Dear Member

"In my opinion, ASIC is a maladministered agency with a bad culture that manifests in officers ignoring the law and not taking timely enforcement action, doing favours for professional colleagues in industry, concealing or manipulating information, and otherwise acting without integrity so that the agency can avoid responsibility for its regulatory failures."

Members the above sentence is not mine. It belongs to Jeffrey Knapp a Lecturer in Accounting at the University of N.S.W. This man is a prominant authority and his submission 274 is just another damning insight into how useless and waste of tax payers money ASIC is.

The one thing that is blatantly apparent from reading all the submissions is that ASIC's inaction has cost investors hundreds of millions of dollars, enough in fact to get this great country out of debt. All the different investment schemes and the banksters diabolical lending practices have cost this country a fortune all because the regulatory cop is not up to par.

One submission 264 states ASIC colluded with the banksters and cost the family $125,000,000. This man is also an expert and solicitor who ran a huge investment scheme but once again ASIC strikes again leaving a trail of debt and destruction plus the human cost to all the ruined investors. To top it off  the CBA sub 261 is amusing.  They are so upset that a financial advisor, Don Nguyen would dare to rip off clients, and as everyone knows, its always the financial advisors working solo with no guidance from above.

ASIC is the dead man walking, dragging kicking and sreaming to the Senators gallows. " There are no SYSTEMIC problems in the banking industry".

Keep that thought ASIC, the noose is just getting tighter and tighter. Thanks Neil T.