CLANCY OVERELL | Editor | CONTACT
Australian Treasurer Scott Morrison and Financial Services Minister Kelly O’Dwyer will announce on Friday new criminal penalties of up to 10 years’ jail and maximum fines of $945,000 for individuals doing stuff that he has known about for years.
Some of the initial findings shows rampant breaching of the Corporations Act, actions which have ruined the lives of thousands of Australians and until now was only really a sackable offence upon being caught, with very few bankers facing criminal prosecution
Mr Morrison said government agencies already knew about the problems identified by commissioner Kenneth Hayne, which include low-level corruption, kick backs and poor lending standards.
“Yeah, it’s nothing new” he said.
“But, either way. It’s not a good look for the banks”
“I can’t believe this shit that I’ve known about for years has been happening for so long”
No top bank executive has lost their job because of information exposed by the inquiry, which will cost each of the big four banks an estimated $100 million each, mostly in legal fees, and could cost the government $70 million.
Morrison says he’ll try and do as much as he can about this, but it’s not like they’ve done anything super immoral like claiming Centrelink without declaring an income of over $253.00 per week.