It's not ridiculous nonsense at all. Banks play a special role in society and have variously: 1. Sold Insurance policies that were next to worthless 2. Denied valid insurance claims and litigated to deny due payment 3. Facilitated money laundering and child exploitation by deliberately circumventing AML monitoring 4. Collectively been responsible for a slew of variously biased, poor or self serving advice to probably more than 50% of the population. Have a look at todays AFR on best performing Super Funds. Basically anyone directed towards a Bank Retail Fund in the last 20 years might realistically have a claim for tens if not hundreds of thousands of dollars. I could go on.......
Back in the late 90s as a relative novice I sold my first house and after attending settlement at a certain big 4 bank (city branch) management tried to divert me from lodging a simple Term Deposit to investing in Mortgage backed securities. "Heavied" is an understatement. I eventually told them where to go but it took half an hour simply to get access to my own settlement proceeds.
Maybe banks were always like this but that wasn't my impression as a kid. When scandals occurred the press made a big deal but commercial media won't report negative big business stories these days because they rely so much on the banks and others for advertising.
At some point the ethics of banking practice in this country approached that of the average crack dealer (we'll do whatever we can get away with). Obviously that doesn't apply to every worker but it does apply to many executive decisions in the examples provided above. Anyone who has even a passing knowledge of the RC knows many of the examples point to systematic, not isolated problems.
CBA Price at posting:
$97.81 Sentiment: Hold Disclosure: Not Held
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