ASIC Struggling to Answer Questions on Notice from Senate

Senator Kimberly Kitching has asked the Treasurer a number of very pointed questions regarding ASIC's inaction over a number of publicly listed debacles including HML and JBL.

The Treasurer, who oversees ASIC, is almost two weeks overdue in responding to the Senator.

You can view all of the questions Senator Kimberley Kitching has asked directly of the Treasurer here:
Senate - Questions on Notice (Search for ASIC)

Here is a sample of one of the questions posed by Senator Kimberley Kitching:
With reference to John Bridgeman Limited (NSX:JBL) and Henry Morgan Limited (ASX:HML) :
1. Do the directors of these companies operate any mutual or investment funds?
2. Has ASIC undertaken any risk assessment in relation to this?
3. Has ASIC examined the flow of investments from any of these funds?
4. Is ASIC undertaking any investigation or monitoring of these funds?
5. Will potential inaction by ASIC against unscrupulous directors pose any risks to investors in any of these funds?

I for one am very keen to see how the Treasurer and ASIC respond to this line of questioning.