Dear Senator Cormann
You say:
But Finance Minister Mathias Cormann rejected the calls. "We don't need more inquiries. We need to ensure that a well-resourced regulator with the appropriate powers can take effective action. And that is precisely what ASIC is doing," he told the ABC, adding that ASIC had the same, if not more powers, than a royal commission because it can take enforcement action.
The word "can" is the problem. Yes ASIC has powers BUT chooses NOT TO and that is the bleeding obvious to consumer victims of white collar crime.
Consumer victims SEE what is wrong with this corrupt system and you Mathias say you do not see it that way.
You have just LOST those precious VOTES.............................. Consumers ran over the hill to the other side of the political battle ground and found BILL and he gets their VOTE. Bill Shorten understands these issues. Bill as a Leader has met with some of those victims.
Mathias you recently refused to meet with disabled Alana who is about to lose her home and she is on a disabled pension. You have more importantly, lost her VOTE.
Consumers fought back to this nonsense and NOW in the middle of an election, ASIC has been paid by the Banks $127 million, to enable ASIC to charge the BIG FOUR with raterigging which will enable the banks to simply pay a parking fine of $100k each!!!! You then say there is no need for a Royal Commission
Senator Cormann you are Soooooooo WRONG and out of touch, just like Malcolm. It shows a complete lack of caring.
We say:
Yes we agree, we have had 19 Inquiries because consumer complaints against banks and corrupted ASIC continue to roll through ours and the Senate Committee's doors. Australia needs a regulatory overhaul and a tearing up of the Howard/Costello "Twin Peaks" Model of Regulatory Control. Its been a free market total failure. Peter Costello stated in an International Sppech in 1996 "The new regulator would be the best consumer protector in the world!"
Well that has bombed completely as consumers have nothing good to say about the 1998 Howard brainchild called ASIC. I wrote to Mr Howard on several occasions re conflict of interest of the regulator between 1999 - 2004. Prime Minister Howard politely responded and indeed signed one letter himself. It of course is pure rhetorical claptrap similar to that which consumers have had to deal with from ASIC for the past 15 years or more.
The people have spoken eloquently and clearly:
We need a ROYAL COMMISSION into the BANKING SECTOR and all financial products and services.
We need to show as a Nation we are sick and tired of WHITE COLLAR CRIME raging across our continent.
We need to show we are sick and tired of the lack of PENALTIES for white collar criminals and in particular the ELITISTs in the creating self wealth sector.
We are sick and tired of PROPERTY BUBBLES that can lead to the collapse of our Nation's Economy.
We need an end to the TWIN PEAKS MODEL of regulation
We need to CREATE a properly funded FEDERAL CONSUMER PROTECTION AGENCY incorporated with a Serious Fraud Office, manned by Federal Police.
We need to see with our own eyes, the criminals being placed before our criminal courts and face tough JAIL SENTENCES.
We need to tame extreme free market thinkers and banish them to the idiot self serving room...............for wealthy Elites..............
You must be wishing right now you Sir, are on an Island where 'everyone is equally treated' but you and Malcolm alone, are SUPREMO
We are an an Island called Australia. We have had far too many Inquiries including the corrupted Hockey version run by ex CBA Chief David Murray.
Now the people are demanding a ROYAL COMMISSION which has far more powers to demand every piece dirty documentation than ASIC (including all ASIC anti consumer memos and notes!) and the Commissioner can then decide what action needs to be recommended and why!
Only Strong Leaders would take on the Banks......................that man is BILL SHORTEN.
Another more compelling REASON for the RC being held is with de-regulation of the Banks for over 30 years, no-one has dared have a bo-peep at what they have been really up to................and due to that NEGLECT we have property bubbles, multiple scandals, volumes of people losing homes through fraud in the banking and finance sector, and if for no other reason ITS TIME we had a Royal Commission.
Any argument you could possibly raise as an uneducated and biased opinion to stop the RC only inflames the senses of all those who have been burnt by regulatory neglect in this country! I believe I am qualified enough to be able to point this out to you and other Banker Mates.
Keep this up Mathias as every word uttered is a NO VOTE for you.