Business

Feb 7, 2018

Imagine if our lazy banking oligopoly had to answer to US regulators

Say what you like about the Americans, but their corporate regulators make ours look like PC Plod.

Glenn Dyer — <em>Crikey</em> business and media commentator

Glenn Dyer and Bernard Keane

Crikey business and media commentator / Politics editor

If you want to see the yawning chasm between US and Australian corporate regulators, look no further than the contrasting fates of Wells Fargo and the Commonwealth Bank today.

4 comments

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4 thoughts on “Imagine if our lazy banking oligopoly had to answer to US regulators

  1. Wayne Cusick

    As far as the penalties for Wells Fargo, the financial hit will hurt the company, but I’m sure those responsible won’t pay a dime. They should go to jail.
    But I guess the US has one of those deferred prosecution rules for executives.

  2. zut alors

    ‘…shaking in their Aquilas.’

    You must be joking, those at the top of the CBA heap will be wearing Gucci or J M Weston. And they’ll probably be shaking with suppressed mirth.

    The US interrogation of Wells Fargo execs was fortunate to have firebrand Elizabeth Warren (Dem, Massachusetts) putting the suits under the griller. She didn’t hold back or mince words, it was a joy to watch those scoundrels sweat as she insisted they answer. The execs were left wide-eyed, speechless…& their silence was damning.

  3. 3 Policy Options

    I hope Crikey will be active in reporting on the Royal Commission. The initial actions by the Commission has all the makings of a whitewash and Judge Hayne needs a few more Commissioners. The Banking Royal Commission in the 1930’s had Ben Chifley – maybe Paul Keating could get a run?

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