The Pickering Post
Saturday, 21st April 2018

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THE “ASIC CAPABILITY REVIEW”

... and “capability” is exactly what ASIC is missing

Larry Pickering

Four-time Walkley Award winning political commentator and Churchill Fellow, has returned to the fray over concern that the integrity of news dissemination is continually being threatened by a partisan media.

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Despite the scathing review, Greg Medcraft's term as ASIC Chairman was actually "extended" by Treasurer Scott Morrison in order for Medcraft to implement a $121 million recovery package Morrison convinced the Banks to pay for. Blimey, that’s like convincing a condemned man to help build the gallows.

ASIC is yet another example of a government Agency that has become lost in perpetuating its own useless existence. Self interested infighting erupts and overtakes its real role in controlling crooks in the commercial sector... in this case the evil banks.

ASIC’s failed case against One.Tel, where it sought $92m in damages and a lifetime banning order against One.Tel directors, cost the Australian taxpayer over $35 million. ASIC spent over $20m on the case with huge costs going to the defendants. The case ran for almost nine years and took up 232 sitting days. 

In a blistering judgment, Justice Robert Austin declared that ASIC had, “failed in every aspect of its case”, it “failed to call key witnesses” and it “exaggerated the effect of evidence or misleadingly took passages of evidence out of context”. That’s normal for ASIC.

When I had an altercation with them I didn’t bother engaging a legal team, their claim was so ridiculous, it took me ten minutes before the judge threw their case out the door. They are so ill-prepared and hopelessly incompetent. They have no knowledge of the legal system or how to instruct their counsel.

It lost in costly fashion against AWB boss, Andrew Lindberg, Twiggy Forrest, Opes Prime director Julian Smith with a long list of other directors, like Steve Vizard, receiving a slap on the wrist and a fine.

ASIC has now become court-shy and is dodging cases believing they are on a hiding to nothing. It risks losing more millions and copping a bollocking from Treasury with another budget cut yet, when it finally does win a small case, nobody wants to know about it.

It is a waste of time taking the banks to court with a lousy $121 million because the banks have got the best law firms on retainer and can easily outspend ASIC. No wonder this corporate “cop on the beat” has retreated back to settling intra office spats.

And it’s no wonder the banks agreed to pay up in order to take ASIC on. ASIC is their favourite opponent.

On Wednesday, Morrison’s Press conference was no more than an attempt to blunt Shorten’s promise of an RC into the banks.

PM Turnbull is continuing to paper over the corporate cracks. Throwing more money at ASIC is the worst of all options when ASIC has proved beyond all doubt that it is incapable of carrying out its duties as a corporate cop. Chairman Medcraft’s tenure must not be renewed nor extended and a change of senior management should be made.

Once reformed, ASIC must be given the same default judgment powers as the ATO, or it’s best to abandon it and start again. 



Comments

The government theory of problem resolution is to throw money at some organisation or other and hope that someone within that organisation will come up a good plan. So far it hasn't worked for bank and corporate problems, Aboriginal welfare, Muslim de-radicalisation, drug abuse, NBN etc. In private industry one goes in with a business plan with a set of deliverables and a timeline of measurable milestones, which is put under much scrutiny before even a single dollar is allocated. Not so with government . . . of any flavour: They're merely interested in seeming to be doing and keeping the 'noise' down while concentrating on the important business of getting re-elected. A $5K helicopter ride pales into insignificance alongside the billions being squandered on wasteful stunts.

Doctor Andrew Wakefield: Hero or Quack?

Time for some truth whether you like it or not.

The answer to the question of whether Dr. Andrew Wakefield is a hero or an enemy to modern science depends largely on one’s perspective and training. Dr. Wakefield, a practicing British gastroenterologist, dared to publicly question the safety of the MMR vaccination in 1998.
Wakefield observed that his pediatric gastroenterology patients suffered specific inflammatory bowel issues and developed symptoms of autism following the MMR vaccine. Wakefield was not anti-vaccine, but simply recommended single vaccinations as opposed to the combination MMR vaccine, which included three separate vaccinations.
Wakefield suffered an extremely negative and strong reaction by his peers, medical groups and governing board, and the media. His advocacy ultimately caused him to lose his medical license and reputation among many of his peers.
Recently, Dr. Wakefield has directed the documentary Vaxxed, which attempts to again publicly uncover the dangers of the MMR vaccine and its connections to autism. Wakefield has become a champion for the autism community, who stand behind his dedication and work to help the growing number of children suffering from autism and related bowel disease.
Wakefield also has many supporters within the holistic health community who recognize the tremendous work he has done to help those suffering from autism and gastrointestinal disease. [1,2]
Who Exactly Is Dr. Andrew Wakefield, And What Happened To Him?

