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"Cover Up" - ABC TV 4 Corners program on Reserve Bank scandal

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By Nick McKenzie and Bentley Dean

Updated September 27, 2013 09:47:00

Monday 30 September 2013

The Reserve Bank of Australia is meant to maintain stability in the nation's financial sector. It is supposed to be above reproach in its behaviour. But is it?

Why did bank-appointed officials and employees break sanctions in Iraq and cosy up to Saddam Hussein through a "front man"? Why did a former Deputy Governor and other directors hand-picked by the Reserve Bank to safeguard its subsidiary companies from corruption, end up — over a decade — overseeing some of the most corruption-prone business practices possible? Why did they allow millions of dollars to be wired to third parties in foreign countries, including an arms dealer, in order to win banknote contracts in deals police now allege involved bribery and corruption?

On Four Corners two whistleblowers-turned star police witnesses from RBA companies, Note Printing Australia and Securency, reveal for the first time how they discovered bribes were allegedly being paid... and how the most senior figures in Australia's worst corporate corruption scandal got away with allegedly egregious governance failures.

"That someone can get away with it so blatantly, a board, and a chairman... you know it, it's not right." Whistleblower

For the past four years the Governor of the Reserve Bank, Glenn Stevens, has maintained that neither he nor officials knew about the alleged payments before 2009. We find out exactly who knew what and when.

Until now the Federal Police and the corporate watchdog, the Australian Securities and Investments Commission (ASIC), have been unwilling to investigate board members of the Reserve Bank companies, despite evidence that some of them allegedly failed in their duties, allowing corruption to flourish.

"This is the worst corruption scandal in our history, not because of the amount of money that's been involved, but because the most respected institutions of our country have failed to discharge their responsibilities to the public." Dr David Chaikin, University of Sydney Business School

COVER UP, reported by Nick McKenzie in a joint Four Corners /Fairfax Media investigation and presented by Kerry O'Brien, goes to air on Monday 30th September at 8.30pm on ABC1. It is replayed on Tuesday 1st October at 11.35pm. It can also be seen on ABC News 24 on Saturday at 8.00pm, ABC iview and at


 Comment: "The worst corruption scandal in our history"? It's one of the worst "caught out" and evidenced financial situations  ...  which ASIC and AFP were unwilling to investigate. I wonder what the ABC 4 Corners team will say and do when they get a chance to delve into the Bank fraud details and evidence? Cover ups a-plenty there too ... What will the public say?



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  • Denise
    Denise Sunday, 29 September 2013

    Yes we urgently need Four Corners to expose the current Sub Prime Toxic Loan Mortgage lending scandal here in OZ. WE have the evidence. [email protected]

  • doyla66
    doyla66 Thursday, 03 October 2013


    Detailed personal experience of Denise with ASIC over Spruiking. ASIC minimising, infantilising and dismissive of those Taxpayers who are paying them to be their Watchdog. NOT Watching even when in their face and clearly NOT a Bulldog, more like Puppy or Lapdog to WHO ? -This is the Question. It most certainly is not the Electorate. Sounds like another 4CORNERS Investigation is in the Public Interest to EXPOSE ASIC's LAISSEZ-FAIRE, COMPLICIT BRIEF! Airing of such an Investigation may be the only and best approach to force Sitting Governments to act on where ASIC's LOYALTIES LIE, their Modus Operandi & Vivendi, the Loseness of their Accountability,Lack of Impartiality & Method/Associations of Senior Appointmees.

  • doyla66
    doyla66 Sunday, 29 September 2013

    Getting Four Corners involved in exposing the mortgage lending practices of the banks would be a very good idea.

  • doyla66
    doyla66 Sunday, 29 September 2013

    Four Corners: "COVER UP"

    Story Ideas -- If you have an idea for Four Corners, let us know.

    Have Your Say -- Four Corners Open Letters (12570 Messages)

  • doyla66
    doyla66 Monday, 30 September 2013

    No wonder they're called "The Untouchables"

    Two independent whistle blowers
    Ignored and marginalised by the RBA powers that be who thought they knew better
    Governance dispensed with in the pursuit of business contracts (greed)
    Tax payer dollars liberally disbursed around the globe, to tax havens, arms dealers, for bribes and inducements
    Australian Federal Police "monitored" the second whistle blower, not the RBA activities (although they'll say they were monitoring the situation at the RBA) and failed to investigate
    Whistle blower effectively forced to involve the media
    Token effort hit soft targets at RBA, left top people to continue on
    ASIC must have sent a flick letter to FPA and failed to investigate directors
    No accountability at RBA
    No accountability at AFP
    No accountability at ASIC
    "Two sets of rules"
    This seems to be a recurring theme ... right across our senior corporate sectors ...
    Has anyone in Government got the whatevers to straighten out this and all the other illegal financial conduct?

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