Imagine what might be found by a royal commissioner looking into banks with the passion Dyson Heydon had for looking into unions Australia’s big banks,particularly the four pillars”, control so much of the nation’s economy, and yet the banks contain been pushing people into buying wealth products that do not suit them,overselling home mortgages and other debt. Their insurance arms are rejecting lega claims while their traders contain been accused of manipulating the benchmark interest rate for trade loans. Instead of sacking dodgy staff, the whistleblowers are sacrificed.
Everyone is shouting at the banks to clean up their culture. But you cannot blame the culture when it is the incentive structure that pits the banks against the wellbeing of the rest of society.
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Source: theguardian.com