General Discussion Topics, page-87932

The truth about ASIC according to someone who 'was' definitely in a position to know.

He stated : ASIC have without doubt the best investigative intelligence systems in place of any country in the world, even far surpassing the United States.

So why don't they act in situations of corporate crime (example) the findings from the Royal Commission Into Banking?

1. ASIC has amongst the worst corporate conviction rates of any country in the western world which has been costing the Australian taxpayer many hundreds of millions of dollars each year after losing more than the great majority of court cases to multi national companies, banks and institutions.

2. The loss making venture has become so bad that our government now turns a blind eye to most 'corporate' criminal activity rather than lose more taxpayer funds which would then become a political 'Hot Potato'.

He also said that the Australian stock market is far from a level playing field with again, banks, institutions and fund managers getting away with corporate crime on a daily basis at the expense of retail investors.

Can the problem be fixed ?
No, the problem is spiralling out of control and getting worse every day.