ciucutto should stay

The rot at the NAB is pre Ciucutto. "The Wog" as some in the board rooms of its institutional shareholders referred to him in a derogatory fashoin on his appointment, had nothing ( or little) to do with the problems relating to the Homeside debacle or the Abbey National or AMP disasters.

The thing that is perplexing is the silence of Don Argus (not Nobby Clarke) a person who should know better than to remain mute.

The planning and investigation into these 'investments' had their genesis in the Don Argus era of the bank. Thats perhaps why the silence is deafening.

I still maintain that the losses the bank has incurred and is now facing and not properly disclosing except under pressure and by being provoked to respond is something that is a cultural aspect of the NAB, ANZ, Westpac and Commonwealth. The culture of silence, falsehoods, unaccountability and denials.

The losses are bigger than that reported on the 'Rogue Trader' scandal. Frank Ciucutto is a convenient fall Guy. The theory is this, and is perhaps a variation to the theme of 'Westminster style Ministerial responsibility'. When the department fails the minister must offer his resignation.

The fact that Ciucutto has an $8 million house has now become an issue. Does that mean that if the ills of this bank arose during Argus' time there that he should give up his assets or go live in Footscray?

There is a coeterie of Howard types who believe the Bank is the sole preserve of Smith's Jones' and Browns. Unless the people of Australia (many of whom don't give a hoot) wake up to this 'right to rort' in the hands of some special class of persons (women included), there will be little left of anything of value you call 'Australian'.

This is so much like the lies about David Hookes. The facade they put on the for the public do desperate for heroes who fit this mould that does not exist.

Perhaps those who forget the past are doomed to repeat it.