BANKS IN THE DOCK

(1) The CBA extended house loans for investment purposes to their Storm clients through Colonial Home and margin loans through Colonial Geared Investments. In so doing, they worked in conjunction with Storm to over-leverage their customers' assets, extending high levels of lending despite the prevailing adverse market conditions at the time. 

(2) The Macquarie Bank extended margin loans to their Storm clients in the same manner as the CBA. In so doing, they worked in conjunction with Storm to over-leverage their customers' assets, extending high levels of lending despite the prevailing adverse market conditions at the time.

(3) The Bank of Queensland (North Ward Branch Townsville) extended house loans to its Storm customers despite the high risk, unmindful of the level of debt those customers had at the time. In so doing, they over-leveraged their Storm customers beyond the levels of prudent banking.

These three banks were the prime cause of the  Storm Financial disaster. They more than any other banks involved  conspired with Storm Financial to churn money out of their customers for personal gain. When so doing, all three banks ignored their own banking codes of conduct, violated their customers' trust, trampled on their customers' rights, and failed to meet their contractual obligations.

THE CHARGE SHEET:

* Breach of contractual rights

* Breach of contractual obligations

* Breach of 'Duty of care'

* Breach of contractual conditions

* Breach of banking code

* Breach of customers' interests

* Breach of Consumer Protection Act

* Breach of Fair Trading Act

* Breach of ASIC Act

* Breach of banking laws

* Breach of fiduciary responsibilities

* Unconscionable conduct