As we know, the corrupt RBA, Treasury and APRA are working behind the scenes to prevent any meaningful reform to Australia’s corrupt banking industry. Today they get clear instructions from their bosses on what needs to be protected, via The Australian:
In submissions to Mr Hayne’s interim report that were released by the commission, the banks defended vertical integration, where the same institution makes and distributes a financial product, even though most are scrambling to offload their wealth management arms.
The banks also defended the corporate and prudential regulators, whose reluctance to prosecute them for misconduct was savaged by Mr Hayne and supported the use of enforceable undertakings instead of legal action.
