An inside job if I have ever seen one

I have refrained from commenting on the inside job at Westpac that the media are reporting as some sort of romantic bank heist.

Right now they are aiding and abetting a cover-up by Westpac.

Why do I say that? Well because I probably know more about money laundering, anti-money laundering systems, and banking systems than all of the MSM combined plus the plonkers at the Police investigating this.

I won’t tell you how precisely I do know all that, because mainly I can’t legally tell you. Suffice to say I have worked in Thailand, Korea, Malaysia, Singapore, Hongkong, New Zealand and Australia in exactly this area.

Cactus Kate did allude to some of the problems with this case. I note however that the media have singularly failed to understand her points preferring instead to focus on the romance of nicking $10 million from a bank.

Let me outline for you where I see this;

1. Westpac is lying, this wasn’t a mistake. It involves at least 3 staff colluding with “thief”.

2. This was planned with inside knowledge of banking procedures, specifically at Westpac.

3. The MSM doesn’t get it when it comes to the banking system.

4. Money can’t “disappear”. It can all be traced because of the immutable laws of accounting that say for every debit there MUST be a credit.

5. Did I mention Westpac are lying?

6. $10 million ain’t enough. Especially if you are on the run.

7. I see in today’s paper that a Westpac staffer is seeking counselling, I bet it is with a lawyer.

8. The three cops in Wellington with their Excel spreadsheets that constitutes our anti-money laundering expertise will be scratching their heads with this one.

Now let me tell you that it just isn’t believeable in any way that this was a mistake. The PR folk at Westpac are to be commended though for giving the head fraud guy so much interference so he can start ripping arms off quietly. This guy is good, he knows his stuff and there will be nervous staff waiting for their turn in the windowless office.

Now, in order to get even a $10,000 o/d let alone a $10M one, which BTW you just don’t run as a Petrol Station you need to have paper filled out. Westpac, if they continue to say it is a mistake, need to show us the paper that says $10,000. Then there is the checking report for everything that is loaded. So if the paper says $10,000 and the report says $10,000,000 the checking officer will be very worried unless they have already skipped.

Then there are the discretionary limits. You can’t just load a $10,000,000 O/D and who has one anyay unless you are a very, very large company. My sources tell me that he was already into them for $6.5 million so there is no way that this account wasn’t on a refer list of some sort or if the station was failing as suggested then for sure he was being “managed” which usually means Debt Recovery Unit. Now I know those guys too and they aren’t nice fellows. So it is almost beyond reason that someone inside Westpac wasn’t involved in at least the loading of the “mistake”, or in the “checking” of the mistake” or in the “authorising” of the “mistake”.

And we haven’t even got to examining the collusion that must have been involved to get it out of the country. Now if you have ever sent money offshore you know you don’t do it with Internet Banking. There are forms that you fill out. Here is one. Yes it is Westpac Paper. Yes it is real.

You don’t get to send funds offshore unless it is cleared funds. You don’t get to strip your account that we are pretty sure is “managed” without it showing on a refer list of some sort. We also know from reporting that the money was split up. It must have been otherwise it would all be back by now. The more you split it up the more suspicious it looks, and even so if you reduce it to 10 lots of $1 million the person processing the forms would have had alarm bells ringing, unless of course on of those forms transfers the funds to their own account offshore.

You see there just cannot be any logical explanation for all of these”mistakes” to have happened to just one account. It isn’t possible.

Westpac should come clean and tell us what really happened. They will have good idea by now. There will be staff involved for sure. The fact that they haven’t reefed it all back suggests good knowledge of how to move funds about.

As smart as they have all been they haven’t been that smart. Everyone knows if you want to tuck a bank you do it before a long weekend, the longer the better. Easter being the best or the happy coincidence of Christmas and Boxing day either preceeding directly or following directly a weekend. That way you get an added benefit of three days later another four days with banking systems worldwide on a go slow essentially for two weeks straight. If you were smart then the funds will be long gone, dissembled and reassembled for the perpetrator to strollin on the first available banking day and take it all in covertible securities.

This is an inside job for sure, Westpac are just keeping schtum and the media through their fuckwittedness are helping them.