Pyrpolizer wrote:Paphitis wrote:Put it this way. If Australia had a Banking collapse like Cyprus did, the legal court cases and investigations over that would be ongoing for many years to come.
I told you before Banks are private companies. Furthermore they are NOT accountable to the Government they are only accountable to the Central Bank which in turn is only accountable/controlled by the European Central Bank. Do you need to be a rocket scientist to figure out how difficult it is to go after them? Still, the legal process is ongoing, tens of people have been charged including Vgenopoulos who all of a sudden presumably died! I challenged you before to tell me me which of the Lehman Brothers or Citigroup who started the International crisis has ever been criminally charged, only to receive your silence for an answer.
Oh yes they are! You are very foolish to believe that.
Banks in Australia ARE accountable to the Government because the Australian Government provides Capital Guarantees to protect people from the Banks. They also legislate the entire Banking Industry through the Financial Services Act, Australian Securities Commission, and APRA, and therefore they are accountable to the Government.
The Central Bank also overlooks financial policy and interest rates.
If anyone of these Banks fail, the Government is allowed to step in. This has never happened in Australia to my knowledge. We have never had a Bank fail but we came close once with The State Bank in South Australia some 25 years ago.
In your case, some 10 Billion worth of debts from Laiki was taken over by the Governmet, which equates to 50% of GDP because of that Bank which had failed and the Gvernment had to honour all accounts up to 100,000.
You will be paying for that and so will your children for the rest of their lives.
It is completely STUPID to believe that Laiki wasn’t accountable to the Government. The Government told you they were not because they were responsible for the collapse through their stupid policies of pandering to wealthy Russians which bought so many liabilities to the Cyprus Banking System way beyond what they could safely lend out.
That is why you had no inquiry. If this happened in Australia, we would be having all kinds of Banking executives dragged from one court to the next and they would face the music. People would go to jail, and the Government would tighten all its regulations because the Banks have a huge responsibility to the Australian Government and people.
