Yes, fair point re the former Bankwest, now a part of the CBA group, a very good acquisition by the CBA, thanks to the GFC.
The GFC resulted during the Presidency of the then President Bush 43, from irresponsible lending and more greed and corruption, and the regulators were not at home. Then President Obama had to deal with the now increasing financial meltdown and may have been another Great Depression. Say what your like about those USA banking and financial conglomerates, but very astute and could read the room. President Obama, newly elected to Office, but they soon realised he was nothing of any real substance, very self-assured, nothing practical, looking in the mirror, and relied on celestial meaningless speeches. They were spot on. He bailed out some "needy" Wall Street bankers, with USA $Bns, to which they said thanks, went back to their executive suites, paid off a few corporate debts, used the rest of those taxpayer monies for their remuneration and bonuses. Of course, many businesses went to the wall, millions laid off and never recovered.
The then Federal Labor Govt would have none of that despite the 4 majors were forced to concede (after many denials) they were heavily invested in a number of those toxic CDO's and such, whose values were being written down by global investors, and consequently the liquidity of the banking was at risk. Instead, the banking sector was rescued by a number of Fedal govt guarantees and concessions. We can play verbal tootsies as much as you like, this was a bail out for the banking sector, and many others in grave financial circumstances would have welcomed the same.
As to this recycled nonsense as to a strong banking sector and self-reliance, post GFC, the sector, especially the 4 majors, were dragged kicking and screaming every inch of the way for much needed reforms to the capital adequacy ratios, now in place, but fervently opposed by the 4 majors at the time.
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