CHOICE membership

Royal Commission into the Banking, Superannuation and Financial Services Industry

superannuation
banking
financial_services

#344

CBA appointed Comyn as CEO despite the scandals in his division because he was the first to apologise… Doing wrong, then apologising well seems to be a KPI at CBA.


#345

The Board knew Comyn was in charge of the division which the AUSTRAC money-laundering scandal, irresponsible lending scandals, and misselling of CCI occurred, yet still appointed him CEO
Orr - “What message did that send to others within CBA and the broader community?”


#346

“Dr Livingstone, I presume?”

More like a dead rock then a living stone.


#347

Thanks to those who joined us for the #Bankingrc today. We use them every day, but the royal commission continues to highlight that banks don’t always treat us fairly.

Please keep sharing news and discussing the Royal Banking Commission in this thread.


#348

One would think there would be an exodus not just a shift, but. What are the odds anyone, even a relatively token number of customers, actually leave CBA as a result? ‘We have met the problem, and it is us’ - with apologies to Pogo (1970)

They will straighten up now, surely they will. If not today maybe tomorrow, or the day after. - apologies to Waiting for Godot


#349

Appreciate the sentiment. It’s frustrating for us all at times


#350

It’s all a matter of quantifying value judgements
and if some values are overlooked,
the resulting index figure is meaningless.


#351

Sadly and expectedly this report is one of many similar ones, and summarises the banks’ position regarding pretty much everything exposed by the RC.

In Westpac’s response to the commission’s interim report, the bank opposed the idea that mortgage brokers should act in our best interests, saying it would be “unnecessary” and “problematic”.

One political ideology contends we can always trust business because if they get their profits it is in everyones best interests and they will act properly. Could it be the voices in defence of the banks (such as themselves and their like-minded) are benefiting from the egregious conduct? No need to answer as I still hear echoes of the coalition wailing there is no need for this RC. The underpinnings of integrity and honesty in dealings should be the basis of business and politics but here we are, and neither trait seems on their radar.

Banks are pushing back and spinning for everything their PR departments are worth, the Murdoch press has declared it is all about politics (subscription walled however the linked byline is "ALP plays politics with banks - The Australian’) , and one (or more) political party continues to push back against a federal ICAC since they know full well how that would turn out for them.


#352

#353

#354

ASIC promises to be tougher on misconduct.

“Here Kitty Kitty”.


#355

Wasn’t that Matt Comyn who said that and not Catherine Livingstone? Macquarie dictionary define a ‘bonus’ as something over and above what is due. ‘Variable remuneration’ is a term used by some banks as a reward for achieving a given performance against a pre-defined target.


#356

‘Short term variable remuneration’ has been in use well before the current Royal Commission. it does not help your argument when you or whoever calls it a bonus which implies it is discretionary rather than performance based. I think your argument should be about addressing an information mis-match between the bank and customer.


#357

I don’t think it is a bear at all, just another clown dressed up as one


#358

#359

How often must the message be repeated?

“If I had my time over again, I’d have gone to university, picked myself up a degree in finance or law and gone into banking. You can rip off heaps more and no-one blinks an eye.”

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I struggle to understand why so many escape punishment. Not only that, but they’re allowed to keep their ill-gotten gains. Is it that, in these criminals, our politicians see themselves?

Perhaps the time has come to take on, not only the corporate criminals, but the lawyers and accountants who conspire with them.


#360

Being a prostitute is not illegal.

(According to the Oxford English Dictionary the definition of ‘prostitute’:
“to use yourself or your abilities or beliefs in a way that does not deserve respect, especially in order to get money“


#361

That’s one definition.

Lumping sex workers in with corporate criminals, accountants and lawyers shows too little respect. :wink:


#362

I wouldn’t want to generalise across both fields, because there are lawyers and accountants with integrity, but there appear to be many who are willing to do almost anything for enough money. So for those, you are correct: I have little respect.


#363

Associating prostitutes with bankers and lawyers is unfair.

After all, there are some things a prostitute won’t do.

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