We the undersigned demand the establishment of an Australian “Pecora Commission” to investigate corruption and possible criminal activities of leading figures and institutions in the Australian banking and financial system, and their accomplices in leadership positions in state and federal governments, which have bankrupted our nation's financial system.

Like the 1933-1934 Pecora Commission in the United States, which exposed and purged the corruption at the highest levels of banking and finance on Wall Street, and paved the way for Franklin D. Roosevelt's far-reaching banking regulations, an Australian investigation of corruption and criminality at the highest levels of finance and politics is a prerequisite to any serious program for economic recovery.

The proposed Australian investigation should be a national commission with powers to compel witnesses, subpoena documents and recommend prosecutions, and be charged to investigate, among other things: any influence brought to bear on politicians to deregulate the banking system; the banking activities post-deregulation, in the areas of derivatives speculation, hedge funds, and equity funds, which have netted the banks enormous profits but brought our financial system to its current collapse; any money laundering and taking of “black” money deposits that are the proceeds of organised crime; and market manipulation, such as oil price gouging; and foreign banks.

Such a proposed Commission is necessary to clean up the corrupt or criminal manipulations of the financial system by powerful vested interests, under the cover of deregulation, privatisation and globalisation, and thereby bring integrity to the financial system, deliver justice to the Australian people who have lost their jobs, homes, and retirement savings due to these globalist policies, and re-orient the Australian financial system, through regulation, to serving the common good.