Nov 30, 2017

Banks put Turnbull out of his misery on inquiry

The big banks have saved Malcolm Turnbull from a problematic final week in parliament by agreeing to a royal commission.

Bernard Keane ā€” Politics editor

Bernard Keane

Politics editor

In the end it needed to a letter from the banks themselves to allow Malcolm Turnbull to accept the inevitable and set up a royal commission into the banks -- or what the Prime Minister called "misconduct in the financial services industry". At 8.30 this morning, the big four banks released a joint letter to the Treasurer calling for an inquiry into themselves, arguing:

... It is now in the national interest for the political uncertainty to end. It is hurting confidence in our financial services system, including in offshore markets, and has diminished trust and respect for our sector and people. It also risks undermining the critical perception that our banks are unquestionably strong ... We now ask you and your government to act to ensure a properly constituted inquiry into the financial services sector is established to put an end to the uncertainty and restore trust, respect and confidence.

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24 thoughts on “Banks put Turnbull out of his misery on inquiry

  1. [email protected]

    Dear Malcolm,

    We are unhappy with the proposed Terms of Reference for upcoming Commission of Inquiry, and demand a Royal Commission with watered down Terms Of Reference.

    Yours Sincerely,
    The Banksters

  2. Wayne Cusick

    “We now ask you and your government to act to ensure a properly constituted inquiry into the financial services sector is established to put an end to the uncertainty and restore trust, respect and confidence”.

    ie, go through the motions. Just don’t look too hard.

    They think that speculation about a Royal Commission is doing harm to the confidence in the finance sector?
    Perhaps the lack of confidence is that people have seen the many scandals that have hit the sector in the past few years.

  3. klewso

    So now it’s just down to their government to funnel the terms of reference – and ultimately allow the banks access to the prceeds of industry super funds?

    1. klewso

      “… the proceeds of …. “

  4. Marjorie Carless

    So glad the banks have allowed Mr. Turnbull to agree to a Royal Commission into Banking. Will the banks be writing to the LNP with their preferred terms of reference? I, with many others would like to know just what powers our governments have. It seems to me that banking , oil, pharmaceuticals and other large multi nationals write their own terms of reference. Fed up of the whole political culture.

  5. Nudiefish

    As Shorten himself said, it took the Banks to give direction for Turnbull to OK a Royal Commission.

    Malcolm is always ready to do corporate bidding like the good little doggy he is. When the consumers wanted it, the RC issue was refused.

    1. Pollietragic

      Nudiefish -EXACTLY. Malcayman was blind to the tragedy of hundreds of thousands of Australians losing their livelihoods due to the new banking bastardry. Only in recent times has it been portrayed as acceptable for banks to care little for their customers, and create and pursue management/staff bonus’s and consecutive record annual profits.
      Adele Ferguson SMH and ABC’s Four Corners have attempted to give industry whistle blowers some ….air. Let’s hope whistleblowers get a fair hearing in the Commission.

      1. Nudiefish

        And people wonder why consumers are turning to bitcoin in order to cut banks out of the their own personal financial system.

  6. Pollietragic

    Didn’t everybody’s favourite yesterday’s man, John Howard, describe, only a few days ago, a banking Royal Comission as ….wait for it…..”rampant socialism”.
    Howard’s laughable intervention is up there with describing Obama’s success as the Democrat’s presidential candidate as – “If I was running al-Qaeda in Iraq, I would put a circle around March 2008, and pray, as many times as possible, for a victory not only for Obama, but also for the Democrats.” Priceless, John, as befits a PM who lost their own seat.

    1. Johnny B Bad

      Every time The Rodent opens his mouth it shows what was said about him prior his electoral defeat, “Nobody is listening to anything he says”.
      Out of touch all those years ago & further out of touch each week that passes.

  7. John Homan

    Will the banks select the commissioner, and write the Terms of Reference?

  8. shea mcduff

    Here boy! Come on, come here. Good boy. Do you like being tickled under the chin? Yes you do – who’s a good boy then? That’s right roll over, you like tummy rubs too don’t you?
    Here have a bone.

  9. Peter Wileman

    Kviabryggja Prison in western Iceland has only got 26 prisoner bankers who were sentenced in 2015. So, probably plenty of room, and they could sit around comparing notes with our guys to keep up to date. But I suspect that all will be shown to be OK here in Oz. Just a few mistakes and low level miscreants. Nothing to be seen here.

    1. AR

      Agree. As usual, it will be found to have been the tea lady wot dunnit.

  10. shea mcduff

    Malcolm has been saved?
    That didn’t last long.
    “Malcolm Turnbull should resign, says NSW Deputy Premier John Barilaro” [headline at the ABC], ‘before Christmas” [adds the DT in its headline].
    And Murdoch’s minions are not impressed with Mal’s backflip labeling him ‘inept’ and ‘a joke’ and listing all the times in the last few days he said there would be no bank RC under the header “No royal commission into banks. Say that again PM’ followed by half a dozen quotes.
    Poor Mal must be miserable.

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