CEOs and their media mouthpieces are hitting back at suggestions that, in a cost-of-living crisis, there could be an acceptable level of profit. Binoy Kampmark reports.
There has been ongoing reporting of individual instances of bank malpractice and occasional reporting of large scale institutionalised malpractice. Reporting of the banking royal commission hearings has quickened the pace. But nobody, including the media, joins the dots: the key financial institutions are structurally given to corrupt practices, writes Evan Jones.
The belated decision by the Australian Prudential Regulation Authority (APRA) to set up a public inquiry into the Commonwealth Bank (CBA) is aimed at heading off the growing calls for a royal commission into the entire scandal-ridden banking sector.
The August 27 announcement by APRA of an “independent” probe into the country's biggest bank followed a series of scandals that have rocked the financial world.