mis and a new senator on inquiry, page-2

"Can we send our posts to the enquiry!?"

It’s a great idea, Wooduk! Of cause we all can make submissions to the Parliamentary Inquiry. Just writing a few pages will do and you can submit it even electronically.

Please just visit the following APH website to see what are going on.

http://www.aph.gov.au/senate/committee/corporations_ctte/MIS/index.htm

http://www.aph.gov.au/senate/committee/corporations_ctte/MIS/submissions.htm

Just as Senator Cash said in the report, "Not a lot of individual investors have made submissions, but there have been many from interest groups" - so the investors and share/unit-holders voices are largely muted. I think this would result in unfavoured conclusions against investors and share/unit-holders at the end of the Inquiry. (Inquiry will conclude soon in one or 2 months)

Guys, so it's time for us to take actions now!!!

I think what we need is to push the following points in the submissions to the Inquiry.

1) The MIS business is a biggest financial fraud in Australian history; it is a (kind of) Ponzi scheme (of Australian style of cause!);

2) ATO/ASIC tax rulings were wrong and should be abandoned immediately;

3) ASIC is incompetent in doing its watchdog jobs;

4) Present GTP and TIM self-appointed receivers/liquidators/administrators should be removed and replaced by Government appointed RI;

5) Secured and unsecured creditors and shareholders should be ranked equally;

6) The recourse clauses in investor loans should be declared null and void; Any recourse should be limited to the underline MIS scheme only;

7) Losses of MIS investors should be compensated/claimed back from their commission-taking financial advisors/planners; Some of them had taken millions of dollars in commissions, and some (or most?) of them were insured against such mistakes of theirs;

8) The major offenders of the fraud should be brought to justice immediately;

9) ... etc. Any more suggestions?

So let’s act now - to voice our views in the Inquiry ... or ... it will be too late!