Federal

Nov 24, 2017

Bad apples: what would a banking inquiry look like?

With calls for a royal commission into banks gaining volume, what questions should we be asking?

Georgia Wilkins

Freelance journalist

CBA money-laundering scandal

Commonwealth Bank CEO Ian Narev

No one likes the big banks so it’s easy to make the case for a royal commission.

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7 comments

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7 thoughts on “Bad apples: what would a banking inquiry look like?

  1. old greybearded one

    A number of years ago, I was singing at a function attended by one Tony Abbott. An audience member requested Graeme Connors’s Let the Canefields Burn. It has a line, saying “let the politicians and the bankers in the city look up and wonder at the glow in the sky”. Abbott was offended and come up afterwards saying it was unfair to pollies and bankers. I live in a farming community. I told him I was not criticising anyone specifically and that I had no wish to criticise any of the pollies present, but that the banks had behaved disgracefully in the recent past in my area. He maintained they had not and I enquired how he would know. Apparently some relative worked for the chief money laundering bank back then. He was talking garbage then and his ilk in the house are still talking it.

  2. Wayne Cusick

    “I would be staggered if the Coalition proposes a bank royal commission, that is rank socialism,” Mr Howard told Sky News in an interview to mark the 10 year anniversary of his government’s 2007 defeat.

    http://www.theage.com.au/federal-politics/political-news/malcolm-turnbull-derailed-by-cabinet-leaks-and-nationals-rebellion-over-banks-20171123-gzrgsb.html

    How is it socialism to investigate the banks for unethical or illegal behaviour?

    1. AR

      Anything that is inimical to capital is socialism according to the rabid Rite.

  3. CML

    It should be a full Royal Commission…best implemented under Labor, because the terms would be set to uncover much more than a ‘watered down’ commission of inquiry under the current government.

  4. klewso

    Boyce was on The Dum tonight – echoing the same cock-crow that ‘a RC will do nothing, will take too long, that they can only advise’ codswallop : apparently opening up the sausage factory, to let everyone see what they make and how, in such a culture is not worth seeing?
    The fact that they donate so much to the Limited News Party (in anticipation of services/protection rendered?) wouldn’t be a factor either?

  5. Dog's Breakfast

    That’s actually a good start. Although there would be much schadenfreude attached to watching the bank executives incriminate themselves, repeatedly, and as much as I would like to see it, there are good chances it will get bogged down in the vast amounts and examples of unethical and profligate activities.

    Better still, look at the bonuses, the commissions, the KPI’s attached to the bonuses, the effect that the banking system has on the rest of the economy – essentially every dollar of banking profit is a tax on householders and business, quite literally, for the pleasure of moving money around to where it is being productively used.

    And then look at the systemic risks (size and activities of banks) and the regulatory regime. Banks should be split into the retail banking (deposits, loans and credit) and sharper end of bank practices, and only the retail banking covered by an implicit govt guarantee.

    The regulators have to be real regulators, and the idiot idea of getting in bank employees on secondments to the regulators has to be ended. Actually, that applies to all regulators.

    And then get the Researve Bank into the retail banking space, a la Nicholas Gruen’s champion idea.

    And then appoint Nick Gruen as the Head of the Reserve Bank.

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