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Friday, April 20, 2018

AMP boss Craig Meller should go straight to jail

AMP boss Craig Meller shouldn't be allowed to just step down and walk away, he should go straight to jail.  

This week we learn that AMP deliberately lied to the corporate watchdog ASIC for almost ten years to cover its practice of charging customers fees for advice that was never received.

And can you believe Meller's cringe-worthy apology?
"I am personally devastated by the issues which have been raised publicly this week, particularly by the impact they have had on our customers, employees, planners and shareholders," Mr Meller said.
 "This is not the AMP I know and these are not the actions our customers should expect from the company.
"I do not condone them or the misleading statements made to ASIC. However, as they occurred during my tenure as CEO, I believe that stepping down as CEO is an appropriate measure to begin the work that needs to be done to restore public and regulatory trust in AMP."

And if the government thinks that a heavy fine will suffice for CEOs found guilty of despicable acts, they have another think coming.  These crooks need to be made an example of  - no good behaviour bonds, no fines, just real jail time.
And let's be honest, we wouldn't be having this Royal Commission into Banking if it were not for three members of the Coalition who threatened to cross the floor if Turnbull refused to act, which forced his hand.   
The Prime Minister had to be dragged kicking and screaming to this point because he knew very well what has been going on and hoped we would never find out.  

And surprise, surprise, the government today announced there would be 10 years behind bars maximum penalty and heavy fines.  What a joke, heavy fines won't worry these boys, a few million here and there won't matter in the least,  but jail time will put a stop to it once and for all.

Today we learn astonishing admissions that a subsidiary of the Commonwealth Bank, Count Financial, charged advice fees for years after clients had died.  

Finally Malcolm, the cat is out of the bag, and the revelations get worse every day.