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BFCSA: Treasurer Joe Hockey leans on advice from international merchant Bankers

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Joe Hockey gives financial system inquiry international flavour

Georgia Wilkins March 24, 2014  The Australian   

Treasurer Joe Hockey has been accused of drawing too heavily on the advice of investment bankers and hedge fund managers to guide the government's financial system inquiry.

The Treasurer appointed four business people to head the inquiry's international advisory panel, including former Goldman Sachs investment banker Sir Michael Hintze and JP Morgan investment banker Jennifer Nason.

Sir Michael is the founder of $12 billion London-based hedge fund CQS and is a prominent philanthropist and donor to the Conservative Party in the UK.

Also on the advisory panel is former Westpac chief executive and Treasury deputy secretary David Morgan, who is currently head of private equity group JC Flowers in Europe and Asia, and former central banker Andrew Sheng, head of the Hong Kong think tank Fung Global Institute.

Mr Hockey said the panel would advise the government on aspects of the inquiry's terms of reference, including ''technological change, Australia's global competitiveness and offshore regulatory frameworks''.

Professor Milind Sathye, head of accounting, banking and finance at the University of Canberra, said the panel drew heavily on investment banking experience rather than retail or regulatory experience.

Ed: Aren't these the very Banks that caused the GFC and those disastrous Bubbles in Global Mortgage and property markets?  This email address is being protected from spambots. You need JavaScript enabled to view it.

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  • doyla66
    doyla66 Monday, 24 March 2014

    EXACTLY. How can we consumers and citizens of Australia have any confidence in our Leaders.. we are just like lemmings heading for the cliff

  • doyla66
    doyla66 Monday, 24 March 2014


    Makes you wonder if the government is trying to clean up the banking industry doesn't it. Some of the very people who caused this fraudulent scam in the first place. What kind of rot will they come up with.

  • doyla66
    doyla66 Tuesday, 25 March 2014

    Save the tax payers money and dont bother JOE

    If it is going to be a half cocked cover up, you all know how it goes "nothing to see here" then save us all the pain suffering and the tax payers the expense and just call it off JOE. What a blood disgrace that our politicians cannot even extend the good people of this country the courtesy of the truth, keep covering up but it will have to surface one day what has really happened. Did you already organise a back room payout for your Mother In- Law Joe now its screw the rest of them coz if I let the truth out its going to implicate all my Bankster Buddies. At least we only have under 2 and a Half years left before we can tell you how we feel about your efforts at the polls. You used this lie to help get your party get elected and now you fail us.

  • doyla66
    doyla66 Tuesday, 25 March 2014

    I agree, Walt. Lots of people placed their trust in Joe's Banking and Finance Industry Inquiry, which was supposed to be like the Wallis Inquiry. We were misled - that is patently unfair.
    Clearly consumers need their own inquiry into consumer fraud, related malpractice and especially the Banking and Finance Industry where the losses and damages are too high per consumer/complainant to be disregarded. The current ASIC inquiry must be showing that loud and clear to the Government, especially the Senate. Let them have their useless fat cat Bankster chat fest but pay for it themselves, not at our expense. A Lo Doc Inquiry would be helpful but a full throttle Banking and Financial Industry Inquiry is needed to get to the bottom of it all. It's not just defrauded mortgage holders and ripped off investors who would like answers - there are shareholders, media and many others who want to know. They're seeing the smoke - is there a fire?
    I agree with Denise, it is worth the money to clean this up and set up real systems that work, not just "frameworks" without substance and reality.
    BTW, have you seen the carry on over Thomson's jail term for misusing $24,000 of HSU money, described as a life of luxury! He's getting 12 months jail. And there's a Royal Commission into Unions starting next month to clean it all up. We'd call Thomson's HSU misappropriation a "distraction", like a mozzie bite, old fashioned union drama, politically motivated, compared to the enormity of the Bank fraud cases, both in human losses and dollar value.

  • doyla66
    doyla66 Wednesday, 26 March 2014

    Well what a big surprise - Joe has turned out to be a big turncoat after all and has opted to hedge his bets!

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