Supportive Residents & Carers Action Group Inc

Registered with the

Justice Department of Victoria, Consumer Affairs Victoria and the US SECs Mr McKessy

American banks have nearly $280 trillion of derivatives on their books, and they earn some of their biggest profits from trading in them. But
the 2008 crisis revealed how flaws in the market had allowed for dangerous build-ups of risk at large Wall Street firms and worsened the run on
the banking system. New York Times 3 Sept 2014

Dear Senators,
BRITAIN RE-OPENS NATIONAL AUSTRALIA BANKS INADEQUATE COMPENSATION FILES
The NABs victims in England will have their compensation files re-opened, laments the CEO for the NAB.
1.

He may think the extra compensation is small however when youve lost everything, every little bit
is big.

2.

Bank directors must be held accountable. They are not paid to be blind.

3.

Like many, such as John Cain, we think the CBA compensation scheme, under the faux Ombudsman,
should be re-opened like the British authorities are doing to the NAB.

NAB flags profit drop on $1b UK

write-downs
October 9, 2014 - 10:57AM

James Eyers and Su-Lin Ta

NAB projects a 14 per cent fall in full-year cash profit in the range of $5.1 billion to $5.2 billion,
compared with year-earlier profit of $5.94 billion, and a Bloomberg consensus estimate of $6.18
billion. Photo: Josh Robenstone
National Australia Bank (NAB) has been forced to make $1.34 billion of writedowns and cut
bonuses after warning full-year cash profit would fall by about 14 per cent and it would raise
$1.6 billion in new capital.
Soaring charges for mis-conduct in its troubled UK operations comprised the bulk of the
write-downs, as NAB projected a 14 per cent fall in full-year cash profit in the range of $5.1
billion to $5.2 billion, compared with year-earlier profit of $5.94 billion, and a Bloomberg
consensus estimate of $6.18 billion.
NAB agreed in August to a new remediation process with the UK Financial Conduct Authority
that has required it go back to previous complaints the bank had closed and reopen them to apply
a new standard of assessing compensation. Mr Thorburn said this was the driver of the increased
amounts.
Read more:
http://www.smh.com.au/business/banking-and-finance/nab-flags-profit-drop-on-1b-uk-writedow
ns-20141009-113fap.html#ixzz3FdN5xego
We also say the directors and managers should return bonuses on their ill gotten gains.

Yours
Supportive Residents & Carers Action Group Inc