On the CBA charges
Les Heimann writes: Re.”Heads must roll over CommBank’s spectacular money-laundering failings” (Friday)
So finally SOME information has filtered out concerning alleged complicit money laundering and terrorist finance activities. This is something “exposed” for a reason; not just CBA involvement with 53,000 actions. I suggest there may exist many thousand other cases spread over many large financial organisations and other players; ALL preventable by simply following the rules well established dealing with reporting financial transactions that are over a specified amount or otherwise perceived as suspect.
These rules are well known and I suggest nearly all junior financial staff employed in all the organisations required to so report would do so. To my mind, based on some experience, there must be middle and/or senior employees hiding things or not applying proper oversight because it is such a simple thing to comply with really. So if the CBA has been singled out it has to be the intention they be made to be severely punished.
In my view litigation will follow, group heads and others will be sacked, directors will be prohibited from being directors and “the fine” would be several billion dollars. Anything less than headline action would absolutely guarantee that Royal Commission and would not serve as a lesson to all the other institutions. All this need not have happened but has because big business sees itself as invulnerable. Things are about to change.
John Richardson writes: Re.”Heads must roll over CommBank’s spectacular money-laundering failings” (Friday)
How could Glenn Dyer & Bernard Keane be surprised by the latest criminal shenanigans being perpetrated at CommBank and why would they think that the federal government will pursue sanctions against the organisation?
Surely Glenn and Bernard have been around long enough to understand how crime is organised in ‘Strayla’? Surely they understand that the role of the government is to market criminal franchises that allow various criminal organisations to prey with impunity on an unsuspecting public in specific areas, including but not limited to the financial services sector, insurance, pharmaceuticals, mining, power generation, telecommunications, gambling and lawyering to name just a few?
And given that both major political families support the system for the management of organised crime in this country; a system that has been relentlessly extended & strengthened since the days of the Rum Corps, what possible reason would Glenn and Bernard have for thinking that anything will change soon?
On the Trump Turnbull phonecall
Meredith Williams writes: Re. “Selected highlights from the surreal, shamefully dishonest Trump-Turnbull phone conversation.” (Friday)
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The transcript of the Turnbull-Trump conversation is only notable in that it confirms what we already surmised: Two self-serving businessmen, commodity trading in human life to protect their personal power bases. You scratch my back and I’ll scratch yours. What a despicable dialogue!