Ok so i read this article today from the daily telegraph and posted in on my blog as it is news worthy. The article stated that Sir Ralph Norris, CEO of the CBA locked banks into a pledge yesterday that will stop them from gouging six million home loan customers as mortgage rates rise.
The daily telegraph even went as far as to say that Australia should make September 30 a national holiday in honour of the Commonweath Bank CEO after his statement. LOL
For me this is a complete load of B.S. The cba made $4 Billion dollars in profits when most companies struggled to break even last year… Interest rates on all lending products have remained the same and some have started to creep up. And now this guy who gets paid $9 Million dollars a year wants us all to believe that they are not gouging rates. hmmm
Thoughts???
Thanks for sharing that Daniel….seemed to be an interesting read.
I have recently purchased, and with CBA…..so I guess I have to read up on articles such as this!
Well, I am glad to know that CBA are not lacking in funds…..which should hopefully keep the rates at a somewhat stable level? So by what the article has written, the CEO has stated that they will not gouge rates? Dont mind me, but what does it mean by 'gouging rates'?
i just read the shareholders report and read in disbelief the monies paid to directors and executives.the average executive is on about 2 million plus a year and we get told they are not overpaid! total remuneration for executives for 2009 was 45.5 mllion dollars. idont see any of these people performing heart or brain surgery ,saving lives.gerry harvey is right no one is worth that kind of money.i will wager a pound to london that rates will go up,profits will go up and thats right you guessed it executive and director remuneration will go up.any takrers?
Interesting to read now that the CBA along with the remaining banks have suddenly said that they'll need to raise their interest rates faster than the RBA. Must be a world record for a backflip!
haha i completely agree he must have set some sought of record for quickest back flip… What else would you expect i guess from the big dogs.
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