The 18-page bill to separate the banks that Pauline Hanson will introduce into the Senate next week will do more to fix up the banking system than anything in Kenneth Hayne’s 1,133-page final report.
Royal Commission, Glass-Steagall, Banking / Finance
The Morrison government is already in damage control over the Hayne Royal Commission’s final report, which they will delay making public until Monday afternoon. But Australia’s government and banks are not the only ones chewing their nails in anticipation. The City of London banks are also nervous, desperate that Australia’s banking inquiry doesn’t lead to a similar inquiry in the UK. Bankers all over the world would be similarly nervous.
Numerous dead fish now floating down the Darling River and in the Menindee Lakes is more evidence that the Murray-Darling Basin Authority (MDBA) has mismanaged the basin, as the CEC has long documented. So-called “environmental flows” since the MDBA’s notorious “Basin Plan” commenced in 2012 have flushed precious water into swamps and out to sea, and in the process caused riverbank erosion previously never seen.
For 18 years Denise has fought, on a shoe-string budget, to save victims of mortgage fraud from losing their homes, and expose the inner working of the machinery—the so-called “black box”—that has enabled the banks to commit this fraud on a massive scale.
Royal Commission, Glass-Steagall, Banking / Finance
Australia’s best-known finance commentator Alan Kohler was compelled to recognise the importance of the banking separation issue, by the sheer numbers of public submissions to the banking royal commission calling for Glass-Steagall.
Kohler wrote in The Australian on 3 December:
Royal Commission, Glass-Steagall, APRA/ASIC/ACCC/AUSTRAC, Banking / Finance
Glass-Steagall is the only solution to the dangerous derivatives risk building up in Australia’s banking system, and the conflicts of interests being exposed at the royal commission that enabled banks to exploit customers.
Glass-Steagall, Royal Commission, Banking / Finance
