Storm Investors Consumer Action Group!
The survivors of the Storm Financial meltdown formed a group called SICAG, Storm Investors Consumer Action Group and these people are affectionately known as "SICAGERS". The initial reason for the group to form was due to the shock and disbelief each and every Storm Financial Investor felt. Collectively as a group they could band together and gain support from others who knew exactly what they were going through.
One of the most amazing feats of this group was their being instrumental in getting a Parliamentary Inquiry into the financial industry of Australia, which may in time benefit ordinary Australians to be safe from unscrupulous financial practices. At present you the consumer has no redress when either financial consultants or the banks especially the 'big four' and their subsidiaries change or vary their rules. The word conscionable when used in context with banks is in my view an oxymoron! As is also often the case the fall guys become the ordinary staff members, who follow orders, whilst the "fat cat" executives sit in their glass ivory towers exempt from all blame and gleefully receiving their bonuses without a blush!
SICAG also managed to catch the eye of a law firm that was willing to help by taking to task the banking system and have been able to achieve an almost impossible result of an out of court settlement which will in a small way alleviate a portion of the residual debt of many of the 3000 Ex Storm Clients. For the majority however the debt looms constantly and most will end up loosing their homes or having a 'lean' on the value of the family home until such time as the home is sold. Nearly all will have to find gainful employment, even though the collective average age of this group is approx 65+. These investors had all been working towards not being a burden on society, and to be independent and and self funded in their retirement.
Collectively as a group SICAG have played an important part in keeping individuals safe and alive. They have provided a shoulder to lean when it was all getting too much, they have formed friendships and bonds, have shared information and advice, and have above all .....kept the spirits and sanity of all uplifted. Many and countless stories will be told of this group of everyday Aussies and their fights for justice and truth. The SICAG group have been lead by a band of men, real men with the caliber of strength and dignity and who have unselfishly given of their time, emotions and energy.
The Storm Financial/CBA meltdown will go down in Australian Financial history and is Australia's worst corporate collapse. The SICAGers will not go down with out a fight and they are standing tall, and doing what countless other Aussies have done down the ages....fought for a fair deal and integrity.
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