Australia’s Government Is Shocked, Shocked by Bank Wrongdoing
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After being dragged kicking and screaming to hold an inquiry into misconduct in Australia’s financial industry, the government is now jumping aboard the bank-bashing bandwagon as public anger at evidence of wrongdoing escalates.
Among the more shocking revelations this week, the inquiry heard AMP Ltd. deliberately misled regulators over charging customers for services they didn’t receive, while Commonwealth Bank of Australia collected fees from dead people, in one case for more than a decade. AMP Chief Executive Officer Craig Meller today become the inquiry’s first scalp, saying he would step down immediately.