Apr 19, 2018

Then and now: the pollies left red-faced over banking commission back-pedaling

Barnaby Joyce isn't the only one with old views coming back to haunt them.

Bhakthi Puvanenthiran and Bernard Keane

Associate editor / Politics editor

With headlines like "AMP execs warned they risk jail" gracing the front page of the Fin Review, anger and disillusionment with the sector seems ubiquitous. But this animosity wasn't always so clear.

In fact, the Turnbull government was dragged kicking and screaming into the Hayne royal commission. Let's have a look at just how much things have changed.

Free Trial

You've hit members-only content.

Sign up for a FREE 21-day trial to keep reading and get the best of Crikey straight to your inbox

By starting a free trial, you agree to accept Crikey’s terms and conditions


Leave a comment

29 thoughts on “Then and now: the pollies left red-faced over banking commission back-pedaling

  1. graybul

    Clearly, more than Bankers and Financiers have, are, being exposed by Royal Commission. The cancer of corruption enveloping our country is being lanced for all to see and acknowledge.

  2. leon knight

    I think Mr Turnbull and his conniving cohort might also be on the record as saying a Federal ICAC is totally unnecessary, nothing at all to found, trust me …I’m a banker.

  3. Pamela

    Lovely sequencing of quotes old and now recent- as if Turnbull and Co did not know what a mob of shysters and charlatans hold the purse strings of this country. No wonder they had to be dragged kicking and screaming into the Royal Commission.
    Even with one of their own namely Kenneth Hayne running the show, it is impossible to perfume the stench emanating from the dock.
    Highly unlikely anyone of these bastards with see inside a prison. After all as Guy Rundle says, this is the system. Screw the peasants and punters for all you can.

    1. Rais

      “let me just say to you, [we] want to be very careful; we need to be very careful what we wish for here.” At least about that he was right, wasn’t he? Perhaps not in the way he meant though. Hayne isn’t at all the tame patsy they might have hoped for and the Counsels Assisting are right on the job. Hayne has the chance now to go down in history as the initiator of a major restructure of a deeply corrupt finance industry. Who would pass that up?

  4. Smit

    The LNP needs to dodge the anger of the public. What better way than throwing some token bankers into jail! Then business as usual under the government regulator.

  5. Terry of Tuggeranong

    By golly these revelations are going to make it difficult for kelly and Mathias and Malcolm to continue to attack the Industry Super Funds

  6. Nudiefish

    I trust that the LNP will lose a bit of skin in the process, but will stand loyal to their paymasters to the very end.

  7. Evil Garry

    There’s now a really good chance that the RC will be extended at least 6 months if Hayne asks for it (as he almost certainly will), which means it’ll still be operating no matter when the Federal election is called. Shorten must have a huge smile on his dial today. Lots of free positive publicity for him right up to and through the campaign, as long as the Industry Funds don’t have skeletons in the closet.

  8. MJM

    “the pollies left red-faced over banking commission back-pedalling” Get a grip there Bhakthi and Bernard. Being red-faced suggests embarrassment. But my old Gran always said it takes grace to be embarrassed and I defy anyone to find a single fibre of grace on this front bench.

    Today Joyce is questioning whether the banks should be broken up. That’s the Barnaby Joyce who, as minister for Agriculture and Water Resources, took not one single action over gross water theft from the MDB or over the gross deaths in transit of exported livestock.

    I am so inured to the levels of public mendacity now in evidence daily that I am no longer gob-smacked by the extent of such untruthfulness.

  9. Mr B Barry

    Scott Morrison has suggested that the crooks in charge of the Banks, the Insurance companies, and the Superannuation rip-offs should be jailed.
    Does anyone really believe the government has the balls to put their mates in jail?
    Prepare for a white-wash on who is to blame.. Nobody will do time and just a handful of minor executives may lose their jobs.
    The main overpaid bludgers at the top of the ladder will get off scot free.

    1. Peter Wileman

      and they’ll still get the tax windfall handout from the taxpayer, and the guarantee will still be held by the taxpayer, and the front bench will continue to morph to the right

    2. brian crooks

      cmon barry, you know whose fault it is, Kelly O`Dwyer told you, its labors fault, if they hadn`t called for a royal commission none of this would have happened , everything is labors fault, you know that, south Australias power failure, the deficit, the weather, global warming, the 2nd world war, all labors fault, anyhow kelly told you so, dont you believe her?, do you think she`s a liar, cmon, you know you can trust trickle down kelly, the workers friend.

  10. Woopwoop

    Some good reminders here. The Turnbull one about people cheering reminded me of Gorbachev’s incredulity when he told a crowd that “that would mean the end of the Soviet Union!” and they were all for it.
    Or of the Ceaucescus, not believing that the crowd outside their window was booing them.

Share this article with a friend

Just fill out the fields below and we'll send your friend a link to this article along with a message from you.

Your details

Your friend's details