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  1. nqcowboy_

    2,061 Posts.

    For those of you who don't subscribe to crikey.com.au....here's a snippet...


    A Commonwealth Bank watcher with loads of leaked bank documents writes:


    Regarding your recent stories on David Murray's bonus, Keating and The Commonwealth Bank:

    Are you aware there is a CBA internal memo dated 1994 some 6 years before the final Piggery write-offs? We have an internal bank memo from 1994 which shows how long the Commonwealth Bank and the then CEO, David Murray had agreed for the deal to crystallise - in the year 2000. The memo is signed by a Mr Andrew Pavli of the CBA and says in part "residual debt" (only part of the piggery debt) is "for present purposes, assumed unsecured" and "a repayment program has been agreed" starting "from July 2000". However, the CBA did not ever charge interest on the loan or seek the repayment program.

    Yes there was an internal CBA document that even sweetened up the big piggy deal of the nation long before (6 years) the famous all night deal with the PM, and big Al and the CBA boys. It was a deal we all dream David Murray the CEO of the ComBank would do for all Australians.

    Another ComBank memo records the Piggery debt at $18.6 million then, blow me over with a feather and give me $9 million when I blink, a line is drawn through the amount and the $18.6 million is changed to $9.3 million. This figure is written in by hand and signed by a Mr A Pavli. Maybe David Murray was unaware this had happened?

    And David Murray gets bonuses okaying these deals! Amazing! Why isn't someone asking him and the then chairman Tim Besley to explain before the bonus is collected?

    Name Withheld

    CRIKEY: We remain curious as to whether then Prime Minister Paul Keating was aware of the 10 year bonus deal given to ComBank CEO David Murray back in 1992 which has just delivered him $4.46 million. It does seem very odd that you have such a long-dated bonus arrangement and now it appears some of the piggery dealings that Keating had with the government controlled ComBank involved very long dated and generous repayment schedules. John Howard should have called an inquiry into Keating's piggery dealings with the Commonwealth Bank back in 1999.


    nq...I suspect we'll be hearing more of this...in the mean time make sure you subscribe to :


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