Episode 2:Daddy’s Very Sad!

I thought when I started with my Batman motif on misconduct and corruption in the financial services industry I would have to leverage a lot of poetic licence!  But as I read Patrick Durkin’ article in the AFR (26th Feb18) they are just laying the stories up for me.  This is in relation to the ongoing scandal over rate fixing by the big four banks of the Bank Bill Swap Rate  BBSW.

The BBSW is the short-term interest rate used to set interest rates of hundreds of billions of dollars of bonds, loans and hybrid securities. The rate is also influential in determining the rate banks offer on mortgages, personal and corporate loans.

Durkin goes on to elaborate how the wife of CBA’s Chief Swap Trader tells her children “Daddy’s very sad” as he has been “ambushed” by ANZ and Westpac traders who were working in “cahoots”.

Key players according to Durkin are CBA traders Mark ‘The Powerful Owl’ Hulme and Garfield ‘Bad Kitty’ Lee, who were highlighted in ASIC’s case against Westpac where Westpac traders Colin ‘The Rat’ Roden and Sophie ‘The Perfumed Steamroller’ Johnston became key witnesses.

I could not make this stuff up!

Oh my message:

“Your organisation is perfectly designed for the results that you achieve” – W.Edwards Demming