27 Nov 2017

Banks Royal Commission:- What exactly is there to hide?


Related image


 Excerpt from an article by Ian Verrender
What exactly is there to hide?

Quite a lot it would seem, judging by recent events.

The calls for a full inquiry have been relentless for years, emanating from a broad section of the community — from farmers, small business and households, jaded and disillusioned with the industry's rampant profiteering, fee gouging and blatant disregard for the law.

How many times can a Commonwealth Bank chairman sincerely apologise for a yet another breach of trust? What, pray tell, will be the cause of next year's?

But the overwhelming reason for an inquiry rests on just one principle — accountability.

What has been forgotten in the endless round of scandals in recent years is that the Australian banking sector is a taxpayer subsidised industry.

It's an industry that pays ridiculously bloated salaries to its leaders; that showers itself with massive bonus payments when profits are soaring but instantly demands taxpayer protection and support when the tide turns.

No comments:

Post a Comment

Featured post

Back to the future? Morrison takes a step back in time by pandering to private schools.

Governing for everybody is thrown out the window by our new Prime Minister  The Gonski principles provide that school funding should be n...