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Inside the Corporate Mind of ASIC

Posted by on in Corrupt Regulators
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Greg Medcraft gets his better ideas from the BFCSA site and all the letters that BFCSA, Storm, Westpoint and other "victims" of ASIC's blatant neglect, extended incompetency and reluctance to act.

But the whole world knows now that ASIC will "protect" CBA and other banks in preference to doing their jobs. How do we know? Because Mr Turner, Chairman of the Board of the Commonwealth Bank of Australia announced that at the AGM. Unless I misread what he was talking about ....

ASIC of course is supposed to be the impartial corporate regulator. ASIC seem to have missed the concept of impartial - Corporate regulations apply equally to banks and microbusinesses.

ASIC also had the conflicting role of consumer protection and complaints against corporations. That, clearly, wasn't going to work. So ASIC opted for sticking with the strength e.g. banks of whom there were fewer and much easier to cope with than the many thousands of ordinary complainants. As always in the public service, when the work load is too high and the Minister wants results one has to take short cuts. So complaints harvested, categorised and then "triaged" to decide which would produce the best show results. Thus thousands of consumers had to complain multiple times over the years in order to get their type of complaint up to critical mass in order to gain ASIC funding for further mass attention. Telstra complaints department still operates in much the same way.

So what was Greg's payoff for protecting Banks? We must not allow him to shoot off to another overseas organisation scott free if he has been found to be indulging in corrupt practice in his role as Chief Corporate Regulator or as Commissioner with ASIC prior to stint in the USA in SEC, US banking and securities.

Greg was Wayne Swan's choice for Chairman. I hope Wayne is on the page that he will need to distance himself from Greg now. Not that Wayne is too worried - he's not seeking re-election as far as we know.

It's looking highly suspect at the top of the tree at ASIC.

Maybe Greg should start his investigation of small companies at ASIC itself.

So where is ASIC registered as a corporation, Greg? We've heard it's Delaware in the USA. Is that true? If not, then where?

And if so why would it be registered in a foreign country, not in Australia?

And is this Corporation using tax and regulatory advantages as a result of overseas registration of this entity?

And where does it bank, outside Australia?

And would that have anything to do with why ASIC was reluctant to stop overseas banking or investigate complaints related to overseas banking?

As was the ATO despite the fact that it was blatantly being used for tax evasion in Australia through NZ Private Trusts?

And how much is that costing the Australian Govt and every single Australian which you and the government purport to serve as a public servant?

And which of the above is correct - after all we are fair minded people, unlike your friends in banking, who would like the TRUTH about everything you know now so we don't have to waste more money on dragging you back from the Caymans or wherever to face the Australian Justice System over your involvement.

We might also like to look at the Trade agreements and secret deals between Australia and the USA, and whether this is still in our interests. Do these agreements have any connection to the problems that have developed in our highly profitable but morally bankrupt big 4 banks? ....

Don't fret, Greg, we can come back to that one another day. Take it as a question on notice...

Oh, and please add producing a list of all your personal, corporate and trust investments and where they bank as well ... for the record ...

ASIC - too big to fail?

Australian Government too big to fail?

This is not about failure, it is about strong suspicion of corruption in our regulatory systems and our govt processes by the banking oligarchy and others due to the choice of compliant and weak candidates for senior positions in Australian regulators.

Corruption is about more than failure: it's more likely to eventuate in Jail. To prevent, as far as possible, recurrence of this corruption we need to understand it's origins, methodologies and measure the results.

Too big to jail? Let's give the building industry a boost - building more jails, with the proceeds of crimes and where the "clients" pay for their housing and upkeep (user pays) out of their confiscated moneys and goods.

Meanwhile there's always Nauru ... or Villawood ...

Coming soon ....


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Guest Wednesday, 02 December 2020