"Our Big 4 Banks" don't have a social charter; just an obligation
to produce optimum profit for shareholders and in the process
gear execs wages to that profit. So in summary its futile to whinge.
Ever since Keating privatised the Comm Bank, things have gone down hill
in banking from a customer's perspective because :
-All 4 banks are now majority foreign owned
-All 4 Banks are majority American owned
-4 foreign investors own nearly 50 percent of each bank
So like most services , we have sold out and then outsources.
So rather than gasbag about how bad our foreign Big 4 Banks are
how about coming up with a remedy?
Here's mine:
(a)Mandate at least 52% Aus ownership of our big 4 so that
majority decision making is made in Aus....not in Wall St
or elsewhere
(b) mandate a Banking Social Charter that prioritises
Aus & Aussies in lieu of banking deposits guarantees
by the Aussie taxpayer....no Social Charter-no Bank deposits guarantees
(c) that transition to 51% Aussie ownership is completed within 10 years.
We are supposed to have competition in banking but there is more cooperation
than competition based on minimal differences in interest rates and financial
services offered a.
Fro July one there has been more consolidation in Aus banking by the ANZ
being allowed to devour Suncorp Banking.
Otherwise just institute a Comm Government Bank (Comm 2) to keep
the bastards honest.
