Labor’s banker smash fires up ASIC

Do not expect any loosening of credit in this cycle, via AFR:

The corporate regulator’s chief prosecutor, Daniel Crennan, QC, has warned the government has empowered him to pursue “extremely harsh civil penalties and criminal sanctions against banks, their executives and others” after the Senate passed tough new rules for white-collar offences.

Corporate executives could face maximum jail terms of 15 years for criminal offences and companies could cop fines of up to $525 million per civil violation, after the Morrison government agreed to Labor’s amendments to toughen the Coalition’s bill on Thursday night.

Bravo. Give us the perp walks.

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