There are many governmental agencies that are very very inefficient these days. We taxpayers put large amounts of fundings into those agencies. However, they produce very little satisfactory outcome for the general public. They now continue to suck large amount of fundings from taxpayers, and do no significant work in return. The employees in those agencies are very well paid.
ASIC is definitely one of such agencies mentioned above. There were so many corporate collapses that happened in recent years. However, there had been only a few charges lauched against those managements. Take BNB as an example. BNB has collapsed for more than one year. There has not been any mention of ASIC investigation into this case. Yet there was apperant breach of directors' duties involved in BNB collapse according to the administrator's report.
It is laughable that ASIC's first reponse to reporters of possible frauds is to ask for proofs. They are supposed to be the investigator and prosecutor we pay to work for us. However, they act like a judge or, even worse, the lawyers of those manipulators.
It would be better to use the funding to setup a public company like IMF. As long as the company is driven by profits, it will search for any breaches for litigation to general revenues.
