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The Criminal Greed of the Banks By James Reed
At least something good came from the Banking Royal Commission, with the recommendation of criminal charges against three financial institutions, and the need to investigate 15 more, which is some indication of what has been going on:
“Kenneth Hayne has recommended criminal charges against three financial institutions and asked for investigations into 15 more in a final -report that sets up an election ¬battle between the Morrison government and Labor over which party can be tougher on the banks. The royal commissioner made 76 recommendations involving sweeping changes to laws governing the ¬financial industry in a bid to put an end to misconduct uncovered by the royal commission that included institutions charging dead people fees, banks turfing hundreds of farmers from their land and selling unwanted funeral ¬insurance to a man with Down syndrome. The royal commission heard explosive revelations that some of Australia’s largest financial institutions repeatedly lied to regu¬lators and charged fees where no service was provided, a practice that has left them exposed to a possible compensation bill of up to $2 billion Josh Frydenberg yesterday declared that the banks had been “driven by greed”. “From today, the banking sector must change. And change forever,’’ he said.
Across the period of royal commission hearings, large financial stocks lost $80bn in sharemarket value. Mr Hayne’s proposed overhaul of the financial sector — publicly released yesterday — would end kickbacks to mortgage brokers and financial advisers, and trigger a shake-up that could make it tougher to secure home loans. He also delivered a stinging rebuke to National Australia Bank, its chairman, Ken Henry, and chief executive Andrew Thorburn over the bank’s poor conduct and their unwillingness to grapple with the bank’s problems while giving evidence to the commission. However, Mr Hayne stopped short of calling for one of the industry’s most-feared reforms: a ban on big banks making and selling financial products — vertical integration — saying it would be “both costly and disruptive”.
None of this went as far as social credit folk would have liked, but at least exposing the corruption is a set in the right direction since it may get the normies to begin walking down the long and winding road of financial reform. Maybe. At least we know that the banks are “greedy,” something I would never have guessed about the men of money.