Laundering money for terrorists. Selling non-existent products to dead people. Manipulating markets and interest rates. Everything in between.
And now this, via Adele Ferguson:
Regrettable, unacceptable, inappropriate. They were words wheeled out at various times by CommInsure boss Helen Troup in response to some disturbing behaviour going on inside the division.
Troup’s words sugarcoat what is tantamount to serious misconduct in the life insurance arm’s dealings with the Financial Ombudsman Service (FOS). Dealings described by senior counsel assisting Rowena Orr QC as not being frank and open, and which included hiding and redacting a medical opinion to mislead FOS and failing to provide FOS with relevant information.
At the end of the day, the behaviour and motives of Commonwealth Bank’s life insurance division boiled down to money. It was profit before its policyholders.
PM Property Council is falling over himself to apologise as well he should:
Scott Morrison expressed his “regret” yesterday at holding off from calling a royal commission into the banks as he lashed the “shocking” and “despicable” treatment of the father of a Down syndrome man who was mocked by Freedom Insurance employees as a “bloody whinger” when he attempted to cancel the useless and expensive insurance policy forced on his son.
“Of all the problems I was seeking to (address) in the banking and financial industry, the real hurt being felt by Australians also needed to be addressed,” the Prime Minister said in question time.
Everything that CBA touches is unethical, greedy or outright criminal. This was an august public institution, the forerunner of the central bank, carrying the seal of the sovereign. Now rotten to the core in the hands of the worst of the worst.
The only reason it is not broken up is the lassitude of the abused overwhelming public disgust and an elite that haven’t moved on from the cultural inheritance of the Rum Rebellion.
