortunately more common than we all think.
We come across it at least once or twice a month.
Not providing your client the full info passed to the lender is just plain silly, apart from being illegal.
ta
rolf
We come across it at least once or twice a month.
Not providing your client the full info passed to the lender is just plain silly, apart from being illegal.
ta
rolf
