Ken Henry clawbacks anyone?

Thanks Ken, via AFR:

At the same time National Australia Bank (NAB) was pushing back on the corporate regulator’s investigation into the fee-for-no-service scandal, several of the bank’s own internal reviews had identified major deficiencies in its record keeping and risk management systems, which are now the subject of a Federal Court lawsuit.

As chairman Philip Chronican and new chief executive Ross McEwan prepare to face shareholders in Sydney on Wednesday morning at the bank’s annual meeting, the bombshell case filed on Tuesday by the Australian Securities and Investments Commission shows that investigations inside NAB had uncovered serious problems in the first half of 2016.

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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.