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BFCSA: Michael Pascoe on Comm Bank's traditional Cover UP experts in the Senate: David Murray, Ralph Norris, and now Ian Narev

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All Banks were doing the same thing.  We have the proof.  There  must be Royal Commission into ALL BANKS in this Bank Scandal.  All Banks behaving the same way and assisted by ASIC Mates in the worst cover up this nation has ever experienced.  Over $100 billion in losses by vulnerable retiree and pensioner consumers of faulty financial products and services.  This email address is being protected from spambots. You need JavaScript enabled to view it.  If you have a story - tell me via email.  What about Macquarie?

Commonwealth Bank: a case study in failure

Banking and Finance     Comment & Analysis

Date July 4, 2014

Michael Pascoe

In the occasional way of these things, the Commonwealth Bank’s response to scandal has become a greater scandal.   Just as corporate cover-ups time and again cause more damage than the original mistakes, it’s not the rogue traders who have shown the CBA leadership to be incompetent.  In years to come, business schools will study the CBA financial planning story as a case study of how not to handle a scandal, of how a fabulously wealthy and important corporation can suffer such a monumental attack of hubris over the damage that a gross failure of governance principles can do to a bank, and what a waste of money it is to pay people many millions of dollars and expect them to be able to operate without close supervision and constant challenging.


Let’s be very clear about this: the current CBA chief executive, Ian Narev, wasn’t just missing for a week until he fronted media yesterday, doing a passable impression of a rabbit caught in the headlights. He’s been missing for a year. That’s how long it’s been since Fairfax Media reporters broke the story of the brave whistle-blowers, and CBA’s culture of cover-up and customer squeezing. Ditto the CBA board and especially the chairman, David Turner................


And it’s not as if the wealth management scandal was unprecedented – there was form in the CBA stable over the loans that shouldn't have been given to Storm Financial victims. Norris played hard ball on that too until the reputational damage became overwhelming.  The present crop of board and executive failures let the damage escalate into a full-blown Senate inquiry and still didn’t have the basic sense to have a response and apology prepared for immediate action. I’m not sure I’ve ever met a PR type who did not know better.  It has been an unbelievably amateurish performance. As an exercise in crisis management, it is a definite worry, a reason to question the basic competence of those at the top......................David Murray, the man running the government’s review of the financial system, is Ralph Norris’ predecessor at the CBA. He’s the one who did most to build the bank’s vertically integrated wealth management business. What are the odds that he’d want to see it broken apart?..................

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 Macquarie also up to their eyeballs in STORM disaster..    This email address is being protected from spambots. You need JavaScript enabled to view it.

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