In the 1990s, the ALP – under Paul Keating & Bob Hawke – pushed a deregulation and privatisation agenda that included Keating (as PM) selling the Australian people’s bank – our Commonwealth Bank.
The recommendations came from the 1981 Campbell Inquiry instigated by then Treasurer John Howard. The common understanding is that this ushered in an age of economic growth and prosperity. Many people have done well, but numbers such as GDP are misleading.
A people’s bank – in any country – is not a concept welcomed by international private banking interests. The Australian people’s bank was slowly and deliberately weakened & degraded for decades before its shell was finally sold off.
If you are happy seeing big GDP numbers while banks and the elite take a rising proportion of the country’s wealth you miss the critical point – a Sovereign Monetary system is the goose that lays the golden egg – particularly for a nation like Australia. Our “democracy” did this with the ALP and LNP working to the same agenda.
This is not about political parties or personalities – it’s about policies. We’ve been robbed… and it was an inside job. Election 2019 will be about policies. People are angry, but any politician who is genuinely supporting good policy should be given a fair go.
It’s now hard to believe, but people used to trust banks. Since deregulation, we have seen shocking scandals and financial crimes exposed. We have seen the cost of housing explode. We have had multiple inquiries that have not offered any genuine solutions.
Toothless regulators like ASIC and APRA were introduced to facilitate bank criminality. When calls for a Royal Commission were growing Malcolm Turnbull and Scott Morrison thought calling in the bank CEOs once a year for a chat over tea and scones would do the trick …. which was really just about silencing the people’s calls for justice.
Right now we are days away from the fourth House of Representatives Economics Committee review meetings with the big four banks’ CEOs. This year the bankers are worried. They are sending letters to their clients saying “sorry.” They are talking about “making things right” when they have “done wrong.”
We say – cut the crap! You haven’t “let us down” – you have broken the law. You have treated clients with contempt. You have disrespected us and abused our democracy by corrupting our politics.
Even the banker rubber stamped Clayton’s – I mean Hayne – Royal Commission has made it clear how pathetic the bank CEOs and Directors have been. We want justice, and we shall have it.
Big Four Bank CEOs to appear at the House of Representatives Standing Committee on Economics
This time it won’t just be banker pay and incentive bonuses scrutinised. Many issues arising from the banking royal commission will be raised.
Thursday 11th October – CBA Matt Comyn 9.15am-12.15pm | Westpac Brian Hartzer 1.15-4.15pm
Friday 12th October – ANZ Shayne Elliott 9.15am to 12.15pm
Friday 19th October – NAB Andrew Thorburn 9.15am to 12.15pm
Members of the public can attend the hearings or watch the live webcast at: https://www.aph.gov.au/Watch_Read_Listen
We have questions … and we want answers
1.- What do you have to say to the families that have lost loved ones to suicide directly caused by the actions of your bankers and the accomplices you use including lawyers and liquidators? Banks have been given a social licence to operate (the public have an expectation that you are trustworthy). When you abuse that trust there is more than a monetary cost to the public. Mental illness, domestic violence, drug & alcohol abuse, divorce and a quiet desperation that permeates most people’s lives as they attempt to hold it all together with the dice loaded and the deck stacked against them. The Royal Commission should be extended to really see how our society is harmed and made dysfunctional by a system that profits from crime and misconduct. The RC must be longer and stronger. It must include forensic investigation of the legal fraternity and receivers. Only with all this will we really discover the true depth of what we are dealing with ….. and must reform. 2.- Is the bank currently litigating against bank customers knowing full well that the bank had engaged in misconduct ie its conduct falling below community expectations …. and breaking the law? The Royal Commission is on foot and has exposed systemic wrongdoing. One element of this is the persistent denial of wrongdoing and the failure to act fairly and transparently when disputes arise. If banks continue to use the court system in this manner even during the Royal Commission how can we expect any reforms to be taken seriously by you and your bank. 3.