Keywords: Banks Royal Commission
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AUSTRALIA
- John Warhurst
- 04 February 2019
10 Comments
Kenneth Hayne's royal commission into the financial sector has named, shamed and excoriated banks, regulators, insurance companies and other financial services businesses to the extent that you would think they are now extremely vulnerable and universally unloved. That would be a mistake.
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AUSTRALIA
- Andrew Hamilton
- 31 January 2019
17 Comments
Experience suggests that royal commissions disclose only a fraction of unacceptable behaviour committed, and that the cultural attitudes that entrench it outlast the proposed reforms. The reasons for their comparative ineffectiveness can be illuminated by reflection on reforms of the 19th century.
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ECONOMICS
- Colin Long
- 18 January 2019
6 Comments
The opening of the finance sector to scrutiny provides an opportunity to examine its position in the structure of the Australian political-economy, and, most importantly, to make the changes necessary to place it at the service of the people, rather than allowing it to continue to prey on us.
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ECONOMICS
- Andrew Hamilton
- 16 January 2019
6 Comments
One of the issues raised at the royal commission into banks was the size of salaries and bonuses paid to senior staff. Subsequent discussion has tripped lightly around the issue. The larger question is whether it is in the best interests of financial institutions to offer to its senior officers huge salaries and bonuses.
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ECONOMICS
- Andrew Hamilton
- 05 December 2018
8 Comments
Now that the royal commission hearings have finished, people are asking whether things will change. There are grounds for both cautious hope and pessimism. Hope is based on the expectation that the exposure of greed, complacency and lassitude in institutions, boards and regulators will lead them to hunger for a better reputation.
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ECONOMICS
- David James
- 04 December 2018
7 Comments
The problem goes much deeper than a few crooked operatives and it will not be fixed by changing the corporate 'culture'. The fundamental evil is the arithmetic of compound interest. Interest on debt rises exponentially, while economic activity is linear. That means that sooner or later those in a weaker position are unable to pay.
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ECONOMICS
- Binoy Kampmark
- 13 September 2018
2 Comments
It has been a decade since the banking aristocracy Lehman Brothers filed for bankruptcy in what would be the chant of doom that became the Global Financial Crisis. Today, the legacy of Lehman Brothers and the crisis it helped precipitate supply warnings of the next shock.
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AUSTRALIA
- Andrew Hamilton
- 15 August 2018
7 Comments
If trustees don't understand the meaning of trustworthiness, all the penalties in the world won't encourage them to act in a trustworthy manner. What is needed is conversion — the recognition that the good of each individual depends on their seeking the common good, and the determination to ensure that this vision permeates corporations.
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ECONOMICS
- David James
- 14 August 2018
6 Comments
Murray and Frijters detail what they call Australia's 'grey corruption': the grubby nexus between 'James' (corrupt business people) and governments or regulators. The Jameses thrive at the expense of the 'Bruces': ordinary working people. The games of the corrupt elite now cost the 'Bruces' about half their wages.
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AUSTRALIA
Pinning all the blame for poor behaviour on deliberate individual choice is a fundamental attribution error. We need to rise above the salacious gossip and the spectacle of corporate beheadings to understand what drives behaviour in powerful people, take a more reasoned approach and achieve sustainable change.
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RELIGION
- Frank Brennan
- 04 July 2018
77 Comments
Philip Wilson has been sentenced to 12 months' detention for concealing child sexual abuse. It's very likely that he will appeal his conviction and sentence. An appeal may well succeed, but that's not the end of the matter. This has been a six-year saga relating to events which occurred more than 40 years ago. Emotions are running high.
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AUSTRALIA
- John Warhurst
- 18 June 2018
6 Comments
The contrast between success and failure shows that successful independents and minor parties cannot just be based on major party disillusionment, creative election campaigns, or attractive candidates, but also on deep listening to and engaging with their communities which enable a positive and grounded alternative to be offered to voters.
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