AUSTRAC indictes TerrorBank in Parliament

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It think we can call this brand damage, via The Australian:

Six transactions by five customers made through Commonwealth Bank’s intelligent deposit ATMs may have financed terrorism, Austrac has alleged.

…Mr Clark said prosecution was “not something we take lightly”.

…Asked whether the allegations listed in the 600-page statement of claim against CBA werer exhaustive, Mr Clark indicated Austrac was not extending the investigation beyond those claims.

“Our focus is on the current matter in front of the court. We are intending to prosecute that fully,” he said.

Where’s Evil Anna when you need her? Off watching the cricket no doubt:

The Australian Bankers’ Association paid an executive search firm $202,500 to recruit former Queensland premier Anna Bligh last February as the lobby group’s new chief executive, with a mandate to redefine the role and value of banks in the minds of Australians.

A rival headhunter said the usual recruitment fee for a senior professional services role like the ABA chief was one-third of the executive’s compensation in the first year.

The Heidrick & Struggles fee therefore suggests Ms Bligh’s total package is in the early to mid-$600,000 range. Commenting on the fee, the ABA said: “Recruitment costs are necessary expenditure for businesses when hiring a new CEO.”

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On top of the fat public pension. Surely there are bonuses for successfully distorting the policy process?

Even so, with TerrorBank exposed she’s unlikely to get one this year.

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.