- Have you referred any bank personnel to ASIC or the police for criminal breaches that have been brought to your attention as a result of your bank’s broader internal investigations connected to the Royal Commission? As CEO you are ultimately responsible and it would be inconceivable that you are not aware of the breaches that are regularly discovered by your bank colleagues and lawyers – particularly as a result of the Royal Commission and its work. You are under a legal obligation to report breaches of the criminal code. 4.- What do you suggest would address the extreme inequality experienced by bank customers when you engage them in litigation? Bankers traditionally use the legal system as a weapon against customers who are vulnerable emotionally and financially. Even when a customer has a rock solid case and the bank was undoubtedly at fault you deliberately use the courts to decimate your customer. 5.- Don’t you think a bank funded legal aid system would assist victims of bank misconduct by giving them timely, proportional and equitable legal representation? How else could they achieve prompt redress in a battle against a bank? The size of the bank’s legal bill is 100% dependent on the bank’s actions – a) not engaging in misconduct or b) settling out of court if misconduct does slip through the soon to be more stringent customer protection mechanisms. So you can’t really argue against this proposal on cost grounds – if your behaviour falls in line with community expectations …… and the law, there won’t be much need for legal actions and the associated expenses. You can’t have a legal system where the bank wins regardless of the merits of the case. 6.- Don’t you think it’s time for structural reforms that let our people keep more of the fruits of their labour? People are fed up with the systemic and systematic fleecing they are exposed to with almost all their interactions with big businesses such as banking and insurance. Meaningful reforms would see the cost of living slashed for everybody. Your business model was responsible for the Global Financial Crisis and has made housing unaffordable for our children and grandchildren. After all, people don’t exist just to be exploited by society’s power brokers …. do they? 7.- Don’t you think as CEO you have little choice but to step down pending further investigations and actions that will almost certainly be recommended by Commissioner Hayne? If Sco Blow robs a bank, he’d be looking at 15 years jail. Up to now, bank CEOs have been looking at $15 million pay & bonuses – for facilitating asset stripping, predatory lending, document forgery & falsification, unfair contracts, promissory note abuses, money laundering, rate rigging, drug trafficking, insurances rip-offs and financial planning scandals. You and your predecessors have profited from Control Fraud. Robbing a bank gets you a jail term ….. robbing a bank client gets you a harbourside mansion and a garage full of Mercs – something is wrong with that picture. 8.- What are you going to do about legacy cases? Do not fob us off with “those were decades ago, we have no records.” All the evidence exists and you have been shown it many times. We know bank lawyers manipulate court records, transcripts and documents as part of a ruthless cover-up operation. Hayne won’t touch this for obvious reasons. We don’t care how long ago the crimes were engineered. Your predecessors were involved in committing the crimes. Covering up criminal acts is also a crime. Time to come clean or face the consequences. It is up to the current CEOs and Directors. There are others cases – which will become well known to the public very soon. 9.- Will the bank support the establishment of an independent expert tribunal to address the issues of redress and compensation in a prompt manner for legacy cases and future disputes? Addressing legacy cases is an issue the banks must accept as being part of meaningful reform. When banks have done the wrong thing they must not continue to profit from their misconduct. There is no better way to restore trust and show you are genuine in your often stated intentions of “making it right when we have done wrong.” BRN suggests you write to each of the MPs below. Tell them you want serious questions asked of the CEOs. Let them know this is an election issue. Make sure you ask for a longer and stronger Royal Commission. If appropriate, you can also mention how the banks did you in and how the Royal Commission hasn’t even touched some of the most important elements or