Australia’s formerly government owned bank, the Commonwealth Bank, is now a rapacious financial predator that has gouged and ruined thousands of customers and knowingly laundered money for drug syndicates and terrorists in the pursuit of mega-profits—$100 billion in the 20 years since it was privatised in 1997 for $7.8 billion.
Glass-Steagall, Banking / Finance, National Banking
The Citizens Electoral Council is calling on all concerned Australians to demand their elected MPs oppose the new draft bill giving the unaccountable bank regulator APRA dictatorial “crisis management” powers. Tell your MP that instead they should act now to prevent a banking crisis by passing a Glass-Steagall separation of deposit-taking banks from financial speculation.
Australia’s big banks are careening along a cliff’s edge at breakneck speeds with ordinary investors strapped to their bumpers as human shock absorbers.
Bank regulator APRA is allowing the big banks to sell to unsuspecting Australian investors products that are illegal for banks in other countries to sell to anyone but other financial institutions.
Treasurer Scott Morrison has fudged his latest attempt to defend Australia’s banks against calls for a full Glass-Steagall separation of deposit-taking commercial banking from riskier financial activities.
