Banks' ire is all the endorsement Glass-Steagall needs
Irish financial expert Eddie Hobbs, who recognises in
Australia signs of the banking crash Ireland suffered in 2008,
wrote in the 9 April Irish Examiner: "The worst-case scenario
is that Australia could be the location of the next impact crater for the IMF to fret over and the first since Cyprus 2013 to
experience haircuts on deposits [i.e bail-in, see Almanac]."
Articles include the following:
- Ex-banker Jane Hume is rigging Senate inquiry into bank separation—she must go
- US experts respond to Australian Senate banking inquiry
- Submission from former IMF economist
- An Open Letter to Australians: Only Glass-Steagall can save you from the banks
- US mega banks admit derivatives could blow up Wall Street again
- Proposal for real estate 'derivative' is no solution to crash
- Why more nations will defy orders and join Belt and Road
- Why the British establishment is threatening Jeremy Corbyn
- British Labour takes on banking
- NATO harks back to Cold War heritage
- War powers vote shows a shift, and hypocrisy, in Washington
- In People vs Banks, we have the upper hand—the numbers!
- Infrastructure banks can finance all infrastructure needs
- ALMANAC - Legal opinion: Australian deposits can be 'bailed in'
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11th April, 2018
Australian Banking Association to Senate inquiry: don’t break us up, and leave our pet regulator alone
Following the banking royal commission, with its revelations of serious misconduct, abuse and exploitation of customers, and entrenched criminality, how do you think the banks should be treated?
Should they be treated in such a way that makes them “sit back, relaxed”, while their share prices soar in celebration?
Or do they deserve a “drastic regulatory intervention” that protects their customers from their predatory abuses and recklessness, and makes their captured regulator APRA more democratically accountable?
The first way is how they were treated in the royal commission’s final report. ABC reporter Stephen Long on 4 March described the parliamentary lockup on 4 February, when Commissioner Hayne’s final report was released to the media and industry. “According to several people in the room, some 35 minutes into the lock-up, Anna Bligh, chief executive officer of the Australian Banking Association, sat back, relaxed and looked around the space”, Long recounted. “Bligh’s brow unfurrowed and the tension in her shoulders slipped away. … [she] had seen enough to know that it was a good outcome for the banks.”
What was banks’ captain Bligh most relieved about? Hayne had not recommended they be broken up. We know this because outside the lock-up, at around 11:00 AM it was somehow leaked that they wouldn’t be broken up, and bank shares soared on the stock market as a result.
Print latest media releases as flyers (A4 PDF)
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