Talk is cheap, all “sound and fury, signifying nothing”. APRA’s report on CBA’s “culture” has many stern words, the media has reported it as “scathing” and “damning”, and Treasurer Scott Morrison said he expects more CBA board and management resignations. But compared with CBA’s actual crimes and misconduct, the action APRA is taking against CBA is limper than a wet lettuce.
Behind their public admissions that it was a mistake to oppose the Financial Services Royal Commission, the banks and their political stooges are already strategising how to ride out the storm. Specifically, how to resist pressure to break up the banks.
Royal Commission, APRA/ASIC/ACCC/AUSTRAC, Glass-Steagall, Banking / Finance
For the last fortnight the Citizens Electoral Council has displayed a banner outside of the Banking Royal Commission hearings in Melbourne that reads: “Investigate the banks’ accomplice APRA!” APRA’s latest action proves why it is absolutely necessary the Royal Commission investigate its practices and so-called “macroprudential” policies, if the causes of the extensive criminality in Australia’s banking system are to be fully exposed and expun
The Member for Kennedy, Bob Katter, is collaborating with the Citizens Electoral Council-led campaign for a Glass-Steagall separation of Australia’s banks.
Mr Katter will introduce the newly drafted Banking System Reform (Separation of Banks) Bill 2018 into the Commonwealth Parliament as a Private Member’s Bill.
The only way to protect the economy and your savings from a financial crash and “bail-in” is with a Glass-Steagall separation of the banking system, to protect deposits from speculation.
The CEC has carefully drafted Australian legislation to separate the banks, modelled on the USA’s successful Glass-Steagall Act of 1933 and the proposed 21st Century Glass-Steagall Act.
