asic were notified of inflated pif assets 2011, page-3

"A fool and his money are soon parted."

Phrases.co.uk dates this expression to the 16th century.

Our culture has always had smart money preying on the muppets.

That's quite a list of ASIC era wipeouts of investor wealth. So has the billions of tax payer $ pumped into ASIC salaries been worth it?

Or would we have been better off sticking to the tough love that is the legal principle Caveat Emptor that our learned Common Law judges developed for us over the centuries.

The worst thing that ASIC has done is its rampant oversell of its capabilities. Even after getting rid of its FIDO stuff, its webpages, IMO, still create very dangerous perceptions of safety in the market. Completely out of step with the tough love still being dished out by our courts.

Why? To keep themselves in jobs paid for by taxing our labour and capital?

ASIC should just be folded into the AG department. Who's to say we Australians wouldn't be better off?

Our culture has an even older expression. Beware False Prophets.