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BFCSA: Back to Privatization of Australian Banks and here is why............... Please sign our PETITION Tally 1401

Posted by on in ROYAL COMMISSION URGENT
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http://www.independentaustralia.net/business/business-display/who-owns-corporate-australia,5033

Who owns corporate Australia?

Murray Hunter27 February 2013

 IF YOU GO and ask the "average" Australian on a Melbourne or Sydney street who owns the banks and large public companies in Australia, most will answer "Australians through superannuation and mutual funds". This belief gives Australians a sense of pride in "Australian private enterprise", and may even assist Australians grudgingly accept high bank charges and interest rates: "after all, we own the banks".

However, if one examines the annual reports of most of the large Australian public companies, names like HSBC, JP Morgan Chase, Citibank, and BNP Paribas are very prominent in the tops 20 shareholders lists. There has been a major shift in the Australian corporate ownership-scape over the last decade. And a silent one at that.

Let's go back to the 1980s when Bob Hawke was Prime Minister of Australia. The ex-ACTU head did more than any other prime minister to liberalise the Australian economy. Hawke began deregulating the financial system, dismantled the tariff system, floated the Australian dollar, and privatised the Commonwealth Bank of Australia . What was important here, there was no longer any distinction between savings and commercial banks and foreign banks could apply for licenses to operate directly in the Australian retail market. Paul Keating followed on this liberalization path with the catch cry of creating a "level playing field".Successive Liberal and Labor Governments have embraced the free market strategy and permitted these banks to become commercially driven merchant and retain their savings bank businesses.

These liberalizations allowed foreign investors to come into the Australian market, however foreign banks found it extremely difficult to start-up from scratch and compete with the local banks. However with the Asian financial crisis of 1997, and subsequent economic downturns within the Australian economy, foreign equity started slowly trickling in and buying up Australia's prime corporate assets. Mutual and investment funds were specifically important as these made excellent vehicles for investment in corporate Australia.

Today the ownership-scape of Australian banks is very different from the traditional past, where Australian banks were owned by the "average Australian" through superannuation and investment funds. Although major shareholders are in fact mutual and investment funds, they are now managed by foreign interests who appoint their "proxy" directors to the boards, as the table shows................

Apart from the top four shareholders shown above, an inspection of the data in the respective annual reports shows that most of the other top 20 shareholders are companies with a stake in more than one big bank. Moreover, ownership figures for the second tier banks, Bendigo and Adelaide Bank Limited, Suncorp-Metway Limited and Bank of Queensland Limited, show they are also owned by the same organisations that own the big four............

When one looks closely at who owns the big four banks it becomes clear that there is a lot of common ownership, suggesting that those banks may not in fact be independent, competing entities...........

 Bring on the ROYAL COMMISSION into banks 30 years This email address is being protected from spambots. You need JavaScript enabled to view it.

 Yes it’s your turn to become involved.  Let it never be said we sit on the sidelines…………….whilst your homes and savings disappear.  Please sign our PETITION for Royal Commission into Australian Banks non Banks and Collapsed Companies.

This is the link and thank you for support as this is sorely needed and long overdue

 https://www.change.org/p/mr-david-murray-chairman-of-the-financial-system-inquiry-recommend-an-urgent-royal-commission-into-australian-banks-australian-non-banks-collapsed-companies-the-regulators-asic-apra-and-all-subsidiaries-and-joint-partners

 cut and paste into word and then press return at the end and click

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Comments

  • Aries
    Aries Tuesday, 16 September 2014

    For Mathias Cormann Federal Finance Minister to say that we don't need a Royal Commission because we've had enough
    Inquiries is laughable. We the victims of bank fraud and corruption would like to know why is he protecting the criminals.
    Mathias Cormann we the tax payers pay your salary, and we are asking for a Royal Commission.
    You forget, you work for the people of Australia not the other way around.
    The LNP will have thousands and thousands less votes next election time, you will be thrown out on your ear.

    Reply Cancel
  • organza
    organza Tuesday, 16 September 2014

    All bred it seems from the same corrupt gene pool if not suckered in through the lure of blood money. Wonder where it tracks up to beyond this level of ownership? One can bet another example of 6 degrees of separation is involved here and all being very well covered up. If somebody in Government does not do something soon to sever corrupt ties it could end up worse than Mutiny on the Bounty, bank on it!

    Reply Cancel
  • setup
    setup Tuesday, 16 September 2014

    I Agree Aries.
    Cormann, "the rich don't need looking after. Focus on the victims of banking crime who need your desperate attention. You are the one depriving us of a Royal Commission. Stop trying to hide and cover up. The truth will emerge eventually no matter how hard you try to hide it. There is evidence everywhere we look of criminal banking behaviour.
    Just look at the massive amount of people losing their homes to bank fraud - doesn't that tell you that something is very very wrong whithin the system? but you already know this which will make you unpopular with the public.

    You are fully aware of the loss of homes and the suffering that the finance industry has caused and yet you do not care.
    The amount of petiton signatures we have to date and increasing by the hour is a clear indication of the enormous amount of suffering caused by the powerful bank crooks who you are defending if you don't agree to a RC.
    Bring back the traditional past where Australian banks were owned by the average Australian. They were the times when we got a fair and honest deal.
    Our present money system robs from the poor to give to the rich - punishing the poor for the deliberate mistakes of the rich and powerful.
    This is appalling to say the least and needs you Mr Cormann to stand up and be a hero for the people. Take action now before it's too late.

    Reply Cancel
  • Bimba
    Bimba Tuesday, 16 September 2014

    Royal Commission Urgent

    We have always supported the NLP Coalition in the past, but have become very disappointed and disillusioned by the recent attempts by Senator Cormann and Joe Hockey to ignore the plight of hundreds of thousands of decent, hard-working Aussies who contributed to the economy of this once great country over their entire working lives, and through no fault of their own, have become unwitting victims of the worst white collar crime that would make the Mafia look like amateurs! All because they made the big mistake of trusting the so-called "professionals" within the Financial Services Industry! If Hockey and Cormann do not agree to call for this urgent Royal Commision with the widest terms of reference immediately then they are no better than the corrupt Union thugs we threw out of office a year ago. Where are the politicians who are prepared to stand up and perform the democratic duties they promised in their sworn oath when they took office? How much more collateral damage are we going to tolerate in this country? The people are looking for answers urgently and we want them NOW before it is too late!!!

    Reply Cancel

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