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Senor Tron posted:When I was flying I was generally quite impressed with the accuracy of weather forecasts. Yeah weather forecasting days is pretty legit these days. Last year would check the weather pretty much everyday and there was only a couple of days I remember where they would get a forecast noticeably wrong from two or three days out.
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Feb 1, 2016 16:39
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Birb Katter posted:I'll stop posting Pavel when the thread posts stuff that is better than Pavel Not being able to post any better. Auspols one weakness!
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Feb 2, 2016 13:56
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Vic goverment tries to improve traffic congestion and public transport in victoria by use of elevatoed rail. Locals... "but what about our property prices  ""melbourne sky train gets go ahead cranbourne pakenham line posted:
I get community consultations a good thing. and if, and this is a big if, it did affect someones sunlight and they have solar panels that's a legit concern, but the house price whining is pretty disgraceful when the governments actually trying to improve the local area.
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Feb 7, 2016 07:23
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Hey turns out were now importing British scandals. [quote="Our ABC! The Big Four banks will be quaking in their boots as they wait to see if the corporate regulator will take legal action against ANZ over alleged interbank interest rate rigging, writes Sheryle Bagwell. Labor Senator Sam Dastyari says it has the potential to be the "largest financial scandal of its kind in Australia". That's a big call given the recent financial advice mis-selling problems which have embroiled the big banks and smashed the retirement savings of thousands of investors. But the long-running ASIC investigation into possible interbank interest rate rigging - which appears to be reaching its denouement - has the potential to be more damaging to the banking sector in terms of fines and enforceable undertakings than anything that has come before it. "This is huge," Dastyari told RN Breakfast this morning. "My sources within ASIC ... seem fairly confident that they are on the verge of what will perhaps be the largest ever civil penalties process of its kind." The Australian Financial Review's Adele Ferguson reported today that the corporate regulator was just weeks away from launching legal action against one bank under investigation for possible rates rigging - ANZ Bank. ANZ was the only major retail bank to out itself two years ago when it stood down seven traders targeted by ASIC for possible manipulation of the benchmark interest rate, known as the bank bill swap rate or BBSW. But as Dastyari pointed out today, you can't manipulate rates on your own - you have to have partners. And so all the banks which once sat on the BBSW rate-setting panel between 2007 and 2013 - it's since been dismantled - are now being investigated for possible rate rigging and collusion, including the other Big Four banks: the CBA, NAB and Westpac. Any potential action against ANZ would have them quaking in their boots. So why should we care if a few traders tinkered with an obscure interbank lending rate? The bank bill swap rate is the interest rate used by banks when they lend to each other. It ultimately influences everything from mortgage loans to small business and car loans. So if a bunch of traders get together and decide that the BBSW has to rise, then consumers will pay more, with the profits flowing directly to the banks' bottom lines equally (after all, there was collusion), which means higher bonuses for the traders involved. In other words, we pay while they party. ASIC was tipped off about the possible misconduct after a similar scandal exploded in the UK in 2012. Some of the world's biggest banks were found to have deliberately manipulated the most widely used interest rate in the world, known as the Libor or London interbank offered rate, to boost their profits. The Libor scandal led to banks such as UBS, the Royal Bank of Scotland and Barclays being fined billions* of dollars by UK regulators. One trader was sent to jail for 14 years, reduced on appeal to 11 years. ....ASIC though is now apparently closing in on the big fish - the Big Four - where rates rigging has potentially a much bigger impact on the economy. According to Sam Dastyari, ASIC has been trawling through years of emails and chat room records of bank traders for evidence of manipulation and collusion. He says the regulator has spent 50 per cent of its budget on this one investigation alone, and that legal action against the ANZ as the first cab off the rank is close. For its part, ASIC is keeping mum on the pace of the investigation. But it expects to be asked about the case when it appears before a Senate inquiry on Thursday, the same one still investigating the financial planning saga. Sam Dastyari sits on the committee and will no doubt be asking the question. The biggest question though may be whether the punishment - when and if it comes - will fit the crime. The banks face civil penalties that Sam Dastyari warns could be "huge". But how much of a deterrent will they be in the end? Will they just be viewed by the perpetrators as the cost of doing business, as the Greens have complained? Another Senate inquiry - set up by the Greens - is now looking at the level of penalties for white collar crime in Australia. The ASIC inquiry into rates rigging in Australia - if proved - will be its first test case.[/quote] [i]* looked it up apparently the Libor scandal had six different banks pay a total of $AU 7.6 billion in fines. [/s] Vote Libor 2016!
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Feb 8, 2016 16:31
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