Mar 24, 2014

It’s not the size of ASIC’s war chest, it’s how it uses it that counts

Everyone knows Australia's corporate regulator is too soft. As it turns out, it might not be legislation that is lacking -- but will from those at the top.

Paddy Manning

Crikey business editor

Does ASIC have the stomach to seriously tackle corporate malfeasance?

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2 thoughts on “It’s not the size of ASIC’s war chest, it’s how it uses it that counts

  1. Dogs breakfast

    ASIC is right at the heart of the problem. They have been weak, ineffectual, hopeless, leaderless, lost.

    They had recent examples of lay down, smak’um yak’um, actual admittance of people buying shares with board room knowledge and did not pursue (he’s ok, good bloke, member of the Club you know)

    For god’s sake, they’ll go after a small fish like a sharknado, but anyone from the big end of town gets not even a slap with a limp lettuce.

    And the big end of town know it, and they act accordingly. The Commonwealth Bank saga is a disgrace, people should be in gaol, and Commonwelth Bank should be paying up big time, first to the people who suffered losses, and then for breaches of law, and nothing, not a damned cracker, wouldn’t even pick up the ball when insiders were telling them about it.

    Hopeless beyond hopeless.

  2. MJPC

    It is not only the big end of town, but also down the other end of the greed totem pole.
    I have a matter going through the courts reference a fraud undertaken against me to the value of $8000 by a “trademan”. The trouble is we paid a deposit for their work which never eventuated.
    Of course they held an ABN and when I approached ASIC requesting advice and/or assistance was told they couldn’t help, ( I could and did pay for the ABN details), not even to the extent of removing the ABN which gives the fraudster some legitimacy.
    ASIC needs a helpline and shame file which can be accessed by persons trying to ascertain the bona fides (and any complaints against them) of any person quoting for services and giving an ABN, as is done with state consumer affairs departments in regards to licenses.
    It should be said also the banks need a shake-up; in my case assisting in the fraud by refusing information about the holder of the account where the funds were transferred to, and the State Police were also useless ( I am not certain what their definition of fraud is).
    Whomever said that crime does not pay doesn’t live in NSW.

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