Worst kept secret: CBA banker to head ASIC - by The Michael West Despatch

It is the worse kept secret in the business world; that is the impending appointment of former Commonwealth Bank counsel, John O’Sullivan, to head up the corporate regulator.

The optics are not good. CBA to the Australian Securities & Investments Commission via a stint as chairman of Credit Suisse investment bank. As Liberal Party donor and mate of PM Malcolm Turnbull, O’Sullivan has the Opposition crying foul.

This has been one of the most leaked appointments in memory and the press coverage enshrines the culture wars going on in financial media. The Australian and the Australian Financial Review have been deployed by “sources” to soften up public opinion.

How could a CBA executive possibly head up the regulator after Storm Financial, the CBA financial advice and Comminsure scandals and now the biggest blow-up of all, the AUSTRAC money-laundering debacle? With some easy-going press, that’s how.

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https://www.michaelwest.com.au/worst-kept-secret-cba-banker-to-head-asic/