May 4th 2002

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Articles from this issue:

COVER STORY: The limitations of American power

When will John Howard step down?

BANKING: Kiwibank takes off in New Zealand

QLD: Philippines banana imports endanger Australian industry, wildlife

Straws in the Wind: Monocultured multiculturalism / Reporting China

LAW: High Court ducks IVF issue

ALP must put forward alternative program: Doug Cameron

Refugee stance defended (letter)

Banks' deceptive conduct (letter)

Tax holidays for multinationals (letter)

MEDIA: Shoot the messenger

The promise - and pitfalls - of free trade

What Gusmao's election means for East Timor

COMMENT: Holocaust taunts misguided

BOOKS: Bias: A CBS Insider Exposes How the Media Distort the News, by Bernard Goldberg

Demons and Democrats: Kim Beazley's view

Books promotion page

Banks' deceptive conduct (letter)

by John Salmon

News Weekly, May 4, 2002


As a former banker and one who has been investigating malpractice in the banking industry for the past 14 years, I would like to congratulate Professor Jones on his article, "The banks' power over small business" (NW, April 6).

In the Freeman case, the existing bank manager was replaced by a hardline enforcer who had a hidden agenda. This agenda enabled the bank to implement many of their dirty tricks to rid themselves of a business which has its destiny in bankruptcy. In this process, we have the bank deflating its property values to achieve the desired aim which Professor Jones has highlighted.

I would also like to bring to your attention that this same bank will apply the reverse mode, so that it can gain new business. In one particular case that I had cause to investigate in the litigation process, the NAB's discovered documents revealed that the bank manager had increased the market value of its proposed security during a six month period by as much as 173 per cent, from $210,000 to $575,000. In the interim, the property was subject to a contract of sale at $310,000.

The transaction enabled the bank manager to rid his employer of a troublesome liability where he had a friendly relationship with the vendor.

Banks conduct their business with certain system procedures which are often manipulated at will, and their deceitful aims and actions go undetected. Banks have won the day because our Federal politicians refuse to take positive action.

John Salmon,
Mansfield, Qld

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