perpetrators of the misconduct you are worried about. Might be well worth sending them the link to the Bank Victims Horror Story series – cases like these are not being exposed by the limited Hayne Royal Commission. Chair – Mr Tim Wilson MP – Liberal Party of Australia, Goldstein VIC >> Tim.Wilson.MP@aph.gov.au Deputy Chair – Hon Matt Thistlethwaite MP – Australian Labor Party, Kingsford Smith NSW >> Matt.Thistlethwaite.MP@aph.gov.au Mr Adam Bandt MP – Australian Greens, Melbourne VIC Adam.Bandt.MP@aph.gov.au Ms Julia Banks MP – Liberal Party of Australia, Chisholm VIC Julia.Banks.MP@aph.gov.au Mr Trevor Evans MP – Liberal Party of Australia, Brisbane QLD Trevor.Evans.MP@aph.gov.au Mr Jason Falinski MP – Liberal Party of Australia, Mackellar NSW Jason.Falinski.MP@aph.gov.au Mr Craig Kelly MP – Liberal Party of Australia, Hughes NSW Craig.Kelly.MP@aph.gov.au Mr Matt Keogh MP – Australian Labor Party, Burt WA Matt.Keogh.MP@aph.gov.au Hon Craig Laundy MP – Liberal Party of Australia, Reid NSW Craig.Laundy.MP@aph.gov.au Mr Josh Wilson MP – Australian Labor Party, Fremantle WA Josh.Wilson.MP@aph.gov.au Ms Clare O’Neil MP – Australian Labor Party, Hotham Vic Clare.Oneil.MP@aph.gov.au When you email each of these politicians, please Cc the following in on the message and invite them to attend the hearings – PM Scott Morrison Treasurer Josh Frydenberg Opposition Leader Bill Shorten In the 1990s, the ALP – under Paul Keating & Bob Hawke – pushed a deregulation and privatisation agenda that included Keating (as PM) selling the Australian people’s bank – our Commonwealth Bank. The recommendations came from the 1981 Campbell Inquiry instigated by then Treasurer John Howard. The common understanding is that this ushered in an age of economic growth and prosperity. Many people have done well, but numbers such as GDP are misleading. A people’s bank – in any country – is not a concept welcomed by international private banking interests. The Australian people’s bank was slowly and deliberately weakened & degraded for decades before its shell was finally sold off. If you are happy seeing big GDP numbers while banks and the elite take a rising proportion of the country’s wealth you miss the critical point – a Sovereign Monetary system is the goose that lays the golden egg – particularly for a nation like Australia. Our “democracy” did this with the ALP and LNP working to the same agenda. This is not about political parties or personalities – it’s about policies. We’ve been robbed … and it was an inside job. Election 2019 will be about policies. People are angry, but any politician who is genuinely supporting good policy should be given a fair go. It’s now hard to believe, but people used to trust banks. Since deregulation, we have seen shocking scandals and financial crimes exposed. We have seen the cost of housing explode. We have had multiple inquiries that have not offered any genuine solutions. Toothless regulators like ASIC and APRA were introduced to facilitate bank criminality. When calls for a Royal Commission were growing Malcolm Turnbull and Scott Morrison thought calling in the bank CEOs once a year for a chat over tea and scones would do the trick …. which was really just about silencing the people’s calls for justice. Right now we are days away from the fourth House of Representatives Economics Committee review meetings with the big four banks’ CEOs. This year the bankers are worried. They are sending letters to their clients saying “sorry.” They are talking about “making things right” when they have “done wrong.” We say – cut the crap! You haven’t “let us down” – you have broken the law. You have treated clients with contempt. You have disrespected us and abused our democracy by corrupting our politics. Even the banker rubber stamped Clayton’s – I mean Hayne – Royal Commission has made it clear how pathetic the bank CEOs and Directors have been. We want justice, and we shall have it. This time it won’t just be banker pay and incentive bonuses scrutinised. Many issues arising from the banking royal commission will be raised. Thursday 11th October – CBA Matt Comyn 9.15am-12.15pm | Westpac Brian Hartzer 1.15-4.15pm Friday 12th October – ANZ Shayne Elliott 9.15am to 12.15pm Friday 19th October – NAB Andrew Thorburn 9.15am to 12.15pm Members of the public can attend the hearings or watch the live webcast at: https://www.aph.gov.au/Watch_Read_Listen Most of the Economics Committee members are expected to attend. We want you to ask all of them to attend, and bring some tough questions with them. BRN has contacted them all, and the CEOs are aware of the people’s concerns. In the wake of the Royal Commission Interim Report, nobody is in the mood for bullshit. Serious crimes and misconduct have been identified – the CEOs and Directors are ultimately responsible. Times have changed – priests are being jailed decades after their misconduct, ancient artifacts are being returned hundreds of years after they were stolen. Bankers too are now facing a new reality. Justice has been a long time coming …. the people will not be denied. 