"CBA: We put profit ahead of people", was the headline emblazoned on the front page of the November 20 Sydney Morning Herald. The paper was reporting on the first day of the final round of hearings of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, in which the CEOs of the Big Four banks were being grilled about the banking scandals that have outraged the Australian community over the past year.
The interim report of Royal Commissioner Kenneth Hayne on the crimes and greed of the Big Four banks underlines the urgent need to radically overhaul the banking and financial system.
The mounting scandals being revealed by the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry highlight the need for a comprehensive and radical solution to the crisis in the banking system.
The Big Four banks must be nationalised so people can take back their stolen wealth and a new public banking system must be created under democratic community control.
The growing scandals engulfing the Big Four banks, now being amplified through the financial services royal commission, have opened the way for a major discussion about alternatives to the corporate banking oligopoly in Australia.
Now, Greens leader Richard Di Natale has entered the fray with a proposal for a People’s Bank to offer low-cost mortgages for home-buyers and other facilities.
The first day of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry heard startling evidence that National Australia Bank (NAB) managers took envelopes full of cash as part of an alleged bribery racket in which bankers sold loans based on fake documents to “smash” sales targets.