Pandora’s box of bank misdeeds

The People vs The Banks

AUTHOR: Michael Roddan PUBLISHER: MUP RRP: $34.99 REVIEWER: Mary Ann Elliott

FINANCIAL analyst Alan Kohler sums this book up perfectly, “A page-turner in the great tradition of true crime, but also a cautionary account of how a service industry forgot to serve”.

Michael Roddan, A journalist with The Australian, digs deep into the financial services industry crime-scene. He says his book was inspired by the recent Royal Commission findings.

The long overdue commission finally lifted the lid on corrupt practices by some of the leading financial institutions, naming and shaming the chief offenders.

Roddan suggests that since the 2008 fiscal meltdown in the US, with its global impact, Australians have been complacent because the banks came out largely unscathed.

In fact, according to Roddan, people believed that their institutions were invincible.

Consequently, Australia became a haven for white-collar crime which rode on the back of this consumer-apathy.

Still today, many are unaware even of their superfund’s name, let alone know how much they have invested. With such disinterest, rorts became rife, with institutions skimming off super and other investment funds to pay their executives’ massive salaries.

Many lives were affected in ways not realised.

Roddan’s sobering account of political manoeuvring and financial intrigue makes compelling reading.

Effectively he is saying this is what happens with your money when you are not paying attention.

The recent Royal Commission opened a veritable Pandora’s box of misdeeds.

The question remains, will the suggested changes to the law be implemented and will the wrongdoers be adequately punished?

‘‘ EFFECTIVELY HE IS SAYING THIS IS WHAT HAPPENS WITH YOUR MONEY WHEN YOU ARE NOT PAYING ATTENTION.