1.- What do you have to say to the families that have lost loved ones to suicide directly caused by the actions of your bankers and the accomplices you use including lawyers and liquidators? Banks have been given a social licence to operate (the public have an expectation that you are trustworthy). When you abuse that trust there is more than a monetary cost to the public. Mental illness, domestic violence, drug & alcohol abuse, divorce and a quiet desperation that permeates most people’s lives as they attempt to hold it all together with the dice loaded and the deck stacked against them. The Royal Commission should be extended to really see how our society is harmed and made dysfunctional by a system that profits from crime and misconduct. The RC must be longer and stronger. It must include forensic investigation of the legal fraternity and receivers. Only with all this will we really discover the true depth of what we are dealing with ….. and must reform. 2.- Is the bank currently litigating against bank customers knowing full well that the bank had engaged in misconduct ie its conduct falling below community expectations …. and breaking the law? The Royal Commission is on foot and has exposed systemic wrongdoing. One element of this is the persistent denial of wrongdoing and the failure to act fairly and transparently when disputes arise. If banks continue to use the court system in this manner even during the Royal Commission how can we expect any reforms to be taken seriously by you and your bank. 3.- Have you referred any bank personnel to ASIC or the police for criminal breaches that have been brought to your attention as a result of your bank’s broader internal investigations connected to the Royal Commission? As CEO you are ultimately responsible and it would be inconceivable that you are not aware of the breaches that are regularly discovered by your bank colleagues and lawyers – particularly as a result of the Royal Commission and its work. You are under a legal obligation to report breaches of the criminal code. 4.- What do you suggest would address the extreme inequality experienced by bank customers when you engage them in litigation? Bankers traditionally use the legal system as a weapon against customers who are vulnerable emotionally and financially. Even when a customer has a rock solid case and the bank was undoubtedly at fault you deliberately use the courts to decimate your customer. 5.- Don’t you think a bank funded legal aid system would assist victims of bank misconduct by giving them timely, proportional and equitable legal representation? How else could they achieve prompt redress in a battle against a bank? The size of the bank’s legal bill is 100% dependent on the bank’s actions – a) not engaging in misconduct or b) settling out of court if misconduct does slip through the soon to be more stringent customer protection mechanisms. So you can’t really argue against this proposal on cost grounds – if your behaviour falls in line with community expectations …… and the law, there won’t be much need for legal actions and the associated expenses. You can’t have a legal system where the bank wins regardless of the merits of the case. 6.- Don’t you think it’s time for structural reforms that let our people keep more of the fruits of their labour? People are fed up with the systemic and systematic fleecing they are exposed to with almost all their interactions with big businesses such as banking and insurance. Meaningful reforms would see the cost of living slashed for everybody. Your business model was responsible for the Global Financial Crisis and has made housing unaffordable for our children and grandchildren. After all, people don’t exist just to be exploited by society’s power brokers …. do they? 7.