Australian Royal Banking Commission

Last week, the CEC Report advised that a banking lobby went to Canberra to meet with politicians to request/blackmail/firmly urge, that they do not break up the banks after all the criminal activities that they have been uncovered by the commission!

What a Joke!

The Commonwealth Bank was fined $700 Million Dollars after being found guilty of money laundering, 53,000 breaches. Tabcorp was fined $45 Million Dollars for 84 breaches.

CBA Per Breach = $13,207.54

Tabcorp Per Breach = $535,714.28

On an even playing field, the fine should have been $28,392,857,142.86. Yes, that is over $28 Billion Dollars.

CBA must have got a discount for committing crimes in bulk?

Keeping in mind under Australian Law, the maximum fine is $18 Million Dollars per breach.

http://www.abc.net.au/news/2018-06-04/commonwealth-bank-pay-$700-million-fine-money-laundering-breach/9831064?section=business

I suspect just like the Tabcorp case, no one will see a day of gaol time for the crimes committed.

The value of the shares in CBA went up over $2 Billion Dollars today. What a joke!

This was nothing more than a slap on the wrist.

Who is pulling who's leg here?

The Treasurer Scott Morrison is concerned with the bank restoring public trust? Who gives a f%^&. Why is he feeling compassionate for the bank?

What about paying for their crimes, and the criminals running the business being held accountable and doing some gaol time?

A simple fine for a company this big, is not a deterrent. The dodgy practices will not cease in light of this.

Mick T signing out.