Reserve Bank of Australia – Cover Up
I have been following this story in The Age and have shared thoughts on the subject before.
But having just watched the Four Corners program on iView I am simply stunned to wonder just what the power brokers have to do before they are called to account. Clearly, being caught out as bare faced liars (as is the case of the RBA’s Glenn Stevens and his cronies) is not enough.
I have also made mention of the fact that the current head of ASIC (Greg Medcraft) bailed as Global Head of Securitisation at Société Générale to return to Australia to join ASIC. He left the plum New York job just before the GFC struck!
The US Federal Housing Finance Agency has alleged in a lawsuit that Societe Generale’s securitisation business – which Mr Medcraft oversaw – was negligent, did shoddy due diligence and seriously misled two American loan providers, Fannie Mae and Freddie Mac
The Age – November 10, 2011
Medcraft continues to refuse to explain why ASIC has not even bothered to investigate claims of gross criminality by two independent whistleblowers against RBA directors and executives.
Anyway, next time ASIC throws its might and power at you threatening fines and worse if you don’t file their forms on time, seek comfort from the fact that the most powerful in the land can illegally throw millions at corrupt arms dealers and other criminals with impunity.
elliot syndrome