From Australia’s last journalist standing, Adele Ferguson, today:
The parliamentary inquiry into banking was always going to be entertaining with the big bosses stepping into the arena for a public smack down but it was never expected to descend into biting satire. That’s where those watching were taken on Tuesday.
“It reminds me of Jim Hacker in Yes Minister visiting St Edwards, a hospital that had no patients,” an incredulous Labor MP Matt Thistlethwaite told Commonwealth Bank of Australia boss Ian Narev after grilling him about an “independent” report into its life insurance division.
The head of the Commonwealth Bank has rejected any suggestion the identity of senior executives who oversaw scandals within the bank should be revealed.
“You’ve got a report based on victims, that’s arisen because the victims have been denied claims, but don’t interview anyone covered by the policies,” he said at the banking tribunal on Tuesday. “It is ridiculous. It beggars belief.”
Thistlethwaite was referring to the Deloitte report, which was commissioned after a joint media investigation found rampant misconduct inside the bank’s life insurance division, including selling outdated medical definitions and putting profit before customers.
…But the question of the day was why CBA didn’t just agree to a royal commission and get it over with. With 20 different inquiries being conducted into the banks, it was the obvious question.
Quite right. Labor is a shoe-in for the next election in part because of all of this poofing around. All of the banks have put themselves through this circus only to have to go it all over again even more intensively. There is nothing Anna or Mike can do about it.
It’s arrogance.
