The Banking Royal Commission

[Kram]

Throw in privately owned prisons.
Vitamin manufacturers.
Financial panthers.
Used car salesmen.
Lawyers.

Snake oil salesmen broadened their horizons.

How the hell did you leave real estate agents out???

Absolute scum of the earth.

 

[sherb]

" Tell dutton to warm up "

Brilliant.

 

[sherb]

I loved it when CBA pulled their sponsorship from the cricket team after the ball tampering thing.

Yes, plenty of irony there.

 

[NSWCROW]

OH MY GOD !!!!



There's no saving some people

 

[Gough]

There's a Young Ones gag about a silent p that could be had about now.

 

[Twoslabs]

Okay this might sound a bit strange but when I started working in this industry in the mid 80's, pre sales, pre profit at all costs it was bloody awesome.

Our only job was to do the BEST by our customers, our manager used to do community social events and be welcomed. On Christmas eve we'd hand out sherry and champagne to the customers waiting in line as well as nibblies and they loved it. If an old dear came in with a full trolley we'd load the groceries into her car. We even went down one night after work moved some furniture and had a couple of brews with someone as he was struggling and couldn't afford someone to do it for him.

Cue the early 1990's when things changed and we weren't allowed to have jokes with the customers or treat them as an individual is when it changed for the worst.

These days I spend most of my time telling fellow staff, "well no, that's illegal and I don't give a s**t about your sales target or bonus ". Mind you back office and regulatory staff if we're lucky get a bonus of $3K whilst "sales" people can get in excess of $25K when they're earning $50K and I'm on $100K. This is where the problem comes from.

PS Absolutely loving the RC, funnily enough enough my big 4 boned a few hundred staff form the wealth management division the day before the announcement, coincidence? I think not

 

[Gough]

Whole lot of bank bashing from the Treasurer this morning who seems to be trying to rewrite history completely here. Worth remembering here that the banks are members of the BCA who are backing the government financially at the next election.

 

[Darkyprotector]

Ok, I had a different perception. I actually agree that the regulations at present are useless, if he did in fact state that under his control they would be more effective that's bullshit as well as he was indeed in a position to change that and didn't. I still don't read that in your post quote.

The electorate needs to focus on Kelly O'Dwyer and Turnbull, Abbott isn't a player anymore, those two purposely delayed the commission and aren't owning up to it.

Well seeing odwyer worked for the nab and her husband works

Are you suprised at the snow job

2500 a table nab fundraiser for good old kelly

Direct to jail don't pass go

 

[Darkyprotector]

Banks and super funds all neatly tied up together, virtually everyone holds banks shares via their super.

A very, very incestuous world (and unions in it via industry funds).



If only they would bash unions. The current IR scheme is blatantly unacceptable to business and against all concepts of natural justice.

Yeah fair work was ok

Till tony raped it and put his buddies in

Hello kathy Jackson

 

[Kram]

Share prices rallied a lot this week with divys also coming up.

 

[Admiral Byng]

So now AMP have replaced their Chairman with a former head of the CBA.

.. and their main defence against sweeping criminal charges is "we only did it (about) 7 times, not 20"

 

[Procrastinator35]

So now AMP have replaced their Chairman with a former head of the CBA.

.. and their main defence against sweeping criminal charges is "we only did it (about) 7 times, not 20"

So don't call us serial criminals.....We're just common criminals.

 

[Northalives]

Whole lot of bank bashing from the Treasurer this morning who seems to be trying to rewrite history completely here. Worth remembering here that the banks are members of the BCA who are backing the government financially at the next election.

It's also worth remembering that this is the mob that gutted financial planning laws in 2013, laws that were put in place to protect investors from dodgy financial advice.

It was the Liberal/National Party of Abbott and Hockey that gave a free pass to all the shonks to go out and rip off anyone and everyone under the guise of ending "red tape" and it was Morrison and Turnbull who cheered them on loudly and were at the forefront of resisting a Royal Commission into the grotesque practices of these organisations.

The public in Australia I am afraid to say, is f***ing stupid and has an attention span of weeks rather than year or decades. How in f**k's name can Turnbull and Morrison be allowed to stand up and show "anger" at the banks and financial services sector and be allowed to get away with it without one single question being asked of them?

