Do the crime, do the time? Not if youre a banker in Australia

Recently, the head of the Australian Securities and Investments Commission, Greg Medcraft, called Australia a “paradise” for white-collar criminals. Soon after he recanted, claiming he didn’t want the country to become a haven for financial fraudsters. This rephrasing likely followed when Finance Minister Mathias Cormann leaned on Medcraft.The mass media has done an admirable job bringing the CBA financial planner scandal to light, forcing ASIC to finally investigate, the Senate to inquire and the CBA to apologise and provide compensation. Despite this, frauds like these are universally downplayed as isolated events, perpetrated by “bad apples” in an otherwise trustworthy FIRE finance, insurance and real estate sector.Australia’s economic history shows otherwise. Our past is littered with a surprisingly large number of control frauds, which government and regulators have done next to nothing to prevent and rarely prosecute. The mounting frauds appear emboldened by deregulation and liberalisation of banking and finance.

via Do the crime, do the time? Not if youre a banker in Australia.

WikiLeaked Doc Reveals Wall Street Plan for Global Financial Deregulation | Common Dreams

Known as a Trade in Services Agreement TISA, the draft represents the negotiating positions of the U.S. and E.U. and lays out the deregulatory strategies championed by some of the worlds largest banks and investment firms.According to WikiLeaks:Despite the failures in financial regulation evident during the 2007-2008 Global Financial Crisis and calls for improvement of relevant regulatory structures, proponents of TISA aim to further deregulate global financial services markets. The draft Financial Services Annex sets rules which would assist the expansion of financial multi-nationals – mainly headquartered in New York, London, Paris and Frankfurt – into other nations by preventing regulatory barriers. The leaked draft also shows that the US is particularly keen on boosting cross-border data flow, which would allow uninhibited exchange of personal and financial data.TISA negotiations are currently taking place outside of the General Agreement on Trade in Services GATS and the World Trade Organization WTO framework. However, the Agreement is being crafted to be compatible with GATS so that a critical mass of participants will be able to pressure remaining WTO members to sign on in the future. Conspicuously absent from the 50 countries covered by the negotiations are the BRICS countries of Brazil, Russia, India and China. The exclusive nature of TISA will weaken their position in future services negotiations.Lori Wallach, director of Public Citizens Global Trade Watch, said the deal described in the draft, if approved by national governments, would be a disaster for any regulatory efforts designed to put a check on global finance.In a statement responding to the TISA draft released by WikiLeaks on Thursday, Wallach said:

via WikiLeaked Doc Reveals Wall Street Plan for Global Financial Deregulation | Common Dreams.

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