RR Phantom
Location : Wasted Space Job/hobbies : Cayman Islands Actuary
| Subject: OZschwitz: ASIC's governance failure rolls on - ANCAPS delighted Tue Mar 22, 2011 11:44 pm | |
| The Australian Securities and Investments Commission carries the enormous remit of regulating consumer credit, markets and financial services while exploiting its monopoly power to raise cash for Canberra ($195 million dividend last year, a 34 per cent profit margin) and doing a bit of education and good governance promotion on the side. Too bad this rich revenue source fails basic good governance itself.
Tony D’Aloisio calling it quits after four years as executive chairman is as good an opportunity as any to try to fix the problem of ASIC having an executive chairman – if the government wasn’t consumed with its own survival.
As has been stated before, the current ASIC structure leaves the watchpuppy prey to the whims, style, culture, substance or lack thereof of whoever happens to be chairman. Yes, it’s just like News Corp.
ANCAPS: ANARCHO-CAPITALISTS |
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