Well done Westpac, 23 million (million, how can it be that bad?) dud transactions, a substantial number of which involving pedophiles sending money to their clients in the Philliphines. There has been an apology – not to the victims of pedophiles, mind. But no board or management heads have rolled. Surely at least one senior official and at least one board member’s head should roll, but obviously Westpac’s corporate culture is far from satisfactory.
Big Bananas, or stunned mullets, at Westpac
The bank has been bold enough to provide public support for various ‘social’ matters, eg same sex marriage, and criticism of government policy. Gor blimey, bankers, you should be focussing on running your business competently and honestly. If I were Chairman of the board, I’d cancel all bonuses until the large fine that is sure to be imposed on Westpac is paid off. If anyone wants to quit, I’d say ‘go for it buster’, as well as firing those most clearly responsible for the proven problems revealed by the Royal Commission and the recent finding of illegal dealing by corporate regulators.
One assumes all the muck stirred up by the banking Royal commission, while significant, is far from telling the whole story – for example, taking money from accounts of dead clients, breaking laws, selling dud products, especially products including insurance and money management constructed by second or third rated insurance and fund management staff. These products should be provided from lists of top performers from outside the banking community.
One is forced to ask a broader question. How much have standards of Australian corporate honesty and fair dealing declined? How much has greed, and stupidity, replaced ‘good reputation’ as the aim of senior corporate managers. How much has embrace of ‘diversity’ limited the average competency of senior staff and board members? Enough, modern capitalism needs a major workover and the sooner the better.
Fiona Prior sees the critically acclaimed and disturbingly brutal Sydney Theatre Company production of ‘The Beauty Queen of Leenane’ by Martin McDonagh (McDonough past work includes the brilliant 'Three Billboards Outside Ebbing Missouri'). This one is not for the faint-hearted. More here.
The Aussie cricket team is busy flogging a young Pakistan team, and one hopes for a better game in the next test. Then our boys face the Kiwis, likely to be tougher opponents.
Basketball is flourishing and AFLM footy is in the news as clubs buy and sell players and generally try to improve their ‘cattle’ during the offseason.
The racing peak has come and gone, providing plenty of equine drama and lovely ladies in nice costumes.