GREG MEDCRAFT defends bank culture by having "chats" with them. His stated belief in 2014: that Bank CEO's will stop their bad behaviour if they see (as sensibly businessmen) the loss of respect, trust and confidence of investors in the market is likely to crash their own centrally heated paradise. He sees everything in terms of "cultural economics." He does not see the need to investigate fraud etc as such issues are "not the regulators' role." He simply prefers to warn Banks but not tell them how to run their businesses. He does not see the damage to consumers and hence he rarely mentions the carnage possibilities." He does admit to witnessing a few wrong doings but brushes them aside as a cultural problem which CEO's and Boards have the responsibility of fixing. Mr Greg Medcraft does not mention the damage to the economy of such madness thinking.
To suggest he is controlled by Unions is utter rubbish. Not true. Medcraft is a Free Market thinker and believes the regulator should simply balance the market by having chats with his banker mates re "cultural" issues which the Bankers must self assess and self regulate and self fix. Watch Medcraft's 2014 video interview! He is a master manipulator.
Unions all came out FIRST to say YES to RC, on behalf of the members who have been done-over on sub prime mortgage lending . Unions do not always agree, but they said enough is enough. That does not sound like Unions side with Greggie! Although one crowd did last week.
Bankers are running a CONTROL FRAUD and PONZI FINANCING scams in Australia and, as BFCSA discovered are acting as a CARTEL. The Banking Cartel Union is run by Munchenberg and he is paid to defend Bankers no matter what the Ponzi ! The evidence gathered shows the main 17 Cartel Members always agree. So the BANKS are acting as ONE to the detriment of the people and the nation's economy.
The CEO's have been trashing the markets, pumping up the property bubble in a race to the BIG POT commissions and then the EXIT. The experts are warning of a looming economic/property bubble crisis already! Medcraft is head of IOSCO and ex banker, as is Turnbull and engineer Murray. Unions are not in favour of free markets. These three amigo's are.
Medcraft should not be underestimated in pushing Free Market thinking. He calmly uses fear as a weapon. He believes that Banks would never do anything to cause "Lack of Trust and Confidence" in the market because its his own simple non-emotional logic that its common sense they would not do such a thing!!!. But following that theory Banks could easily collapse.
Medcraft trusts his theories to the point that Bankers would not go that far. BUT BFCSA has the evidence they have done exactly that, so Medcraft's theory of self regulation and cultural changes is nothing more than a man made DOOM LOOP.
Yet we all have to accept in a very calm manner, whilst homes are being lost in the thousands each month in Australia, that Greggie THINKS THAT WAY and believes his own nonsense! He is a powerful manipulator of the present Government. WHY?
Very simple: because Malcolm Turnbull and Morrison agree with Free Market Policy to the extreme. In fact ASIC is supposed to act autonomously and that is happening right now; yet with a madman at the helm.
Consumer Rights have been violated for a long sustained period of time and that has to change.
The irony here is Consumers will lead the way back to sanity in Government with the reality of a bank made massive property bubble leading from BOOM to BUST and the crash will effect all of us. So where does that leave our Greggie and his calm way of dealing with errant markets. As any good banker he will justify the carnage and suggest it's not his fault, he cannot control Corporate Culture and blame everyone but himself.
Mr Medcraft. you are the man in charge of this fiasco and your extreme Free Market thinking means you have blood on your hands. May I politely ask what really happened to Societe General? Is that why you only asked for an 18 month extra time at ASIC AFTER THE UK Government rejected your app and resume? To enjoy doing nothing but conduct Tea and Tim Tam meetings with your beloved Banker Mates and flit (at tax payers expense, back and forth to see Joe and all your other NY buddies?
We do not expect a man of your caliber to say sorry.
Not a good look. But in the meantime in a calm and collected unemotional manner, I and my members who welcome the Royal Commission, will continue to clean up your free market mess. However, wherever you escape to, we will be insisting you attend the Royal Commission as your seat will undoubtedly be reserved.