[img]http://resources2.news.com.au/cs/newscomau/v2/_shared/base/css/images/icons/homepage-title.png[/img] Source: [url]http://www.news.com.au/business/companies/westpac-lent-440000-to-98-year-old/story-fnda1bsz-1226446695917[/url]
[img]http://resources3.news.com.au/images/2011/05/15/1226056/336019-atm.jpg[/img]
[I]A customer uses an ATM at a suburban Westpac Bank branch. Source: AFP[/I]
[quote] • Bank accused of lending money for dodgy investments
• One 98-year old woman lent $440k over 30 year loan
• [url=http://www.news.com.au/business/companies/telstra-profit-grows-to-34-billion/story-fnda1bsz-1226446528796]Mobile boosts Telstra profits to $3.4 billion[/url]
[B]WESTPAC has been accused of bankrupting a 98-year-old woman after lending her more than $400,000 to invest in property.[/B]
At a Senate hearing today, Westpac faced claims that a Gold Coast bank manager signed up at least four elderly people for loans worth up to $800,000 promising them a return of 15 per cent, reports [url=http://www.theaustralian.com.au/business/westpac-lent-440000-to-98-year-old-senate-hears/story-e6frg8zx-1226446558936][i]The Australian[/i][/url].
One 98-year old nursing home resident, who is now 101 years old, was lent $440,000 through a 30-year loan investment to invest in a Queensland property developer that collapsed and left her broke.
It is understood the “rogue” branch manager is no longer with Westpac.
National senator Williams said the case of the 98-year-old woman should be referred to the police.
"I have heard a number of very sad stories," Senator Williams told the hearing. "I'm very concerned about these low-doc loans."
"This is a case of a bank manager talking people into investing in companies that fell over," he said.
"I'm aware in this country and around the world we have rogues, I'm aware you are a good bank and you can't stand behind every bank manager, but this is a case of a bank manager who filled in the forms for a 98-year-old woman."
Read the full story at [url=http://www.theaustralian.com.au/business/westpac-lent-440000-to-98-year-old-senate-hears/story-e6frg8zx-1226446558936][i]The Australian[/i]. (Subscription)[/url][/quote]
he hoped she died before the profits were made or if it fell. It's the only thing i can think of. Then if she did die bet the company would offer a portion of the "profits" to him
:(
Borderline grave-robbing at 98.
Westpac is shit, bank of queensland all the way
[QUOTE=fruxodaily;37147917]Westpac is shit, bank of queensland all the way[/QUOTE]
They're all as shitty as each other, it's just who gets caught
Gah, preying on the weary is cowardice..
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