Posts Tagged ‘Commonwealth Bank’

A LOT of Australians are fed up with the big banks. While constantly trying to convince us via television ads how lovely they really are, they are busy ripping billions in profits away from us via fees. That is in addition to many millions in government handouts and protections in the last decade alone. This latest Budget has attempted to get hold of some of those excessive profits for the national good – not by something like an excessive profits tax, but by instituting a new special levy. But will it mean anything in the long run? Nope. (more…)

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The Chief Thief Speaks!

Posted: November 9, 2010 in Uncategorized
Tags: , , , , ,

From the front page of today’s Daily Telegraph:

Commonwealth Bank CEO Ralph Norris has conceded his bank’s mammoth 0.45 per cent interest rate rise will cost some of his customers their homes, a reality he says causes him immense angst.

But in defence of his bank’s Melbourne Cup Day rise, Sir Ralph said it was better to see “a few” foreclosures than have an economy hamstrung by a low-profit banking system.

In an exclusive interview yesterday, the $16.2 million a year man also urged customers feeling mortgage stress to contact the bank and seek temporary relief from their monthly payments.

On what planet did the CBA find this dipshit? Let us review a few facts:
1. A bank is admitting that its actions will be forcing people out of their homes;
2. Since when is making multi-billion dollar profits, a low-profit banking system?
3. Since when would failing to increase rates 0.45% more than the last Reserve Bank increase, hamstring the Australian economy?
4. What the fuck does someone on $16.5 million a year know about the reality of making ends meet?
5. What ‘temporary relief’ will the CBA be giving? One thing is sure as shit after breakfast – they will be making sure mortgagees catch up any payments and don’t forget that any slackening on making your mortgage payment just increases the amount of interest being generated on the balance, to the bank’s benefit of course.

How much more is it going to take before our piss-weak governments will act on these thieving bastards?