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CEO of Australia's Westpac bank resigns over money laundering scandal

5 Comments
By Byron Kaye

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Bankers, one step up, a small one, from criminals.

4 ( +4 / -0 )

Considering the implications here with that this kind of offense, the outrage should be hard and immediate.

It ain't. I am telling you right now, even in Oz, they have brushed this out of the news.

Considering the ridiculous things that seemingly enrages people, it simply amazes me that we can sit by while fat cats get, essentially what we can call "a walk" and we move on to new, more "important" issues.

1 ( +1 / -0 )

The thing is though, Westpac bank donated nearly a million bucks to the ruling National/Liberal government. This has turned out to be their 'get out of jail free' card.

1 ( +1 / -0 )

Agree folks ion Finance have been given a pass at times, but this article makes it sound like Westpac (and other banks) knowingly helped child exploiters and similar.  Actually what happens is banks make millions of payment a day on behalf o millions of customers and they don't always 100% know what their customers are up to.  so more negligence or slackness or inability to put watertight controls over their business rather than deliberate law breaking.

0 ( +0 / -0 )

Considering the huge rip off banks are. and the Government will not regulate to protect Australians.

Put over $50,000 in a fixed term term deposit and get 1.25% At the same time take out a fixed term personal loan for $50,000 and be charged 10.99% (Commonwealth Bank). The banks make 9.74% from your $50,000 term deposit while they give you a return of only 1.25%. Such rip offs are standard and just one of the reasons the big 4 banks in Australia all make tens of billions of dollars profit each year. Privatizing the banking system was the single worst move for Australian citizens in recent memory. We are all much poorer for that action.

Westpac money laundering is just the latest revelation on the corruption of our banking system where the big boys get away with horrific crimes, and when caught are barely penalized. If you or I was caught committing such a crime we would be behind bars for a decade.

The banking system needs to be nationalized to return sanity and accountability to our financial system.

0 ( +0 / -0 )

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