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CBA 'fully appraised' of Storm business model

Aug 25, 2009 (The Sydney Morning Herald - ABIX via COMTEX) -- By Jacob Saulwick

Company: Commonwealth Bank of Australia (CBAUF)

The federal financial services sector parliamentary inquiry has heard from two ex-employees of Commonwealth Bank of Australia. They reject claims by the company that loans given to investors with the now collapsed Storm Financial firm were received the green light by local staff in a breach of policy. Rather, the pair allege that the higher management levels of the bank knew about the nature of Storm's products and wanted to secure the lucrative trade.

Publication Date: 26 August 2009 

COMMONWEALTH BANK OF AUSTRALIA - ASX CBA
STORM FINANCIAL LIMITED - ASX SFX
AUSTRALIA.  JOINT STATUTORY COMMITTEE ON CORPORATIONS AND FINANCIAL SERVICES
COLONIAL FIRST STATE GROUP LIMITED

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News Provided by COMTEX

Company: Commonwealth Bank of Australia (CBAUF)


Related terms: australia, bank, business, cba, financial services, local, policy, products, trade

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