A friend of mine was a high level consultant to both the gov’t and banking industry. He stated that it was clearly apparent that the Big 4 Australian banks were a cartel and ran their businesses like the Mafia. And another friend was on the receiving end of this Mafia-like behaviour when his father died suddenly (heart attack), leaving a complex trail of businesses etc. Even before the dust had settled and while probate was still happening, Westpac began seizing their properties illegally even to the point of waiting until my friends had left home for a weekend and removing all of their furniture (including using a crane to remove a grand piano) from their primary residence.
My friends family spent 3 years fighting Westpac and won, but the experience left me in no doubt as to the methods that banks are willing to use to repossess significant assets. That is their business — property.
But Walter, I have to ask you, just how much of this noise made by the PM will actually result in anything of consequence? Turnbull achieved office by presenting one face while organising the takeover of the Prime Ministership from within with the other, he is a prior director Macquarie Bank and I doubt very much that you can take the ‘banking’ out of Turnbull. Maybe it’s because I’ve been around for a few more years than most, but I’m highly cynical about this grand-standing, and just like Royal Commissions, which are setup to pay some of their buddies a nice salary for a time yet are designed to achieve as little as possible, this is nothing but posturing.
If you ever want some insight as to how this club works, you may want to watch the British TV series Yes Minister (and yes Prime Minister). As funny as the TV programme is, it is a satire that contains far more realism than most would like to acknowledge.
Australia is 3rd behind Colombia and Brazil on the the world watch list for the highest level of corporate/governmental fraud and collusion. That list is subjective as well since there is far more corporatism in the US and UK than the media in those countries will publish.
But this is all smoke and mirrors anyway, as to think that Australians actually control their own destiny is to be naive. The Australian government and the Australian banking industry dance to the tune of the UN and the World Bank/IMF.