- Don’t you think as CEO you have little choice but to step down pending further investigations and actions that will almost certainly be recommended by Commissioner Hayne? If Sco Blow robs a bank, he’d be looking at 15 years jail. Up to now, bank CEOs have been looking at $15 million pay & bonuses – for facilitating asset stripping, predatory lending, document forgery & falsification, unfair contracts, promissory note abuses, money laundering, rate rigging, drug trafficking, insurances rip-offs and financial planning scandals. You and your predecessors have profited from Control Fraud. Robbing a bank gets you a jail term ….. robbing a bank client gets you a harbourside mansion and a garage full of Mercs – something is wrong with that picture. 8.- What are you going to do about legacy cases? Do not fob us off with “those were decades ago, we have no records.” All the evidence exists and you have been shown it many times. We know bank lawyers manipulate court records, transcripts and documents as part of a ruthless cover-up operation. Hayne won’t touch this for obvious reasons. We don’t care how long ago the crimes were engineered. Your predecessors were involved in committing the crimes. Covering up criminal acts is also a crime. Time to come clean or face the consequences. It is up to the current CEOs and Directors. Andrew Thorburn (NAB) – settle with Erika Biritz, Rita Troiani, Faye Andrews, Malcolm Taylor and Barry Landa There are others cases – which will become well known to the public very soon. 9.- Will the bank support the establishment of an independent expert tribunal to address the issues of redress and compensation in a prompt manner for legacy cases and future disputes? Addressing legacy cases is an issue the banks must accept as being part of meaningful reform. When banks have done the wrong thing they must not continue to profit from their misconduct. There is no better way to restore trust and show you are genuine in your often stated intentions of “making it right when we have done wrong.” BRN suggests you write to each of the MPs below. Tell them you want serious questions asked of the CEOs. Let them know this is an election issue. Make sure you ask for a longer and stronger Royal Commission. If appropriate, you can also mention how the banks did you in and how the Royal Commission hasn’t even touched some of the most important elements or perpetrators of the misconduct you are worried about. Might be well worth sending them the link to the Bank Victims Horror Story series – cases like these are not being exposed by the limited Hayne Royal Commission. Chair – Mr Tim Wilson MP – Liberal Party of Australia, Goldstein VIC Tim.Wilson.MP@aph.gov.au Deputy Chair – Hon Matt Thistlethwaite MP – Australian Labor Party, Kingsford Smith NSW Mr Adam Bandt MP – Australian Greens, Melbourne VIC Adam.Bandt.MP@aph.gov.au Ms Julia Banks MP – Liberal Party of Australia, Chisholm VIC Julia.Banks.MP@aph.gov.au Mr Trevor Evans MP – Liberal Party of Australia, Brisbane QLD Trevor.Evans.MP@aph.gov.au Mr Jason Falinski MP – Liberal Party of Australia, Mackellar NSW Jason.Falinski.MP@aph.gov.au Mr Craig Kelly MP – Liberal Party of Australia, Hughes NSW Craig.Kelly.MP@aph.gov.au Mr Matt Keogh MP – Australian Labor Party, Burt WA Matt.Keogh.MP@aph.gov.au Hon Craig Laundy MP – Liberal Party of Australia, Reid NSW Craig.Laundy.MP@aph.gov.au Mr Josh Wilson MP – Australian Labor Party, Fremantle WA Josh.Wilson.MP@aph.gov.au Ms Clare O’Neil MP – Australian Labor Party, Hotham Vic Clare.Oneil.MP@aph.gov.au When you email each of these politicians, please Cc the following in on the message and invite them to attend the hearings – PM Scott Morrison Treasurer Josh Frydenberg Opposition Leader Bill Shorten
To begin with –
Andrew Thorburn (NAB) – settle with Erika Biritz, Rita Troiani, Faye Andrews, Malcolm Taylor and Barry Landa
Matt Comyn (CBA) – settle with Tony Rigg, Rory O’Brien, Debbie & Jim Barker, Giulia Mandarino and Sean Butler
Shayne Elliott (ANZ) – settle with Thomas Brookes and Mohsen Alirezai
Brian Hartzer (Westpac) – settle with Goran Latinovich What can you do?
Contact these Economics Committee Members right now
Members
Supplementary Member
pminvites@pmc.gov.au
invitations@treasury.gov.au
Bill.Shorten.MP@aph.gov.au Australian Banking Then & Now
Big Four Bank CEOs to appear at the House of Representatives Standing Committee on Economics
We have questions … and we want answers
To begin with –
Matt Comyn (CBA) – settle with Tony Rigg, Rory O’Brien, Debbie & Jim Barker, Giulia Mandarino and Sean Butler
Shayne Elliott (ANZ) – settle with Thomas Brookes and Mohsen Alirezai
Brian Hartzer (Westpac) – settle with Goran LatinovichWhat can you do?
Contact these Economics Committee Members right now
Matt.Thistlethwaite.MP@aph.gov.auMembers
Supplementary Member
pminvites@pmc.gov.au
invitations@treasury.gov.au
Bill.Shorten.MP@aph.gov.au
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