All banks are bastards
If Outsider recalls correctly, it was just over a decade ago that a book was published by a banking industry insider titled "All Banks are Bastards" and sold moderately well.
It is just possible that the Federal Treasurer, Scott Morrison managed to find a copy of this worthy tome when he penned his speech introducing the legislation underpinning the Banking Executive Accountability Regime – that rather wonderful piece of law-making which will mean banking executives will have to be of unblemished character to get employed and remain squeaky clean thereafter.
Without having read the legislation in detail, Outsider would be concerned if there is an element of retrospectivity because he has a couple of golf partners who may have to consider new careers, but that is another story.
Channelling the notion that all banks are bastards, Morrison’s media release announcing the working of the new regime stated:
“Banks are not perfect. They make mistakes. And they don’t always meet the fair expectations of their customers and the wider community.
“There have been recurring scandals, and Australians remain puzzled by the big salaries, the rate rises and the fees for everything.
Too often, through their own actions, banks confirm some of the worst views Australians have of them.”
That’s right Scott, all banks are bastards so tax them.
AUTHOR
The Outsider
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