https://chng.it/Bytt9RStmYSign the petition to end market manipulation"Keep in mind that investment banks have willingly paid hundreds of billions of dollars in fines for rorting all of the world’s financial markets in return for not having to admit their guilt. Honestly, who pays exorbitant amounts in fines if they are innocent? What a sham. It simply means that the largesse extracted from fraud is many multiples of the fines that fraud attracts, and that the fines represent a miniscule cost of sustaining criminal operations. It is a great business model except you or I would be put into jail if we tried to utilise it.
We were told by former ASIC Chairman Greg Medcraft that ‘Australia was a paradise for white collar fraud’, and yet he forgot to even mention the share market, where wealth stripping activity runs at extraordinary levels.
And we saw how the banks were treating Australian consumers when fraudulent practices were exposed during the Royal Commission into banking and finance. Yet the Royal Commission’s brief was designed to exclude the Australian stock exchange from investigation. Why would that be?
Let’s demand a Royal Commission and let us truly see what is happening to our Super money. We receive meagre returns while the banks pocket billions each year and that is because the stock market is able to be gamed by the banks at our expense. We need to stop the rorts. Imagine if those gains were fairly distributed.
The market must be radically reformed. It must be able to perform as originally intended. Australians need to be able to plan for their future and enjoy the benefits of their labour in an environment that promotes productive enterprise and wealth generation for all.
Currently, it is extensively compromised while being designed to benefit the privileged few. And laws are being broken in the process. It’s time to act."
