The Financial Services Royal Commission in its first fortnight of hearings in March laid bare the massive mortgage fraud in the major banks, and exposed the banks as criminal enterprises.
The terms of reference that Malcolm Turnbull gave to the Banking Royal Commission only allow it to examine specific failings of regulators in relation to banking misconduct.
The Citizens Electoral Council since June has been blaring the news that Australia’s banking authorities are drafting legislation in the Treasury for Cyprus-style “bail-in” powers, so that when an Australian bank fails, the savings of its deposito
No bank deposits anywhere are safe following the disastrous Cyprus “bail-in” using confiscated deposits, because this is now the standard for all future bank rescues.
