Share holders of Bank shares are never that keen to lose earnings. They must be alarmed by today's release of the LF Economics Submission (#63) to the Senate Inquiry into White Collar Crime by expert economists Lindsay David and Philip Soos.
To watch an institution you have faith and shares in, being constantly discredited in the media must be worrying.
One commentator suggests: to steal a loaf of bread is theft, unconscionable conduct by the banks is organized crime. When the government allows it to go ahead unchallenged and after the fact without penalty, you can bet your bottom dollar no controlling authority can administer a suitable punishment. The Australian consumer law is to protect the people from acts of consumer driven bastardry. Punishable by $1.1million per offence. Yet not even one offence has been brought to the courts.
Sadly it seems the government acts for corporate greed not the people.
It is the COLLECTIVE evidence of all borrowers and other victims that creates the bombshell and produces all manner of events that cause massive changes and later compensation.
I imagine some will be reading the warning sounds in the David and Soos Report and figuring a good time to cash in. Many shareholders will be wanting to ask sharp questions at the next festival of bank AGMs
Perhaps ethical shares may become something for the banks to consider becoming.... perhaps, though I imagine ethics are far from profitable.Perhaps ethical shares may become something for the banks to consider becoming.... perhaps, though I imagine ethics are far from profitable.
Shareholders often do not ask questions in relation to allege dishonest and deceptive transactions which affect Customers livelihoods. Unbeknownst to them, they would be horrified to know they are aiding and abetting dishonest and unethical activities carried out by the Big Four and that would be a real quandary for law abiding citizens I believe.
Perhaps ethical shares may become something for the banks to consider becoming.... perhaps, though I imagine ethics are far from profitable.
Banks brought the discredit on themselves by their appalling behaviour. The anger will be high when the shareholders realise they may not have been sent correct information for past 15 years. Denials of subprime, then admittance in 2012 of collectively agreed 10% toxic, then 43% admitted in Nov 2014, and the hidden Jan 2016 revised figure of say 75%. They will not be amused.
THE NARRATIVE CONTINUES