Thursday, 10 April 2014

CBA under fire at ASIC inquiry

This evidence today  is almost too bad to be true but then the witnesses were bankers. From the SMH website:
Commonwealth Bank’s top lawyer, David Cohen, was rebuked before a senate inquiry on Thursday morning for downplaying systematic fraud within the bank’s financial services arm as ”inappropriate”.
The word ”inappropriate” was suitable to describe an error of judgment in clothing choice, said Mark Bishop, chairman of the Senate inquiry into the performance of the Australian Securities and Investments Commission, but not the fraud and failure within the bank’s wealth management division which culminated in clients losing millions of dollars in savings.
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