The CEO’s of twelve banks simply removed the safeguards they were contractually bound by to protect all 22m Australian individual and small business bank customers.
The banks acted as a cartel, and if they deny this, they certainly conspired to dismantle customer protection policies and engineer an arrangement to further their own interests.
It might sound far-fetched but it isn’t. The full report shows how the CEO’s were the brains trust behind the arrangement, and friends of the banks allowed it continue for eight years.
The paper explains how the banks and their CEO’s did it and provides supporting evidence that is not in dispute. READ MORE.....
The full Problematic Code paper can be found on the Senate website, headed COSBOA Sub No 90: http://www.aph.gov.au/Senate/committee/economics_ctte/banking_comp_2010/submissions.htm