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Duped- Posted on Thursday, April 21, 2016
You could imagine the deals ASIC would do behind closed doors, nothing basically would change.
Transparency is the key issue, a Royal Commission examines criminal conduct in an open forum for every person to hear. When the Royal Commission comes across a serious issue ( and there will be a mountain of them ) it is then ASIC's turn to prosecute, if they don't the public and government will have the right to say that ASIC is inept and hopeless, but we all ready know that. A Royal Commission can delve deeper into issues and can certainly alert ASIC to a crime and from there they can do there job once they get off the couch.
ASIC would not ask the serious questions a Royal Commission would ask for fear of retaliation from their banking mates, serious questions could be passed off easily so as to not implicate them in a crime. ASIC would not compel banks to hand over vital documents which at present they are hell bent on saying commercially sensitive which we all know is absolutely hog wash and a line the banks repeatedly use. They are all "on song" with each other there and that line is well rehearsed.
Apart from transparency a Royal Commission will be looking at ASIC themselves, how they have colluded with the banks for favourable outcomes leading to Controlled Fraud; aided and abetted by their complacency.
It is a ludicrous idea from Turnbull and his cohorts to have ASIC investigate themselves as well as the banks. ASIC cant expect to keep their dirty little secrets, the dirty deals they've done for all these years, just to appease the banks.
A ROYAL COMMISSION is the only sensible option to the government and the public if it wishes to clean the industry up. Of course they are going to need barrels of disinfectant and washing powder for this grime.
