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ASIC: Medcraft the pretend cop on the beat purports worry over 'derivatives'

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Corporate cop flags derivatives crackdown: 

As the old adage says, "there's never a cop around, when you need one".

--Now ASIC chairman Greg Medcraft says he's "very worried" about derivatives. He's chairing a global taskforce with the French regulator in a bid to get ahead of certain banks which are "skirting" regulations. 

GREG MEDCRAFT:
"They are basically manufactured on a global basis by banks etc. So perhaps there should be some guidance or standards established, for the way that the products are actually basically regulated" --STOP PRESS, Greg Medcraft, is understood to have overseen Societe Generale' mortgage securities business during the time it allegedly engaged in misconduct, and subject of a 2008 class action in the US brought by former employees alleging the bank's securitisation business engaged in fraudulent conduct between 2005 & 2008.

"You know, one of the things you are trying to do is make sure you have consistent global rules. So, you know, that's what we're looking at." 

http://www.abc.net.au/am/content/2012/s3545051.htm

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  • doyla66
    doyla66 Thursday, 01 November 2012

    Medcraft is chairing the global taskforce to police the banks? Oh my God. Isn't that like asking a serial bank robber to look after your pile of cash while you go on holiday, and giving him the keys to your safe? Medcraft was allegedly engaged in misconduct at the time it was alleged the bank's securitisation business engaged in fraudulent conduct between 2005 & 2008.
    What is wrong with you fools?

  • doyla66
    doyla66 Saturday, 03 November 2012

    "You know, one of the things you are trying to do is make sure you have consistent global rules. So, you know, that's what we're looking at."

    How public service is that? Lowest common denominator for global rules. While they're arguing over every stakeholder's enlightened self interest Australian consumers are at risk! Australia may not want that at all. Get on the page, Greg, many, many Australian's don't subscribe to the global agenda.

    As for consistent global rules......... How about good rules in Australia first? Why can't we set higher standards that are appropriate for Australian conditions and consumers? Then let the others catch up!!

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