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Robbing the Dead

Posted April 20 into Writing by John Birmingham

Every now and then I let one out from behind the pay wall. Felt like todays bit on the banking royal commission needed to run free. As a companion piece, Michael Pascoe (recently let go by Fairfax and immediately snapped up by The New Daily) has a really good column on the exclusive club which runs corporate Australia.

But I do swear more:

Sheesh. It used to be that the only two certainties in life were death and taxes, and the former freed you from the burden of latter. But it turns out that even in death there’s no escape, at least not from the big banks or AMP, because those greedy motherfucking crooks will crawl into the grave with you for one last chance to go through your pockets. It’s no surprise that racketeers and bottom feeders are attracted to the money business, but after this week’s raging karmageddon at the banking Royal Commission colour me faintly dumbstruck that there seem to be so many fuckin’ corpse robbers trousering performance bonuses for shaking down the dead.

I’m a little less surprised that the government is claiming credit for an inquiry they tried to strangle in the crib. They have no choice. It wasn’t just the ALP and Greens demanding for years that the banks be dragged into the town square and given a solid kicking. Apostate backbench Nats like George Christensen and Barry O’Sullivan were even more vocal. But former banker turned impotent chuffnut Malcolm Turnbull and his grinning scab collector Scott Morrison, did not just resist but actively and aggressively trashed the idea of an inquiry for years.

Morrison ignored the demands from his own right flank, preferring to shitcan Bill Shorten as a Leninist bomb thrower imperilling the economy with his political opportunism and callous disregard for the feelings of everyone who was ever paid millions of dollars a year for running a bank.

Again, not surprising, because the Liberal Party is nothing if not a hand-tooled Louis Vuitton clutch of apologists and pimp daddies for corporate malfeasance. But it has been fun watching them trying to recast their long history of cock-blocking any threat to the banks as somehow leading the peasant revolt which now threatens to turn Martin Place into a mass grave. It’s like they’re standing in front of the whole country, wearing only novelty plastic Viking helmets, and power wanking while singing ‘The Ride Of The Valkyries’… but they’re telling us it’s the best version of Wagner’s Ring Cycle you’ll ever see outside of the legendary 1937 performance at Berlin’s Haus Vaterland featuring the massed Choir of the Waffen-SS with a rare cameo by Hermann Goerring as Wotan.

Good luck with that, lads.

In just one week of what is currently scheduled as a year long investigation, we learned that AMP lied to ASIC the corporate regulator more than twenty times about charging customers for services they never received. The company then ratfucked an independent report into their ratfucking of ASIC. The Commonwealth Bank made millions from the same scam, but found a way to squeeze even more money out of their victims, by charging the accounts of dead customers, in some cases for years. And Westpac’s money managers are industry leaders at managing to turn your life savings into a small, charred pile of ashes and tears.

One week.

AMP’s chief executive, Craig Meller, announced he was stepping down this morning. He was paid $8.3M last year, which is probably less than AMP stole from their customers, so in one sense he was a bargain. The Board will be sorry to see him go, but a generous multi-million dollar severance package will almost certainly ease the pain of parting.

2 Responses to ‘Robbing the Dead’

FormerlyKnownAsSimon ducks in to say...

Posted April 20
I (cough) used to work in this (cough) sector. I was hired to help them clean up their act. It would scare the pants off of you how loose rules were around things like investments and super were. And this was for three companies in a row. I gave it up and now live in the country working on a vege patch. I've read these apocalypse books! :)

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Dave W asserts...

Posted April 24
In one of my previous lives I interacted tangentially with a different regulator. Industry pays money to fund the regulator, usually based on a bunch of sliding scales of risk and number of interactions with the regulator.

The major banks thought this was a bit unnecessary and convoluted. So like a bunch of good chaps who knew that good chaps such as themselves could be relied upon to know what's best, they told the regulator that they'd just much prefer to divide the bill by 4 and be done with it. Like splitting the bill down at the local indian, they didn't want to have to worry about who had the starters, and that the other chap drank all the wine. What's a lazy few mill each to avoid such unpleasantness?

The regulator did what they were told and split the bill 4 ways.

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