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The Forum > General Discussion > Banking Royal Commission may not have got to the real problems.

Banking Royal Commission may not have got to the real problems.

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The Banking Royal Commission seems to have done a good job at cleaning up the bank problems BUT this letter implies there is more that was not investigated because of the terms of reference the banks asked for.

The letter the banks never wanted you to see: Secret note sent Scott Morrison show how the big four helped to water down the royal commission.

A secret letter addressed to the Federal Government has revealed how the big four banks helped shape the banking royal commission.

The letter, which was acquired by the Australian Council of Trade Unions under the freedom of information act, details how the banks thought the commission should be conducted.

National Australia Bank chairman Ken Henry sent the 'draft' letter to then Treasurer Scott Morrison on behalf of the chief executives of big four banks in November 2017.

'Dear Treasurer. Further to our discussions, attached is a draft letter sent on behalf of the major banks. This remains subject to final approval,' Dr Henry wrote.

A follow-up letter was then sent to Mr Morrison the next day, and the Turnbull government responded by calling for a royal commission, ABC News reported.

Australian trade unionist and political activist Sally McManus voiced her concerns over the letter during a live broadcast on Periscope on Tuesday.

Ms McManus said the letter basically described 'how good the banks are how they've been held up to scrutiny and that there's no problems.'

The letter made reference to how long the royal commission should go for, the type of person the commissioner should be, the terms of reference, and the scope of the commission, she said.

Ms McManus said the follow-up document from Mr Henry bared a striking resemblance to the 'draft' - with the exception of a few minor changes.

She then questioned how the correspondence might have affected the integrity of the royal commission.

'How can it be that you call a royal commission and you consult the very people now found to have been engaged in a whole lot of criminal behavior?

http://www.abc.net.au/news/2019-02-05/big-banks-ask-government-to-call-short-royal-commission-letter/10778928

http://www.dailymail.co.uk/news/article-6672107/The-letter-banks-never-wanted-see.html
Posted by Philip S, Thursday, 7 February 2019 1:05:21 AM
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I think that we can be pretty sure that the government, which ever sleazy bunch it is next year, will do nothing, as per usual. All the RC will have achieved is the chance to say 'told you so', and the likes of Comrade Shorten to keep harping on the fact that the Turnbull small 'l' liberals didn't want to have a RC at all.

Mr. Haynes was grumpy when he handed over his report to the treasurer probably because the knew his efforts would be wasted.

I'm sure there were cover ups, Philip, but isnt that our political class all over?
Posted by ttbn, Thursday, 7 February 2019 10:11:42 AM
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Still looking up info, so will comment later.

Here is a link to where the term of reference can be downloaded from.

http://financialservices.royalcommission.gov.au/Pages/Terms-of-reference.aspx
Posted by Philip S, Thursday, 7 February 2019 10:50:35 AM
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The Royal Commission also confirmed many greedy, unwise individuals who were kindly lent money by banks and then when their investments went bad, they blamed the banks. What a victimhood mentality we have created. Really the RC was a waste of money. Where the banks were unscrupulous they should of been dealt with by the law. Where people were greedy and unwise they should of learned a lesson.
Posted by runner, Thursday, 7 February 2019 12:03:43 PM
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ttbn Quote "Mr. Haynes was grumpy when he handed over his report to the treasurer probably because the knew his efforts would be wasted."

I have read the terms of reference I believe he was grumpy because they were too restrictive, especially page 3 and 4, I blame that on the letter from the bankers plus I would put money on phone calls and private meeting outside office.

The terms of reference document won't let you copy and paste bit so I can't put it here take too long to type everything out. sneaky.

Worldwide big banks have been fined for money laundering but that was not in the terms of reference.

Bet no big bosses are issued summons for anything, even though they had to know what was going on.

To give bonuses to lower level staff the bosses would be monitoring what profits each person was generating therefore if the profit was large they would have called that person in to show how they did it, too see if they could rollout the scheme to others. They had to know charging fees for no service was illegal, they had to know charging fees from accounts of dead people illegal, making fake accounts, putting money in peoples account etc.

I totally blame the Government for this whitewash it will have some good changes but the rot will still be there.

Politicians protecting their mates and the industry that gives them party donations, also where some politicians will go to work after leaving office.

NAB new boss will probably be Mike Baird the former NSW premier.
Posted by Philip S, Thursday, 7 February 2019 5:19:11 PM
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http://www.news.com.au/finance/business/banking/lavish-life-of-nab-bank-chief-of-staff/news-story/536c10d435e7c4edb25c6d06f683b5a0

Maybe they had crooks near the top.

Luxury lifestyles of Australia’s “worst bank” staffers as the National Australia Bank’s culture of extravagance for big spenders is revealed.

NAB bank boss’s chief of staff, Rosemary Rogers managed to build a $6 million property portfolio and allegedly take a $500,000 holiday.

As the fate of NAB boss Andrew Thorburn was sealed, with he and bank chairman Ken Henry both quitting today, the lifestyle of the now ex-chief executive’s staffer has come under the spotlight.

While ordinary Australians struggled to buy a house in the now-deflating property boom, NAB was raking in billion-dollar profits and throwing sumptuous perks at its executives.

NAB executives are renowned for extravagant holidays as part of a package of perks that included getaways in exclusive US retreats and luxury weekends at Australian wineries and boutique resorts.

But it is the acquisitions of the former NAB executive assistant that has raised eyebrows.

Fairfax reports police were investigating allegations Ms Rogers rorted $500,000 from the bank to fund a luxury resort holiday for herself and others.

News.com.au has confirmed that NSW Police searched Ms Rogers $3.8 million home in the elite Melbourne suburb of Williamstown last December.

Police are investigating whether a lack of oversight inside Mr Thorburn’s office led to the alleged fraud, Fairfax reported.

In NSW, the state crime command’s Strike Force Napthali is also investigating allegations of a multimillion-dollar corporate fraud after claims of overcharging and kickbacks at NAB.

Investigators have been told about a scheme whereby a person would allegedly receive corrupt commissions to authorise payments by a financial institution of invoices for a contractor, which were in excess of the agreed value of the contract.

In April last year, operating on three search warrants, it raided the Sydney offices of the Human Group, whose CEO Helen Rosamond worked closely with Ms Rogers organising executive events for NAB, The Australian Financial Review reported.

Last November it was revealed Mr Thorburn took a luxury holiday to a private island in Fiji where the rooms cost between $6000 and $45,000 per night, The Sydney Morning Herald reported.
Posted by Philip S, Thursday, 7 February 2019 5:49:36 PM
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