https://vactruth.com/2016/04/23/doctor-andrew-wakefield/

Rather throw 121 million at ASIC than waste billions on a wasteful royal commission which we all know will only see the banks come out smiling. Our 4 pillar banking system is so regulated by national and international law that all a royal commssion may find will be arguments over interpretation of fine print. Every Australian will pay dearly if we give Shorten the power to implement a royal commission into our banking system. It could end in a run in our banks and huge interest rate increases. All so the shifty, corrupt Noddy Shorten and his union mates can become the little despots they so desire to be. The question all Australians should be asking is when did a royal commison become a political weapon in the hands of lthese little men and women?

It is a useless organisation that should be abolished and started again. The government could do a lot worse than contracting the whole organisation out to the New Zealand government whose Companies Office is 100% accessible on-line, is inexpensive to users and super efficient.It odes not contracts out a limited amount of access to private organisations do. The annual return filing fee in NZ is NZ$45.00. Compare that with our AUD$265 and rising. The culture at ASIC has always been user unfriendly and can only be corrected by a total clean out from the top down.

ASIC, like the ATO is ruthless in dealing with those who are too small to protect themselves.

If Shorten has half a Political Brain, he will persist with his policy of a RC into the Banks, make it a huge election issue. MalFunction is a Political Imbecile by standing up for the Banks, lets be honest no one like Banks, every body has been stung by then at some stage.

Statistically half the population are below average intelligence.

T'S PAST TIME! that our politicians were brought into line and realise they are the servants of the people. They're very happy to tell us they're 'in power'... but they make a big mistake here.. they are 'in office' and that means they should listen to their constituents and behave accordingly... these days it's seems much the reverse. Those who choose to criticise their politicians are frowned upon and in many cases, ostracised... Time for a wake-up call to our local members - they should be advised they are indeed the servants of the people - it's their choice to be there... I guess there are many who wouldn't be able to get a 'real job' if they lost their 'seats'.... I reckon the 'power' has gone to their heads and it's past time they realised just what their job entails.

Right on que Obummer standing shoulder to shoulder with low life Cameron .. Controlled by the same masters and banging the Elites drum for Britian to stay in the EU. The likes of Icke have laid this out for years and like he says it's not hard to predict the future if you know the game plan. No Icke bashers please .. I'm getting sick of seeing the same links.

Council Amalgamations
Councils Holroyd, Auburn and part of Parramatta are to amalgamate and are looking for a new name for the new council area. I would suggest Hemaroyd (wrong spelling I know), but why Hemaroyd? Because it will become the arsehole of western Sydney….

Has the Turd and Libs seen the light? New import fees on steel being sold from China. The unfairly priced steel from China is just one product. Toilet paper is another. Up until the Whyalla disaster it seems they were quite happy to let this occur and see locall industry suffer or fold.

Malcolm Turnbull's phony 'thoroughly liberal' leadership

In September when Malcolm Turnbull took the prime ministership he said he'd lead a "thoroughly Liberal Government". What's "thoroughly Liberal" about increasing taxes on superannuation is anyone's guess.

In the Fairfax press on Wednesday, the journalist Peter Martin summed up just how far Turnbull and the federal Liberal Party has fallen.

"The Turnbull government is preparing to trump Labor in the budget by cracking down harder on high-income superannuation tax concessions to raise four times as much as the opposition's policy. Labor has promised to cut the income tax threshold for more heavily taxing contributions from $300,000 to $250,000. The Coalition now plans to cut it to $180,000."

Unbelievable. But true. The Liberals are now in a bidding war with the ALP as to who can increase taxes on superannuation the most. The headline to the story says it all: "PM's crackdown on super to steal Labor's thunder."

Even more bizarre is that virtue of the fact they're planning to increase superannuation taxes by less than the Liberals, the ALP now has a better policy on superannuation than the government. Labor's tax increases will affect 110,000 Australians. The Liberals' tax increase will hit more than double that number.

