Tasmanian Times

The individual has always had to struggle to keep from being overwhelmed by the tribe. If you try it, you will be lonely often, and sometimes frightened. No price is too high for the privilege of owning yourself. ~ Friedrich Nietzsche

The individual has always had to struggle to keep from being overwhelmed by the tribe. If you try it, you will be lonely often, and sometimes frightened. No price is too high for the privilege of owning yourself. ~ Friedrich Nietzsche

Economy

Five out of five reasons for a Royal Commission

*Pic: Image from HERE

The Australian Greens finance spokesperson, Senator Peter Whish-Wilson, responded today to comments by the Prime Minister following the latest allegation of crime and misconduct within the financial system.

Senator Whish-Wilson said, “Legal action taken by ASIC against Westpac has “completed the set” with Australia’s five largest banks having all now been implicated in a financial scandal of one form or another.

“The spectacle of Malcolm Turnbull admonishing the banks and calling on them to behave themselves was laughable. Banks only respond to one thing: a threat to the bottom line. The Prime Minister should know this better than most.

“How many scandals will it take for a Royal Commission? How many more ill-gotten gains are going to be allowed? How more ordinary Australians need to lose money their money before this government acts?

“We need a Royal Commission, with all of its coercive powers, to get to the heart of what is wrong with Australia’s financial system.

“A Royal Commission into the banks would lay bare the problems with the banks’ vertically integrated business model. The scandals that we are seeing are the logical result of an incentives structure that encourages profit above all else.

“With an election around the corner its time for all parties to lay their cards on the table on this. Will the Liberals call a Royal Commission? Will the Labor Party call a Royal Commission if they win office? It’s time to know where everyone stands.

Senator Whish-Wilson supported the recent call by the head of the Australian Institute of Company Directors, John Brogden, for the banks’ vertically integrated model to be broken up.

Author Credits: [show_post_categories parent="no" parentcategory="writers" show = "category" hyperlink="yes"]
1 Comment

1 Comment

  1. TV Resident

    April 6, 2016 at 9:46 pm

    A Royal Commission into politicians and the commissions paid to politicians and various political parties by wealthy businessmen/women to gain political favours would be a worthwhile cause I believe. Actually a ‘national’ ICAC would be better still and more permanent and then all corruption, bribes etc whether it be to politicians or big business etc could be investigated. I believe this will never happen unfortunately as there are sooooo many politicians who will be looking after their own jobs and hides by denying anything honest.

Leave a Reply

To Top