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Feb 3, 2012

Pannel Kerr Foster S.S.B. Investigation concludes

Investigations by Pannel Kerr Foster into the scandalous Social Security insider trading are ongoing. The scandal broke early last month when we exposed that select staff members, including the C.E.O. Merlene Bailey, had reduced loans held with S.S.B. in order to benefit in a write-off announced by the Prime Minister of housing mortgages of fifty thousand dollars and below. The write-offs were said to involve dated loans that had not been performing. But a list subsequently circulated to the House of Representatives, contained information that raised further questions. Firstly, contrary to statements that Bailey did not intend to participate in the write-off, her name appeared in the approved list. There were also loans that were recent and some above the fifty thousand dollar threshold. Bailey will remain on suspension until February tenth. While the investigations continue, more details are emerging. Some random loan statements by staff members show the date these loans were disbursed and when payments were made to reduce the balances below the fifty thousand dollar ceiling so as to qualify for the write off.  You can view the statements at

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