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Teee hee ...

Just shaved off both eyebrows reading the above.

Its funny when one looks at the portfolio of the Australian fund that is in the top 100 of 10,000 funds globally in equities the past 10 years. Whilst not as bullish as he is on the industry his holdings and long term holdings of banks and finance companies and Visa and MasterCard is around 60% of the portfolio.

I suspect he may have some idea of what he is doing.

Can I convince him to shave off both his eyebrows ? Because its all going to disappear overnight ?

If years in banking counted, I started in late 1982 so that's 37 years. Sadly, despite some very senior positions eventually, it does not. Infallibility is not something I am suggesting via experience.

Suggesting Westpac is the dirtiest bank is sadly delusional. Every bank no matter how hard they may try eventually will transact money from despicable sources. That Westpac clearly informed AUSTRAC many months prior to them being handed a statement claim, a Legal one over tiny transactions in the $3,000 range is and will be amusing to watch if Westpac decides to defend.

This aside, I am assuming they will pay around 1 billion fine rather than contest the case.

Perspective seems lost on most when a bank makes in 2019 around 6.8 billion profits and that is even with about half of the remediation costs paid in 20919 in it.

Is a 1 billion dollar fine on 7 billion net profits a big deal ? Yes and NO .

Short term yes, long term no.

Westpac just raised 2.5 billion and prior to that it already was at 10.7% Tier one capital adequacy.

I note some comments on Basel and capital Adequacy and APRA and Australia has the most stringent of all requirements barr any county. If I said I disagreed with virtually all that was said its an aside.

I have made my case, as to why and adding if we head lower ... and for what reason.

I am being paid for the risk, I would add I was clearly exiting a few months ago at 20% higher .... I was adding ... late 2018 at similar and lower levels.

Each to their own.

Good luck with those Uber or We Work bank things. I do prefer a regulated and safe place for my money but some do not.

Enjoy

<blockquote data-quote="kahuna1" data-source="post: 1047415" data-attributes="member: 30">Teee hee ...Just shaved off both eyebrows reading the above.Its funny when one looks at the portfolio of the Australian fund that is in the top 100 of 10,000 funds globally in equities the past 10 years. Whilst not as bullish as he is on the industry his holdings and long term holdings of banks and finance companies and Visa and MasterCard is around 60% of the portfolio. I&nbsp; suspect he may have some idea of what he is doing. Can I convince him to shave off both his eyebrows ? Because its all going to disappear overnight ? If years in banking counted, I started in late 1982 so that&#039;s 37 years. Sadly, despite some very senior positions eventually, it does not. Infallibility is not something I am suggesting via experience.Suggesting Westpac is the dirtiest bank is sadly delusional. Every bank no matter how hard they may try eventually will transact money from despicable sources. That Westpac clearly informed AUSTRAC many months prior to them being handed a statement claim, a Legal one over tiny transactions in the $3,000 range is and will be amusing to watch if Westpac decides to defend. This aside, I am assuming they will pay around 1 billion fine rather than contest the case.Perspective seems lost on most when a bank makes in 2019 around 6.8 billion profits and that is even with about half of the remediation costs paid in 20919 in it.Is a 1 billion dollar fine on 7 billion net profits a big deal ? Yes and NO .Short term yes, long term no.Westpac just raised 2.5 billion and prior to that it already was at 10.7% Tier one capital adequacy.I note some comments on Basel and capital Adequacy and APRA and Australia has the most stringent of all requirements barr any county. If I said I disagreed with virtually all that was said its an aside.I have made my case, as to why and adding if we head lower ... and for what reason.I am being paid for the risk, I would add I was clearly exiting a few months ago at 20% higher .... I was adding ... late 2018 at similar and lower levels.Each to their own. Good luck with those Uber or We Work bank things. I do prefer a regulated and safe place for my money but some do not.Enjoy</blockquote>

[QUOTE="kahuna1, post: 1047415, member: 30"] Teee hee ... Just shaved off both eyebrows reading the above. Its funny when one looks at the portfolio of the Australian fund that is in the top 100 of 10,000 funds globally in equities the past 10 years. Whilst not as bullish as he is on the industry his holdings and long term holdings of banks and finance companies and Visa and MasterCard is around 60% of the portfolio. I suspect he may have some idea of what he is doing. Can I convince him to shave off both his eyebrows ? Because its all going to disappear overnight ? If years in banking counted, I started in late 1982 so that's 37 years. Sadly, despite some very senior positions eventually, it does not. Infallibility is not something I am suggesting via experience. Suggesting Westpac is the dirtiest bank is sadly delusional. Every bank no matter how hard they may try eventually will transact money from despicable sources. That Westpac clearly informed AUSTRAC many months prior to them being handed a statement claim, a Legal one over tiny transactions in the $3,000 range is and will be amusing to watch if Westpac decides to defend. This aside, I am assuming they will pay around 1 billion fine rather than contest the case. Perspective seems lost on most when a bank makes in 2019 around 6.8 billion profits and that is even with about half of the remediation costs paid in 20919 in it. Is a 1 billion dollar fine on 7 billion net profits a big deal ? Yes and NO . Short term yes, long term no. Westpac just raised 2.5 billion and [U]prior to that[/U] it already was at 10.7% Tier one capital adequacy. I note some comments on Basel and capital Adequacy and APRA and Australia has the most stringent of all requirements barr any county. If I said I disagreed with virtually all that was said its an aside. I have made my case, as to why and adding if we head lower ... and for what reason. I am being paid for the risk, I would add I was clearly exiting a few months ago at 20% higher .... I was adding ... late 2018 at similar and lower levels. Each to their own. Good luck with those Uber or We Work bank things. I do prefer a regulated and safe place for my money but some do not. Enjoy [/QUOTE]

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