This newspaper's economics editor Alan Mitchell neatly summed up what appears to be the calculation behind the tax increase. He said it would not be politically costly because, "the people who will be paying the extra tax are rusted-on Coalition supporters. They have nowhere else to go". Whether it's in the long-term interests of the Liberal Party for its leaders to think this way about the people who vote for them remains to be seen.

If Morrison does raise superannuation taxes on the wealthy he'll no doubt claim he's doing it so he can cut taxes for everyone else, and he'll pledge the government's overall share of tax won't increase. The problem is though that a tax rise is a tax rise, regardless of how it's spent.

Make no mistake. If Turnbull goes ahead with the sort of tax increases Morrison is talking about it will be the equivalent of Tony Abbott's section 18C, deficit levy, and Prince Philip mistakes all rolled into one.

Abbott did himself enormous damage among the Liberal Party rank-and-file when he reneged on his commitment to remove legal restrictions on freedom of speech and when he broke his promise not to raise taxes.

When he gave Prince Philip a knighthood Abbott didn't only make himself look foolish. It made every Liberal Party member look foolish too. Ultimately, the sense of disillusionment so many Liberals felt with the Abbott prime ministership was reflected in the way Liberal MPs voted in the leadership ballot.

The situation is worse for Turnbull than Abbott. Liberal Party branch members were merely disappointed with Abbott – they didn't distrust him.

There are two reasons why the Liberal Party branch members tolerate Turnbull, notwithstanding his views on things like climate change, gay marriage, and the republic which are out of kilter with those of many branch members.

The first is because he once appeared to have a firmer grasp of the economic challenges facing Australia than did Abbott. The second reason rank-and-file members were willing to support Turnbull was because he looked more likely to win the election.

If Turnbull raises taxes and doesn't cut government spending one of the reasons for him being leader disappears.

Turnbull presented himself as a reformer and an economic liberal. So far, precious little of that has been seen. As diverse as the Liberal Party is, one of the things that unites party members is the Liberals' commitment to fiscal responsibility. Not many Liberals regard higher taxes as economic reform. There is enormous frustration that, as yet, neither Turnbull nor Morrison look like they have any sort of credible plan to put the budget into surplus, or reduce government debt, or reform the industrial relations system.

If Turnbull loses the election the second reason for supporting him as leader will have turned out to be wrong too.

It's unfortunate that so many Liberal Party branch members are asking themselves the question not whether the Turnbull government will be re-elected, but whether it deserves to be.

John Roskam is executive director of the Institute of Public Affairs

AFR Contributor

http://www.afr.com/opinion/malcolm-turnbulls-phony-thoroughly-liberal-leadership-20160421-gobtd1

Just look at the above pic of this Medcraft individual, then at Richardson's on the previous post. And they say you can't judge a book by its cover.

OT - Larry time for an article on Sixty Minutes fiasco - the grubbiness ever for a TV station - I will never watch Channel 9 again - not even for Eddie Everywhere and his racist comments

It is a tragedy that a politician with a landslide election mandate can be displaced in such a short time by a poseur who in no way represents the will of the people and that combined with the original leader can do so much damage to the country and the people.I cannot imagine anybody undertaking such a monumental fuck up and now he is after a second chance. He must be barking.

http://blogs.news.com.au/dailytelegraph/timblair/index.php/dailytelegraph/comments/they_can1/

"Sophia Tilley, the woman at the centre of a failed corruption watchdog probe that targeted high-profile crown prosecutor Margaret Cunneen, has been charged with cocaine possession in Sydney's east."

Another one....must be the full moon lunar effect
Ladies, please calm down.

A WOMAN, 24, is assisting police after a man died at a home in Mount Isa.

Police have set up a crime scene at the unit block and are treating the 24-year-old man’s death as suspicious.

Officers were called to Dempsey Street just before 1am after reports a man had been stabbed in the chest.

He died at the scene soon after.

A 24-year-old woman is assisting police and investigations are continuing.

http://www.dailymail.co.uk/news/article-3554403/Now-s-party-time-controversial-intervention-Brexit-debate-Barack-Obama-Lady-Michelle-greeted-William-Kate-Harry-informal-Kensington-Palace-dinner.html

http://www.skynews.com.au/news/national/2016/04/23/grand-mufti-launches-defamation-claim.html

What a friggin scumbag

Have a read of this article.
That poofti moofti thinks he can get some free money out of this. I say, which part of the article is he going to pretend is false?