Just as I like to explain the shadowy recesses of the land market–otherwise known as the ‘property’ (sic) market–there occasionally comes a journalist who is prepared to speak out on the goings-on in the inner sanctum of the Australian share market.
Congratulations, Michael West, in THE AGE today: “For dark pools, just wade into the ASX”.
Mind you, former Victorian Premier, John Cain, doesn’t do a bad job on the Reserve Bank of Australia, either: “Parliament should show brazen bank who’s boss”.
I think John Cain harbours strong inklings that it was also the RBA’s delinquency during the last property boom–the commercial bubble of the late 1980s–that had him overthrown as leader of the ALP government in 1990, and replacement leader Joan Kirner tossed out on her ear in 1992 (to be replaced by the Kennett Liberal government selling off the state of Victoria’s heritage, Ayn-Randian style).
Of course, John Cain also needs to accept a great portion of the blame himself for the woeful excesses of Tricontinental, The State Bank of Victoria’s investment arm. (333 Collins Street and all that.) But where was the RBA during THAT bubble?
There are indeed BIG questions to be asked of the ASX and the RBA and it’s about time these two bastions of ‘rectitude’ were stormed. Neither institution should be allowed any longer to get away with its many misdeeds, as the system slowly implodes from within.
Regulatory bodies? Bah!!