P5
but it’s the wrong head. I could nominate 50 more suitable heads for a public spiking. But of course that would be a harder task for ASIC. The press release was a prank, but not one that lost billions of dollars of investors’ or retirees’ funds. Unlike rogue advisors and fund managers that have faced no charges, Moylan didn’t gain from the prank, earned no bonus, hasn’t thieved investors’ money, didn’t misappropriate or gamble with large chunks of retiree savings, didn’t lend any investor money to himself or his own companies. Nonetheless he is being dealt with as if he had committed a capital offence, far more severely than any Storm advisor or director, or any rogue CBA advisors allowed to quietly resign.
When will we see ASIC act with such alacrity with its book of jail and fine penalties against the spivs who took billions of dollars of retirees’ funds? They are still out there, living it up, not repaying their loans, and definitely not in jail or even facing the threat of it.
In my view ASIC might be doing a lot of good things, but is failing in one of its most important functions, to protect our retirement savings from a conga line of spivs, dud money managers, and fraudsters.
With the nation’s retirement pool growing rapidly a major overhaul of its priorities and actions is imperative or we’ll see a lot more hard earned national savings flushed down the spivs’ drain. ASIC should not be permitted, with its vast resources, to sit and watch retirees be stripped of their life savings, and do nothing, while at the same time picking on low hanging fruit to justify its existence.
OCV
octaviar limited
