I think Westpac is lucky to still be around after their massive losses due to the money laundering scandal.
Westpac also had a responsible lending scandal and the Federal Court, especially Judge Nye Perram, has criticized the regulators for not seeking maximum penalties and only getting $1.3 billion AUD out of Westpac for money laundering and about $300 million AUD for responsible lending.
The market took $40 billion AUD out of Westpac not necessarily the regulators like AUSTRAC who were mostly asleep down there in Australia.
The Federal Court judges like J. Perram are right to question the regulators and their lax useless and totally regulatory captured behaviors.
WBC Price at posting:
$33.36 Sentiment: Hold Disclosure: Not Held
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