That's a little like starting with "I'm not a racist but..." The consequences of their failed oversight are very real and sadly as it turns out for the most vulnerable of people. The failings have been detected, investigated, exposed and in the process of being finalised with what will be the largest corporate fine in Australia's history. What do you want? Do you want all shareholders to abandon the company at their own cost to make it fail? What will be enough? The upside to this story is that all financial institutions including WBC will now have lifted the level of risk priority and investment in monitoring and preventing these transactions. The royal commission highlighted for all to see that Australia's banks and insurance companies had plenty to improve when it came to corporate governance and I for one am happy that it did. The world turns on capital investment and it needs banks to support the economy. For now WBC plays a significant role in that picture.
WBC Price at posting:
$17.92 Sentiment: Buy Disclosure: Held
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