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‘The rug pulled out from under you’: How CBA dissected Bankwest’s business loans

Brendan Stanford was overcome by emotion when asked to describe to the royal commission the impact of Bankwest putting the pub he owned with his brother into receivership.

‘The rug pulled out from under you’: How CBA dissected Bankwest’s business loans
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"It takes its toll," he said. "To see all the work that you have done in that period, to just have the rug pulled out from under you". Mr Stanford and his brother had bought the pub for $1.6 million but in the end it was sold for $525,000 when their loan was reassessed by the Commonweath Bank after it bought Bankwest.

Read the full article at the Sydney Morning Herald.

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