Last week, the CEC Report advised that a banking lobby went to Canberra to meet with politicians to request/blackmail/firmly urge, that they do not break up the banks after all the criminal activities that they have been uncovered by the commission!
What a Joke!
The Commonwealth Bank was fined $700 Million Dollars after being found guilty of money laundering, 53,000 breaches. Tabcorp was fined $45 Million Dollars for 84 breaches.
CBA Per Breach = $13,207.54
Tabcorp Per Breach = $535,714.28
On an even playing field, the fine should have been $28,392,857,142.86. Yes, that is over $28 Billion Dollars.
CBA must have got a discount for committing crimes in bulk?
Keeping in mind under Australian Law, the maximum fine is $18 Million Dollars per breach.
I suspect just like the Tabcorp case, no one will see a day of gaol time for the crimes committed.
The value of the shares in CBA went up over $2 Billion Dollars today. What a joke!
This was nothing more than a slap on the wrist.
Who is pulling who's leg here?
The Treasurer Scott Morrison is concerned with the bank restoring public trust? Who gives a f%^&. Why is he feeling compassionate for the bank?
What about paying for their crimes, and the criminals running the business being held accountable and doing some gaol time?
A simple fine for a company this big, is not a deterrent. The dodgy practices will not cease in light of this.
Mick T signing out.
