Whilst ASIC has received the mother of all beltings in today’s papers for the failure to string up former One.Tel CEO Jodee Rich, more attention should be focused on the role played by Australia’s politicians and the Murdoch and Packer families.
ASIC
No winners, but Jodee Rich gets back on his bike
For Jodee Rich, the One.Tel issue does not end with yesterday’s judgement: he’s still seeking the payment of the $132 million that PBL and News had originally committed for the rights issue, plus interest and damages.
Verrender: Time to put ASIC out of its misery
ASIC’s One.Tel flop puts the final nail in its coffin, says Ian Verrender: it’s time to scrap the regulator and start all over again.
Maiden: Will ASIC lose its nerve?
With ASIC departing the One.Tel battle with its tail wedged firmly between its legs, the regulator may be less bold in aggressively pursuing cases in the future, says Malcolm Maiden
Rich home free, ASIC in the dock
One.Tel executives Jodee Rich and Mark Silbermann may have escaped their legal battle with ASIC intact, but One.Tel was still a colossal failure, says Stephen Bartholomeusz.
ASIC takes a serious swing at MFS
Perhaps stung by public criticism that it hasn’t done enough to prevent and prosecute corporate fraud, ASIC has launched a second action in as many weeks, announcing a civil claim against various directors of collapsed fund manager MFS.
Centro charges put heat on Directors Club
ASIC announced today that it was bringing civil charges against the former executive and non-executive directors of collapsed property group Centro, alleging they failed to correctly classify $1.54 billion of interest-bearing liabilities.
Can the ASIC regulatory tiger grow teeth?
Will the new market trading, monitoring and control system be as transparent and open about its regulatory actions as the ASX has become this year?
ASIC steps up to the plate on market regulation
All market trading will now be monitored by ASIC while ASX will continue its prime role of supervising all listed companies.
Supreme Court slams Hardie, bans directors
The Supreme Court of New South Wales has delivered significant penalties in the civil action brought by ASIC against various former executives and directors of asbestos manufacturer James Hardie.
Canning advisor’s commissions would be super start to reform
It’s been a long fall for the retail superannuation industry and financial planners from their glory year of 2005. Now, the financial planning industry is under fire from multiple fronts and the Government is reviewing superannuation.
Rumourtrage scourge won’t be solved
Directors are wantonly disregarding Corporations Act provisions and actively trading shares with inside information. A new report recommends civil penalities for spreading false rumours.
ASIC goes ‘between the flags’, but watch those blue-chip rips
The idea of splitting investments into two highly generic categories is fraught with danger, writes Adam Schwab.
New liquidity rules to lift the cost of banking
Australian regulators are discussing a new system of liquidity rules for the Australian banking system that will force the banks to protect themselves against higher interest rates in times of crisis.
Bendigo and Adelaide should come clean on MIS
Bendigo and Adelaide Bank should fully disclose the entire exposure the bank has to the collapsed management investment scheme industry.
Short-selling ban comes up empty
ASIC announced this morning that it had lifted the ban on “covered” short selling.
Morning Market Report: ASIC remove the shortening ban on financials
ASIC have ended the shortening ban early, while the market and the Dow are down.
Former AFL star says ASIC failed him
Former AFL player Craig O’Brien, a victim of alleged fraudulent property and investment scams by preying ex-Gold Coaster Glenn Duker says he’s been financially ruined by the swindle.
The Pastor, his Ponzi scheme and a fleeced flock
The liquidator of a company that had been operated by a former Gold Coast pastor and solicitor as a form of Ponzi scheme is now intent on pursuing civil actions against the pastor and his family.
BrisConnections saga: where is ASIC?
One missing elephant in the BrisConnections room has been Australia’s corporate watch-dog, ASIC.
APRA turns the screws on finance sector executive pay
APRA has given a sneak preview of its coming review of executive pay.
April Fools’ joke sends Telstra shares skywards
Given ASIC’s mooted crackdown on rumour mongering, could Computerworld’s April Fools prank qualify for investigation?
Please explain: ASX flailing on market manipulation
The rorting of the market goes on, ignoring transparency and the self-regulatory guff from companies and ASIC, says Glenn Dyer.
ASIC prosecutes small fish; bigger fish swim free
ASIC yesterday announced that it is seeking civil claims against little-known biotech executive Dr Martin Soust, writes Adam Schwab.
