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Royal Commission into Securency:Greens - $57 billion plus AU fraud loans overlooked ...

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Please forgive me if this has already been posted before ... Lisa



THE Australian Greens will move for a royal commission into whether the Reserve Bank of Australia (RBA) covered up evidence of bribery by its note-printing subsidiaries.

The scandal was exposed in the media in mid-2009.
A committal hearing in Melbourne last week heard eight former executives of the wholly RBA-owned NPA and the part-owned Securency were involved in a conspiracy to bribe public officials at foreign banks in trying to secure contracts to make plastic banknotes.

But ABC Television reported on Tuesday then NPA company secretary Brian Hood detailed corruption concerns in the mid-2007 memo to then RBA deputy governor Ric Battellino.

Greens banking spokesman Adam Bandt said he would move for the establishment of a full independent inquiry into the banknote bribery scandal.

"The inquiry should have the powers of a royal commission," Mr Bandt said in a statement on Wednesday.

Mr Bandt said both Labor and the coalition voted down his move for a similar inquiry in August 2011.

The Greens deputy leader will have an opportunity to question RBA governor Glenn Stevens on the matter this Friday when the central bank boss is due to appear before a parliamentary committee in Canberra.


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  • doyla66
    doyla66 Sunday, 26 August 2012

    Check this one out along with a post I did (about two or three posts ago), where the CFO pleaded guilty and then spilt the beans submitting hard drives, other damning info and volunteered as a crown witness against the Reserve Bank of Australia - this is a story that will tell all - keep watching it.

  • doyla66
    doyla66 Sunday, 26 August 2012

    I read it was an accounting error of around $57K ... and something like millions in bribes. Of course that reflects badly and directly on the government so the requisite minions will be found and beheaded to preserve the "integrity" of the central bank and Australia's good regulatory and governance reputation ...
    I say sack Glenn Stevens - fish stink from the head down and he's responsible for the lot, by definition as the boss. And no pension or other perks either.

  • doyla66
    doyla66 Sunday, 26 August 2012

    Royal-Commission = RBA lost paltry few $m -v- Bank Fraud_loans $50b>$100b = ummm Royal Commission? Why? Come again????

  • doyla66
    doyla66 Sunday, 26 August 2012

    So Mr Bandt wants to focus the RC on this? Ummm - I thought there was much bigger picture of banking fraud being perpetrated than this RBA scam!
    Somehow, I would be questioning his motives as to why he wants to limit the focus to this.

  • doyla66
    doyla66 Sunday, 26 August 2012

    Well, that's politics.

  • doyla66
    doyla66 Monday, 27 August 2012

    The Greens want a royal commission into the RBA. Can't we add the Bank fraud loans in as well, or does the RBA atter and Loan fraud matter need to be 2 individual Royal Commissions?

    Please PM Julia Gillard, you be the one TO SCRAP THE CURRENT SYSTEM AND START ALL OVER AGAIN.
    Steve Keen's advice. "A modern debt jubilee or quantitative easing for the public, where the central banks would create 'central bank money' (we cannot destroy or abolish the debt, which would also destroy the incomes of the people who own the bonds the banks have sold). We have to create the state money and give it to the public, but on condition that if you have any debt you have to pay your debt down -- no choice. Therefore, if you have debt, you can reduce the debt level, but if you do not have debt, you get a cash injection." SOUNDS SIMPLE ENOUGH :)

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