Interesting to see the culture and workings of the banks being...

Interesting to see the culture and workings of the banks being exposed, at last. There needs to be significant changes in the Banking and financial laws to stop a lot of the, at best, highly questionable practices. Some decent penalties, both corporately and to the individuals who break the law.

'I'm going to teach these f------' pricks a lesson': The f-bomb chats that landed ANZ in court over rate rigging allegations

Sacked ANZ traders say bank tolerated drugs, strip clubs

Two traders sacked by ANZ for inappropriate behaviour are suing the bank for tens of millions of dollars, claiming a rampant culture of sex, drugs and alcohol was condoned among senior staff on the dealing floor. [I guess they do not consider they were willing participants in the culture? an alternative line of thought is that they could have left, and hence not had anything to do with the culture? or were they held hostage? , smelling a bit like Lance Armstrong?]

In the taped phone conversations and electronic chat included in the ASIC documents, the language is profane and alpha. ASIC brings ANZ's code of conduct and ethics into its case, the very issue that sacked traders Etienne Alexiou and Paddy O'Connor also raised in their "toxic culture" cases against the bank. Mr O'Connor has settled. Mr Alexiou is still pursuing legal action.
Link to manipulation

For those looking for colour rather than substance, one of the central figures in the court documents is Jason Pritchard, a former ANZ head of balance sheet trading suspended in 2014 before leaving the bank the following year.
He is now on the professional poker circuit [aside, wonder how the professional poker circuit treats bad language and behaviour..same, worse, better than the ANZ? academic question really] ranked 105th on the Australian money list after earning an estimated $336,245 playing in tournaments in Sydney, Melbourne, Monte Carlo and Las Vegas, according to poker website The Hendon Mob. He's dabbled in horse racing as well, part of a consortium that sold Zoustar for about $20 million to Middle Eastern buyer in 2013.
Pritchard's comments read as some of the most gung-ho in the court documents.
"If we can f------ jag , you know three points on 5 billion, that's half a million dollars just bang, done. People don't understand half a million dollars. Paul's up for that the year. You know? So we just need to f------ do that. Especially the f---king rate sets," he is recorded as saying to trainee dealer Mark Budrewicz in a phone conversation on June 10, 2010, the documents claim.
....
Nothing is private

This case is the latest reminder that nothing is private, particularly when it comes to the regulator and its compulsory gathering powers.
Whether it's enough to change the culture within ANZ's global markets trading division – which may or may not have fostered illegal activity – will play out for months

.... The board of ANZ is ultimately responsible for the culture, and they need to immediately correct the culture existing, and put in place and monitor the culture, through the executive management. Very doable, and the question is why was it not done in the first place.

Performance todate marginal at best. Share price when the previous CEO joined in Oct 2007, $30.70, and when he left Dec 2015 $26.90, taking a $10.8m final payment...share holders benefit? , some good divies, a capital loss of 10% not adjusted for cpi, and reputational damage, and lets hope a fine suitable to correct behaviours.

.... Mr Smith, who is the country's longest-serving current CEO of a major bank, said he expected to hang up his boots within a year.
Under Mr Smith, ANZ has been the most aggressive of the big banks in expanding into Asian markets including China, as part of the banks' ambition of becoming a "super-regional bank."
Mr Elliott said there would be no change big changes in ANZ's strategy, but he would aim to develop it by making sure customers have a "seamless" experience across the region.

WOULDNT BE TOO BAD IF THE SHAREHOLDERS HAD A UPLIFTING EXPERIENCE IN THEIR ANZ SHARES?!