The US is saved by libertarians, plus more tips and murmurs from the Crikey bunker.
The government has never wanted a tough corporate regulator. Now ASIC has been significantly weakened again, just as the government is loosening banking regulation.
The pandemic is likely to exacerbate existing trends toward highly concentrated markets and investment, changing the nature of economic and political power as it does so.
New investors have been making risky gambles while lockdowns continue to bite — and ASIC is concerned.
It's a classic pro-business, small government tactic: attack the corporate regulator for daring to get in the way of successful companies.
ASIC has confirmed it is no longer investigating Brenner over her role in the allegations arising out of the banking royal commission. But her part in the ultimate demise of AMP should not be forgotten.
After a four-year process, ASIC will probably end up paying $2-3 million for Mitchell's legal costs. But it wasn't all for nothing, writes Stephen Mayne.
For years, class action litigators have done what regulatory bodies like ASIC can't: get major businesses to play fair.
Yes this would be a huge step forward, but the devil is in the detail (or the lack thereof).