Don’t bank on it
Our Commonwealth Bank was once held in high regard by all Australians.
Now, the CBA stands further disgraced well beyond its already declining regard.
The directors, including the CEO are similarly disgraced. Past defective investment advice has cost deluded investors a great deal of money.
It appears the bank has learned nothing from its recent scandals and it no longer resembles the iconic bank it once was.
There is a chance that while our air-force and ground personnel are fighting terrorists in north Africa, with money transfers involved, some monies might have flowed to Australia’s enemies in the war with Islamic extremists.
If that has happened, and the question remains how often it might have happened, is still to be determined.
Australian banks today minimise customer counter service but pay teller staff poorly. At the same time investment advisers earn big bonuses for generating investor funds, and this lure of big bonuses will create the situation where a greedy few will misrepresent risk and tell lies to line their greedy pockets.
Australian banks are among the world’s most profitable, but in the case of CBA it is undisciplined, and in management is a non-compliant failure.
Any bank, other than the Commonwealth.