long term the banks will be fine. As much as the general public and politicians like to bag the banks the truth is that the banks were the only reason we got through the GFC so unscathed.
the only question im worried about is how long is this storm going to last and what are they going to find?
Can you imagine if the royal commission looked at lending practices and said to one of the banks "during the time from 2009-2012 we find that you were willingly putting your clients into mortgage stress" can you imagine the amount of lawsuits coming from this?
hell they could do that with any product offered, and of course the individual takes no responsibility for their actions and on top of that the public is going to want to see the banks punished and the cost of a royal commission actually reap some rewards so i see that banks copping a fair few fines and have to reimburse customers.
time will tell
CBA Price at posting:
$79.43 Sentiment: Sell Disclosure: Held
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