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Banking Royal Commission Australia

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Banking Royal Commission Australia

Old 23rd May 2018, 10:08
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Banking Royal Commission Australia

Buyer beware or unconscionable conduct?
Westpac's share price should be getting a hiding but I guess that's 'safe as a bank' as well.
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Old 24th May 2018, 00:04
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Here's an insight for you.
Recently in Sydney, there was an evening meeting of major bank CEOs - reasonably tightly held.
Item one on the agenda - `social' banking - the next big thing.
Item two - how to deny everything coming out of the Royal Commission.
The person who told me about this says he asked "Gents - how does item one relate to item two?"
They looked at him like he'd just shat in the middle of the table.
Australia's big four are the worst bunch of cynical scrotes - second only to those merchant banking parasites on Wall Street.
I have absolutely nothing to do with any of them - we do all our banking via a European public service entity.
Despite the mealy mouthed platitudes, insincere apologies and vows to `change' they're just sitting and waiting for Kenneth Hayne and Rowena Orr to go away - they are so rich that they have no respect for the law or the government.
Personally, I'd break them all up... and on the only occasion I think I've ever agreed with Pauline Hanson - she's dead right - the pricks at the top of the table should go to jail.
Now I'll tell you what I really think...
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Old 24th May 2018, 00:15
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I really don't want to research miserable Australian banking,
How are they screwing the public these days?

(a credit union member for >40yrs because I have never liked our banks. We don't even have Bank Holidays here)
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Old 24th May 2018, 00:34
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Charging advice fees for people who are dead.
Lying to the regulator 19 times.
Chairs getting `independent' reports to the Board into misconduct re-written.
Sorry, the last two were AMP - but hey, same sector.
Setting up fake kids bank accounts to earn bonuses.
The list just goes on and on.
There is some justice though.
I am led to believe that one senior executive muppet had the in-house lawyers crawling all over him before appearing.
He was told it wouldn't be a cake-walk and that he needed to listen carefully to them, and practice his answers.
But no - as a master of the universe - he knew better and told in house counsel to go and have intimate carnal relations with themselves.
Next day in the witness box - under questioning from the QC - our hero utterly went to water - blurted his guts out to the horror of those watching back at HQ and got the institution into a whole lot more shite than they'd ever dreamed of.
Pure gold.
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Old 24th May 2018, 00:47
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For non-Aussies, there’s a pretty good summary of the background here:

https://www.theguardian.com/australi...to-know-so-far
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Old 24th May 2018, 08:23
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The problem has arisen when the banks decided to get into the individual wealth creation role after 2008 where they emerged in good order. When this wealth creation role was linked to the pre-existing bonus culture in the banking industry you have a recipe for corruption. Already there a signs that the banks are getting out of the wealth creation business and there has been senior management starting to fall on their swords following the revelations so far and the Commissioner, Kenneth Hayne, is no walk-over. I expect his final report to be damming. I also expect this Royal Commission will have repercussions in next years (or possibly this years if some pundits are correct) election as the coalition government fought having a Royal Commission tooth-and-nail, or until the junior partner in the coalition made it clear that they were going to support having one. Again, another example of our wannabe Sun King PM showing his poor judgement.
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Old 24th May 2018, 09:37
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'Looked at him like he just shat in the middle of the table'...that's an outstanding simile?
It sounds like they have been acting like a pack of kants...for a long time.
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Old 24th May 2018, 10:10
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That they have troppo - that they have - most certainly.
I was once told by a very reliable source that one of the big four employed the wife of a known criminal in a part of the business that was - how shall we say - somewhat public facing.
I shite you not.
Now - should Mrs Middle Eastern safe-cracker have been held to account because of the activities of Mr Safecracker?
Debatable - but it certainly says a lot about the mindset of those doing the hiring in my view.
Personally - I have taken great pleasure in the nickname of the interrogator in chief at said Royal Commission.
Rowena `shock and' Orr.
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Old 25th May 2018, 05:52
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Again, another example of our wannabe Sun King PM showing his poor judgement.
Sometimes it takes awhile for folks to see the light, and I give him credit at least for seeing said light. Bit like the opposition when they had the refugee boat policy, come one, come all, those that don't drown on the way at least. And that's not a slight at Labor, just an observation, for I have no real understanding as to why they adopted the policy they did, likewise why the PM was so reticent looking at the banks. We can all make assumptions, but none us were flies on the wall at the defining conversations.
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Old 6th Jun 2018, 00:03
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So - the ACCC charges a raft of investment bankers with cartel like behaviour.
https://www.theaustralian.com.au/bus...2aa16e8dbb3c8e
Apparently across the city, those who wear expensive shirts with barrel cuffs, cufflinks - and always a jacket are utterly gobsmacked this morning.
That's criminal charges boys, perp walks, handcuffs and time in the big house, not the usual civil slap on the wrist that you can throw a few hundred mill at and cop an enforceable undertaking.
Me lad sailed with one of their sons a few years ago... spent a lot of time with the Dad in question.
Seemed like a good bloke - quess they all do.
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Old 6th Jun 2018, 00:18
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Originally Posted by troppo View Post
Buyer beware or unconscionable conduct?
Westpac's share price should be getting a hiding but I guess that's 'safe as a bank' as well.
Originally Posted by tartare View Post
Recently in Sydney, there was an evening meeting of major bank CEOs - reasonably tightly held.
Item two - how to deny everything coming out of the Royal Commission.
That certainly has been Westpac's response to everything.

They can lie, but they can't hide, maybe they will get away with a few things now, but the end game will see them pay dearly for all their current deception.

Would not surprise me to see Westpac end up bankrupt, and pickup up for a song by a competitor down the track. In fact this may be the game that they are playing, to get around the federal government's 4 pillars policy.
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