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Evan Jones says Must Be Royal Commission into Major and Minor Banks.
Turnbull: Flunkey for the banking mafia
https://independentaustralia.net/politics/politics-display/turnbull-flunkey-for-the-banking-mafia,9515
As for the statement 'Banks acknowledge the problems in the industry and are taking action now to fix them' — well this is a straight-out lie. Banks are taking no action whatsoever to fix the problems. They are paying mickey-mouse compensation at best to defrauded investors or insurers. As for victimised small business or farmer customers, the banks are continuing to fight each of them doggedly with all the usual dirty tricks.
No bank has a lily-white reputation. But the CBA and NAB continue to vie for top spot in the nastiness stakes.
King O’Malley (national people’s bank activist), Andrew Fisher (Labor Prime Minister overseeing the creation of the CBA in 1911), Ben Chifley (member of the 1937 Napier banking inquiry and prime minister/treasurer overseeing the 1945 Banking Acts) and H C Coombs (Head of the combined commercial/regulatory Commonwealth Bank, 1949-59) would all be proverbially turning in their graves at what has happened to the CBA since financial deregulation in the mid-1980s.
The current CBA is light years removed from the ambitions of its creators and nurturers, who placed the public interest foremost. The CBA’s CEO Ian Narev should be before a court instead of strutting the media stage on the reportage of mega-profits and a mega-salary to boot. Ditto Chief General Counsel David Cohen, probably the central figure in keeping the CBA’s countless victims at bay and consigned to destitution.
Münchenberg generally confines himself to abstractions. For him to mention specifics would have him sailing into stormy waters.
The CBA Comminsure scandal is transparently an instance of strategic malpractice. The CBA takedown of BankWest borrowers was a large-scale criminal scam, involving losses of hundreds of millions of dollars to the victims. CBA top brass initiated the Comminsure scam because they got away (to date) with the BankWest borrower scam, which they initiated because they got away with the Colonial First State investor scam, which they in turn initiated because they got away with theStorm Financial scam. A tough regulatory regime indeed!
A royal commission, unlike the parliamentary inquiries into each of these matters, could subpoena documents and get to the source, character and key perpetrators of each scam. The CBA has a lot at stake in heading off a royal commission.
