CBA

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.

With calls for a royal commission into the banking sector growing, the argument for a new "people's bank" to challenge the domination of the big banks is gaining strength.

A number of recent events have propelled community anger at the "Big Four" — Commonwealth Bank (CBA), NAB, Westpac and ANZ — to the point that a royal commission seems increasingly likely.

US gangster Al Capone once said: “Capitalism is the legitimate racket of the ruling class.” 19th century US president Thomas Jefferson said: “Banking institutions are more dangerous to our liberties than standing armies.”

These quotes capture the bastard nature of the dangerous racket that is the Australian banking cartel.

See also:
Socialist candidate says fight private bank ripoffs

Australia’s big banks would like you to think they care about climate change and the environment. But don’t believe them.

A new report by Greenpeace Australia has revealed the “big four” — Westpac, ANZ, Commonwealth and NAB — are investing billions of dollars in Australia’s dirty coal boom.

Burning coal for energy is Australia’s single biggest contributor to climate change, making more than a third of the country’s greenhouse gas pollution. Australia is also the world’s biggest coal exporter — and the export trade is growing fast.

Subscribe to CBA