Debunking the great Australian banking myth – The Drum (Australian Broadcasting Corporation).
There is a certain irony about Macquarie Bank warning against new financial regulations, when only six years ago it was begging the government for help, writes Ian Verrender.
Q. What are the two greatest weapons in a businessman’s arsenal?
A. Chronic memory failure among the broader community and a compliant business media.
Macquarie boss Nick Moore used both to full effect last week when he issued a dire warning to David Murray, the man heading the inquiry into the future of Australia’s financial system.
Think twice about imposing new regulations on our banks to protect taxpayers from a collapse, Moore warned. Such regulations could backfire and cost the nation dearly.
…click on the link above to read the rest of the article…
