ASIC A CORPORATE WATCHDOG?
... more like a pathetic poodle
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.
They sit sleepy-eyed in their shiny leather chairs, looking up unnecessarily big words in order to sound intellectual, but they don’t… they are just part of the landfill of Public Service wastage.
PM Turnbull has just given them another $170 million to add to their yearly budget of over $320 million to monitor the corporate sector, but corporates like the banks have no fear of ASIC.
And here’s why: ASIC for decades has regularly lost tens of millions in court cases trying to nail the big boys of the corporate world who have all of the very few decent law firms on retainer.
Yep, he looks a formidable foe
The millions paid out to the lesser (unsuccessful) law firms comes straight out of ASIC’s budget. So ASIC doesn’t want anything to do with fresh court cases against the greedy corporates. It confines itself to sending out letters pleading with them to change their ways and to, “please be good boys”.
Of course the media is supplied with these letters in a vain attempt to indicate that ASIC is on top of the corruption.
But here’s the nub: On the rare occasion ASIC is able to win a lay-down misere case, the fines imposed go directly to government internal revenue. Pretty clever eh? So there is never an incentive for ASIC to carry out their enacted role, either way…win or lose!
Why risk depleting a half billion dollar budget that affords them their excessive wages, long lunches and endless business class junkets carrying empty satchels?
Failed ASIC boss Greg Medcraft leaves for greener pastures
Competent executives are not attracted to senior positions at ASIC, so it’s left with these same sleepy-eyed morons pretending to be efficient while corporates like the banks are free to emulate the five Mafia families.
Perhaps we could engage Rudy Giuliani for a while, he cleaned up the New York and Chicago mess and stopped the interactive synergy between corporates and unions and their controls over massive superannuation funds.
But how can anyone blame ASIC when our government’s inept stupidity encourages it?