This banking Royal Commission should be the death knell of the incompetent and narcissistic Liberal/National Government but it seems that somehow, these pricks are getting away with being "outraged" at what their mates are doing/have done and to enhance the friendship even further, they're going to give 'em a 30 billion dollar tax cut!

 

[Northalives]

So now AMP have replaced their Chairman with a former head of the CBA.

.. and their main defence against sweeping criminal charges is "we only did it (about) 7 times, not 20"

...and they can do whatever they like 'cause Abbott and Hockey "cut red tape" so what did the banking and financial sector do wrong? They are only playing within the legislative rules put in place by the Liberal/National party government.

 

[Northalives]

A complete and utter waste of time this will be.
I see no need for it.

Oi, show pony, what a complete and utter waste hey? There's nothing to see here so move on and go bash a darkie or a muslim out northern beaches way.

I'm sure Bronwyn and Tones are livid that the good chaps are being hauled before the public when they could be doing more productive things like sipping champaign on the harbour, playing golf, financing a war or two, taking over small nations etc etc.

Yeah, just a complete waste of time!

 

[Contra Mundum]

Yeah fair work was ok

Till tony raped it and put his buddies in

Hello kathy Jackson

The maximum Kathy Jackson defrauded from HSU members is less than 2 Mill - that is 58.2 times less than what AMP alone defrauded from its customers for advice they did not give - how are the two equivalent?

 

[Papa G]

The maximum Kathy Jackson defrauded from HSU members is less than 2 Mill - that is 58.2 times less than what AMP alone defrauded from its customers for advice they did not give - how are the two equivalent?

Huh? 58.2 times?

http://www.abc.net.au/news/2018-04-...over-up-is-often-worse-than-the-crime/9710362

.......When it comes to tallying up the list of atrocities committed against the community, examined in detail at the royal commission, AMP was a relatively minor offender.

Of the $220 million in fees siphoned from customers without any intention to provide a service, AMP only accounted for $4.5 million. It didn't even attempt to charge dead people, at least as far as we know......

 

[RupieDupie]

I can count the number of times I have agreed with statements made by Scott Morrison, so far this score equals zero, but I find myself agreeing with his comment that heads should roll at The Commonwealth Bank given the findings of the Royal Commission. When is this glorious day going to happen Scott...?

 

[Procrastinator35]

I don't suppose any of these guys will see jail time?.....A nice rap on the knuckles for defrauding the public of millions.....Meanwhile, some poor miscreant on the dole, who stole a track-suite in order to stay warm, cops the wrath of the law.

Only White-collar crime pays.....I wonder who made-up these rules?.....Hmmm, not some 'white-collar' guys surely.

Our government has been bought & has sold us all down the river, by going the way of the U.S

Senor 'Vanilla-essence' has to be the worse & weakest PM ever.

 

[RupieDupie]

I don't suppose any of these guys will see jail time?.....A nice rap on the knuckles for defrauding the public of millions.....Meanwhile, some poor miscreant on the dole, who stole a track-suite in order to stay warm, cops the wrath of the law.

Only White-collar crime pays.....I wonder who made-up these rules?.....Hmmm, not some 'white-collar' guys surely.

Our government has been bought & has sold us all down the river, by going the way of the U.S

Senor 'Vanilla-essence' has to be the worse & weakest PM ever.

From his perspective, he’s doing what he’s being paid to do, but you’re correct in stating that this is not equivalent to government.

 

[aCunningPlan]

Saw this on telly tonight.

 

[MaddAdam]

This banking Royal Commission should be the death knell of the incompetent and narcissistic Liberal/National Government but it seems that somehow, these pricks are getting away with being "outraged" at what their mates are doing/have done and to enhance the friendship even further, they're going to give 'em a 30 billion dollar tax cut!

If they persist in taking that tax cut to the election, it will be the death of them.

 

[Kram]

If they persist in taking that tax cut to the election, it will be the death of them.

Opposing it is definitely a populist policy.

 

[Gough]

Opposing it is definitely a populist policy.

You're mistaking popular for populist. Polls are overwhelmingly against it.

 

[Patrick Bullet]

Opposing it is definitely a populist policy.

I'd like to see a strong economic argument for it. Ideally backed up by some evidence.