Home > EYE-BALL's ZombieLeaks, Novel - General Posts, Politics - Domestic, The EYE-BALL MediaZone, The EYE-BALL NovelZone -, The EYE-BALL Opinion > EYE-BALL NovelZone’s Zombie-Leaks – Greiner/Peacocke letter exchange Aug ’88.

EYE-BALL NovelZone’s Zombie-Leaks – Greiner/Peacocke letter exchange Aug ’88.

EYE-BALL Zombie-Leaks –
Greiner/Peacocke letter exchange Aug ’88.
Updated 4th Jan 2012
Hello – this page forms a part of the Document upload database as a part of the State Bank of NSW and NSW Government’s Corporate RAPE of the State Building Society – (SBS).

The following Images relate to the SBS sale to St George and the new for Minister Peacocke to give his approval for the sale to go through without the Takeover Review Committee – TRC – becoming involved.

The members vote for the SBS sale was set down for 22nd Aug 1988 – to take place immediately after the 113th AGM meeting scheduled to start at 10:00am to be held at the YWCA Centre in Wentworth St – Sydney.

What is very interesting is that Premier Greiner’s letter to the Minister for the Office of Fair Trading – who’s approval/consent was needed before any sale could proceed was dated 5th Aug 1988 and not recorded as having been received until the 9th Aug ’88.  See Greiner’s letter below:

This letter was an oversight and a last minute effort to ‘plug’ a hole in the overall agenda. Greiner’s posturing throughout the letter and his reference back to the Macquarie Bank Report reveals his desperation.  the Macquarie Bank report was a ‘paid-for’ document that slotted with the SBNSW agenda to merge the SBS – it had nothing to do with the SBS members and the Co-Operative wants of those members.  The Macquarie Bank report will be uploaded in due course as will the SBS GM response and Minister Peacocke’s response.

How can closing down the 2nd largest building Society in NSW and merging it with the biggest Building Society by a factor of more than two – be good for the NSW Building Society industry?

St George was more than twice the size of the SBS – there had been a number of smaller Building Societies swallowed up in the previous 8 or so years including two by the SBS.  Greiner was reaching and the desperation was evident.

The Illawarra Mutual Permanent Building Society – IMPBS – offer was a genuine bid of $5 million for the $3.05 million of SBNSW owned fixed-capital shares.  It was an offer that would have created a Building Society that would have been very competitive with St George.  At the time the IMPBS had assets of $650 million – 35% of the size of the SBS.   Greiner wrote to Mr Jack the IMPBS GM knocking down the offer with words like –

“A range of options regarding the future of the State Building Society is currently under consideration, including the recommendations of the Independent team of experts from Macquarie Bank. … continues”

These is much more on the so called Macquarie Bank report later in the document upload process. – including report response comments from Minister Peacocke and the SBS GM – Denis Cleary – this stuff also makes the NSWG look like ‘Spin City’ – or ‘Keystone Cops’ saga’s and is so embarrassing.

Greiner’s comments in his letter to Peacocke were an outright mislead – in a court it would be proved to be a lie under cross examination – and that there is the ball-game.  As for Minister Peacocke’s real position – only his Ministerial papers will reveal the truth.  ANd if they have not already been destroyed – then the comments hereto will send rats all over the place looking for them.

According to Peacocke’s response letter below – mindful of the fact that we don’t even know if Minister Peacocke authored the letter – this was unsigned, not stamped as received, and most importantly was not on Ministerial Letterhead as all Minister Peacocke’s previous correspondence in this matter was.

From this Peacocke response we are led to believe that the Minister reversed his position within a 2-3 month period on a matter that he had generated an ‘Amendment Bill’ to stop the SBNSW from merging with the SBS – this was highly unlikely.

In a conversation with Mr Peacocke during the course of this investigation – his recall of events was not all that clear – he refered the researcher to his Ministerial records – yet access to those were denied by the Premier and Cabinet Department – frustrating I know.

Now to the interesting part about Minister Peacocke’s letter – please note the date on Peacocke’s response – [see below – File No: 88/08-25] – this is against the members vote on the sale scheduled for 22nd Aug ’88.   Yes that’s right – Peacocke’s apparent approval was not officially given until the 25th Aug ’88 – some three days after the sale went ahead.   This just thickens the plot …

Now you tell me how that could have happened … and why no Government Legal officer stood up for the SBS members when all knew what was afoot … the truth be known – the Peacocke letter is most likely a forgery to rubber stamp an oversight – or to avoid the TRC review – that then raises the question why did Peacocke not intervene – and the plot thickens …

See Minister Peacocke’s Letter below:

As can be confirmed when looking at the copy above – there is no ‘Received Stamp’ to indicate when it was received – nor is it signed – nor on Ministerial Letterhead – for all that is known and how the SBNSW and NSWG acted all through the May-Aug ’88 period – this response letter offers no authorisation for any sale to proceed – and that would have made the sale of SBS to St George illegal – and to cover this up puts responsibility fairly at the door of Premier Greiner.  The research over the last three years has uncovered holes like this all through the events that led to the disposal of the SBS.

The SBS was a $1.5 billion Building Society – employed 600+ staff and had in excess of 250,000 members.  It had branches all over NSW – the last year of operations they made a $25 million profit – and made the SBNSW profit result pale in comparison.  It was even competitive against St George’s profit result even though they were more than twice as large.

These two documents alone confirm the conspiracy to commit a FRAUD – they implicate the Premier of NSW – and the SBNSW Executive who were still in control of the SBS Board and who negotiated the sale to St George as early as two-three months prior.

More tomorrow … and the next and the next …


Please – if you want to stay in touch with developments – please complete the FORM below.   The FORM submission allows you to register your details and comments if you so wish. Your registration will place you on a mailing list for all future updates relative to document uploads and other matters being pursued in this dispute.   You can unsubscribe from this Mailing list at any time – and just a confirmation reminder that all your details will be kept private and confidential.


%d bloggers like this: