Last week the senate inquiry into the ASIC and CBA planners scandal called for a royal commission to fully air the dirty dealings, apparent cover-ups and regulatory failings. Both Finance Minister Mathias Cormman and Treasurer Joe Hockey declared that no such inquiry was necessary because we already have a banking inquiry underway.
Well, today, that banking inquiry, headed by former CBA CEO David Murray leaked to the AFR that it won’t be touching the CBA either:
The financial system inquiry, which publishes its interim report this Tuesday, is expected to propose tightening the regulations covering financial advice, including toughening educational requirements for planners.
However, the inquiry, chaired by former Commonwealth Bank chief executive David Murray, will steer clear of CBA’s financial planning scandal.
…Sources said the inquiry has gone to great lengths to adopt a consultative approach in its dealings with the financial services industry and had treated the arguments put to it very seriously.
…When Treasurer Joe Hockey set up the inquiry in December, he asked it to examine how Australia’s financial system should be positioned to meet Australia’s financial needs and support economic growth.
Yet another plutocratic corruption scandal sent through the wormhole to file thirteen between time and space.