David Murray gets head stuck in revolving door

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MB has had an on again, off again affair with David Murray. As the big four CEO he led the development of Australia’s external funding imbalance and house price bubble. But as policy maker he did a good job of helping rectify the very same problems.

But today we must part ways again, via Banking Day:

At the AFR Banking Summit in Sydney on Wednesday the AMP chair warned that regulators’ attempts to reshape bank cultures had gone “over the top” and that aggressive enforcement of black letter law could undo important reforms to the financial system since the 1981 Campbell Inquiry.

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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.