The poor old bankers who nearly destroyed us all with the GFC, Libor and so many other dodgy deals are to be given another Get out of Jail Free card. Despite the blatant dishonesty so prevalent in the industry, some fool in the Government has decided to reduce their governance and shift the burden of proof to provide them with a 100 mile wide loophole. SHAME on the politicians!
The Finance Ministry said it would drop its plans to implement rules which would have made senior bankers “guilty until proven innocent,” thereby requiring them to prove they were unaware of or had taken action to prevent misconduct.
NEF economist Josh Ryan-Collins told RT at the time that the financial services industry is “not well placed to survive another major financial crisis.”
“Our financial system is excessively large compared to the real economy, and highly exposed on both the asset and liability side to the shadow banking system,” he said.
Beyond belief, as so much of the political action is these days. You buy the politician with campaign donations and a bottle of scotch and you get payback like this.
Millions across the World suffered due to the actions of the Banksters and, now the dust has settled, payback in the form of regulation rendered toothless by the recipient of the largesse.
The rich, the banksters and the rich rort us again.
Did you know that it only takes $3,210 to be in the World’s richest 50% – So you see how poor we really are.