ning a standard operative who got caught) I challenged the...

ning a standard operative who got caught) I challenged the figure of just $100 million in FX Losses. Thre days passed before the Lie began its exponetial rise to $180 million. I sent emails to NAB and to its board as well offering a figure they knew well to be in excess of $1 billion. An automatic response ensued. Full Stop.

I went on the attak again on a number of forums worldwide and backed with information from the bank itself have made it clear that the losses from FX trading alone (unauthorised?) exceeds $1.8 billion whilst other losses related to failure to manage various accounts and their exposure to property and other weak assets exceeded $4 billion. Silence.

Yesterday the magical figure of $600 million (a third of the real figure) was finally released. Why the NAB would want to further tarnish its image as a trustworthy institution is beyond words. But then again this is possible in Australia. Afetr all it is the world's best in everything isn't it? so why not in ripping its own citizens off?

I am waiting a dissection of and a proper financial analysis of the events that led to $600 million' being lost by a Rogue trader.

Unauthorised Trading>

The trading could not have been unauthorised. It could have been negligent but certainly not unauthorised. because to conduct trading at such levels committing large amounts of the banks funds to a trade, the operator/ trader has implied or express or constructive authority of his principal, the Bank. There are certain proceedures that need to be followed. Without these no trading can be executed. if it can there is a flaw in the system. Thats negligent not unauthorised.

The trader would have been a hero had his trades made returns in multiples of the amount invested or lost. But when the losses mount, he becomes a Rogue.

All of this is possible if you have a compliant media who themselves are the property of the NAB through nominees, loans, or other forms of shareholding or financial relaitonships. its best to hit the overseas forums. It raises great interest like in India where the NAB applied for participation in their massive insurance sector and banking sector.

There is good reason to believe that the isnurance commissioner in India has raised a question mark on the application, they being very sensitive after the ANZ Bank fiasco there a few years ago. That matter is yet to be resolved.

If you have an issue make it public. David Knot cannot help, neither can the ASIC or ASX nor the Tax office. They have no Ba. lls