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News Link • Australia

How many more banking scandals will it take to make a change


This morning after my plane landed from Bangkok, I was having breakfast in the business lounge in Sydney and glanced at the local paper, The Australian.

The front-page headline told the story of yet another banking scandal:

"Cartel case nets six bankers"

The article was about how six prominent investment bankers in Australia colluded to defraud investors.

This comes the day after Australia's financial regulator hit Commonwealth Bank with an AUD $700 million (~USD $525 million) fine for aiding criminal organizations to launder money.

And earlier this week the United States government slammed French bank Société Générale with a $1 billion fine for rigging interest rates and bribing Libyan government officials.

I'll pause and acknowledge the obvious– banks are constantly screwing their consumers and violating the public trust.

That much is a given.

It's been proven time and time again that banks lie, cheat, steal, and otherwise do whatever they have to do to make more money at our expense.

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