Evil Anna confesses

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Too late from the Australian Banker’s Association:

The issues raised have been unacceptable and do not meet the high standards the community rightly expects of banks.

Australia’s banks are committed to tackling misconduct head-on and strongly back the reforms proposed today by the Turnbull Government to penalise bad conduct within the industry.

A stronger range of penalties for misconduct is vital to tackling criminal and unacceptable behaviour by individuals and corporations.

The industry has supported the strengthening of the penalties regime for misconduct since the Federal Government announced its review 18 months ago, as an outcome of the Financial Services Inquiry.

Before today’s announcement, banks had already recognised the need for change and have put in place a rigorous conduct background check for bank employees to stop those with a history of misconduct simply moving from one institution to another.

Many of the issues raised over the last few days are the subject of investigation with changes already underway in the sector to ensure cases such as these cannot reoccur. The industry expects that further changes should and will be made following the final recommendations of the Commission.

Having spent the better part of two years dedicating her soul to burying the above truth, the only redemption available to Evil Anna is a very public resignation in disgust.

Until then Anna Bligh’s soul has booked a non-refundable, one-way ticket to the eighth level of banker’s Hell where it will writhe aflame for all eternity atop a towering pyre of cash.

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.