This in lieu of Monday Mirth instalment:
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An excerpt;
“Since this article is about disclosure, it is only fair I point out my history with ASIC, and that its chairman, Greg Medcraft, has suggested my judgement is lacking.
In April, I gave evidence before the senate inquiry into ASIC about my experience working there as a lawyer nearly a decade ago. I spoke of ASIC’s secretive “secondment” program, under which lawyers for the banks and for-profit superannuation funds were invited into the innermost sanctum of ASIC’s policymaking function, the Regulatory Policy Branch. In one instance, a lawyer employed by MLC, the wealth management arm of National Australia Bank, was asked by ASIC to help prepare its response to a lobbying submission the lawyer himself had helped draft.
To the best of my knowledge, the details of ASIC’s bank secondment program had never been publicly disclosed – not even to parliament – until I gave my evidence.”
Jul 19, 2014 ASIC a one-eyed watchdog James Wheeldon
January 12 2015 aA the Saturday Paper
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Regards,
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