With the current scandal of the 3 amigos leaders in government departments having an ego of a go at our biggest bank recently, i thought I might raise some other issues in the CBA asx section but it seems to be too much for those souls there so I thought I might try it in the political forum too. I'm on the outer on the cba forum and i dont mind really being an ex banker long time ago. Sure their might be the odd crook in a bank, but i rekon there are more in our political parties and in government departments than in the cba.
What if after you read the following, all the readers could concentrate on how politicians would or could easily find the loopholes in the State laws to help their other State mates and Federal mates? How much money and how could these groups "launder" through any bank and in cash too?
Look at Victoria & Tasmanian exemptions and how these could be misused through all the banks or in cash amounts. Do politicians representatives give receipts for cash once the threshold is reached and how could funds be funneled through the banking system or paid into prepayments to printing and media companies for pre-arranged future deals for political campaigns?
Put all your devious minds to work and tell me is it possible the electoral commissions in all states and federally might not be doing their jobs or maybe their Acts & regulations might not permit them to do a better and thorough job? Why would they not be able to investigate ? Is it because our politicians make the laws so the regulators can't connect the dots..or are the regulators not the smartest crop out of uni?
Is it possible that only the CBA would be used for cash transfers and none of other banks in Australia and why would it be just the staff that would be responsible to monitor the millions of daily transactions? Why are the regulators claiming the cba staff have broken laws?
Election 2016 – Political campaign finance reform
The public office, public, trust principle
Parties are like football clubs – no matter how much money they get, they will spend it and then want more.
Former Victorian Premier, John Cain, Oct 2006
Australia’s federal electoral system has few constraints on donations and a weak disclosure regime in which thresholds were raised in 2006 from $1,500 to $10,000 and indexed by 2016 to $13,000. There are numerous loopholes and no caps on campaign expenditure. State electoral financing rules vary enormously.
Background:
Competition between the major parties is driving up spending on election campaigns and substantial donations are made for this purpose (particularly to the major party expected to win the election) by business and organisations with vested interests in the decisions of and contracts awarded by parliaments and governments.
Direct & Indirect Union & Business campaigning expenditure Unknown
Column 1 Column 2 Column 3 1 2013 Federal election Labor Coalition 2 Donations $169.2m $198.2m 3 Public funding $21m $27m
Public funding totalled $58m (plus the unknown cost to revenue forgone for tax deductions on donations up to $1,500 to parties and $1,500 to candidates).
Complete records of expenditure are not available but based on these figures, would be in the order of $450m. With 15.468m eligible voters, this is a spend of at least $29/voter. Canada, NZ and the UK have caps on election spending and this results in spends for each eligible voter of:
- $5 in the 2015 Canadian election
- $2.83 in the 2014 NZ election
- 85 pence in the 2015 UK election
A recent Australian survey shows 88% support for limits in election spending and 80% for lowering disclosure thresholds.
Federal and state disclosure thresholds and reporting requirement comparisons:
Federal $13,500 annual
NSW $1,000 annual
Vic not required
Qld $1,000 twice a year
WA $2,300 annual
Tas not required
NT $1,500 annual
Individual donation limits and bans:
NSW: $5,800/party $2,500/candidate tobacco, liquor and gambling donors banned
Federal and other states and territories: no limits on donations or bans
NSW introduced caps on expenditure in 2011. The ACT does not cap donations but from 2015 restricts expenditure to $40k per candidate and $1m for parties with 5 candidates in each of 5 electorates. It increased public funding to $8/vote.
The above figures do not include Council campaign funding to candidates.
So let's see how many clever HC readers could come up with methods to move money around legally using the CBA , ANZ, NAB, WESTPAC, BANK OF CHINA, BANK OF GREECE, Bank of Sydney even? lol
ALL COMMENTS WELCOMED. - lets try to solve this political donations mess
- Forums
- Political Debate
- Political money laundering through our banks?
Political money laundering through our banks?
-
- There are more pages in this discussion • 1 more message in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Featured News
The Watchlist
SS1
SUN SILVER LIMITED
Gerard O'Donovan, Executive Director
Gerard O'Donovan
Executive Director
SPONSORED BY The Market Online