Another reason NOT to use MACQUARIE Bank....

I found this rather hilarious article....about Macquarie Bank...they could not be serious...could they?

http://www.smh.com.au/business/bank...o-scrabble-king-impostor-20150918-gjpk54.html

I still remember this is the same mob who stung investors by ratcheting up Interest rates after the GFC...when they divested out of home lending. Hope they don't do it again....

 

Id theft is part of the business...most banks will just pay up to avoid the negative publicity but what these noddies did defies belief...classic risk transference ..best to avoid them at all costs.....

Ratcheting up rates....well Macbank were among the worst in the approach they took and did not let people out of their contractual obligations.

 

Of course it was the depositers fault. After all he had put money in the bank's care. All the bank did was pay it to someone who claimed to be person 'X' without all of the appropriate cheques and balances (@Simon Hampel mixed idioms/metaphors ).

 

Aren't they supposed to ID the person ...and ask a few questions like number bank accounts...2 signatures to match...this is what I had to do with Westpac recently....

I rest my case....

 

Arrrrr yes but. ....computer says no!

 

Yes...one of the reason why I avoid banks with P.Y.T.s working as concierges...and performing screen jockey duties. Give me one of those dinosaurs who has been at the bank for over 30 years any day....

 

The Millionaires Factory returns?

Macquarie chief Nicholas Moore's pay soars to $16.5m

Macquarie Group chief executive Nicholas Moore makes more in 12 minutes than the average worker in Australia earns in a full working week.

The banking boss saw his pay for the 12 months to March jump 26 per cent to $16.5 million as Macquarie's earnings climbed, making him the nation's second-highest paid chief executive of a listed company.

He is trumped only by Nine Entertainment's chief David Gyngell, who made $19.6 million last year, boosted by a large bonus for the media company's successful float on the sharemarket.

The massive pay cheque means that based on a five-day working week, Mr Moore is paid $7933 per hour, or $1586 every 12 minutes, more than an average worker's full-time weekly earnings of $1542.

His remuneration included a base salary of $818,948, short-term benefits of $5.6 million and equity awards including shares of $5.8 million. About $1.1 million of his remuneration is paid in a profit share arrangement, with a large proportion retained in Macquarie stock and funds. The balance is made up of earnings on the previous year's restricted profit share, long-term employee benefits and performance-related remuneration.

Mr Moore's pay is closely linked to earnings performance and it peaked at more than $26 million before the financial crisis, In 2009, he was paid just $290,756.

His latest pay package was buoyed by Macquarie's profit jump in the past year - with another bumper year to come: The bank on Friday signalled that net profit will be "slightly up" in 2016 after it reported a $1.6 billion profit for the year ended March, its second-highest result ever.

Mr Moore's remuneration now far exceeds those of the bosses of Australia's big four banks, the highest of which was now-retired Westpac Banking Corp chief Gail Kelly at almost $11 million last year, followed by ANZ Banking Group's chief, Mike Smith, at $10.4 million. Mr Moore's pay does, however, pale in significance to the pay packets of his global peers at firms such as Goldman Sachs, Morgan Stanley and JPMorgan. Goldman Sachs set aside $15.9 billion for compensation last year, more than a third of its revenue.

Read more:

 

I use them for business banking, no one else had close to the customer service, support, product availability, promptness.

 

Keep an eye out for some sharp owner occ offerings in the next couple of weeks