Submission 38 to the Parliamentary Joint Committee on Corporations and Financial Services says it like it is. The FIRE sector IS crooked, led by banks that have been creating mortgage money as if there is no tomorrow. It can never all be repaid of course. Do financial services standards need to be reformed at the top?
Answer the question, jerks!
Somehow I believe we’ll get much the same damp squib we got from the Standing Committee on Economics Report on Foreign Investment in Real Estate. [See previous post.]
They can’t blow the whistle, you see? They’re the new breed of politician who believe it’s all about “maintaining confidence” – at least, until all the criminal facts explode in their faces.
“We were only doing our job!” Yeah. I’ve heard that one somewhere before, too!
Bank CEOs are getting paid millions to perpetrate fraud.
“We have learned a lesson. This will never happen again.” – ANZ boss Don Mercer, 1992