ASIC, the AEC, James Ashby’s One Nation aircraft and other drop bears

All this is well and good but why isn’t there mention of the fact that Tony Abbott pulled ASICS teeth and cut $120 mill off their budget and cost 200 jobs? ASIC’s under performance is now being used by the banks and it’s conservative supporters. (ODT)

Former Treasurer Wayne Swan did a lot of good things for the Australian economy, including having the nous to prime the pump when the GFC – brought on (arguably) by the very securitisation process Medcraft had pioneered – threatened to derail the lot of us. Swan and former Prime Minister Rudd saved us from a recession — no doubt about it.

But Swan could also, on occasion, be as far-sighted as a fruit bat. And putting Medcraft in charge of ASIC in 2011 was about as batty as the night sky above Gotham City. I am struggling for a fox/henhouse metaphor here — maybe the bat and the mango tree? You get the point.

Medcraft presided over a bloated, generously-funded ASIC, only too happy to pretend to be the “tough cop on the beat” when, in truth, it was no more than a limp toady, smitten by the big swinging dicks at the banks.

via ASIC, the AEC, James Ashby’s One Nation aircraft and other drop bears