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Banking Bad: Whistleblowers, Corporate Cover-ups and One Journalist's Fight for the Truth
Against all the odds, Australia held a royal commission into the banking and financial services industries. Its revelations rocked the nation. Even defenders of the banks were blindsided.
Few people were more instrumental in bringing about the commission than journalist Adele Ferguson. Through her exposes in print and on television, she pursued the truth about funds mismanagement, fraud, lack of probity, and the hard-sell culture that took over the finance industry after deregulation in the 1980s. But it wasn't just light-touch regulators and crooked bankers growing fat on bonuses she put under the spotlight. It was also their victims - men and women who had lost everything, and had no recourse when they discovered empty accounts, egregious fees, forged documents and broken promises.
Now in Banking Bad, Ferguson tells the full story of the power imbalance, toxic culture and cover-ups. She describes the long fight for justice by whistleblowers, victims and political mavericks, and she looks at the outcomes of the royal commission - the falls from grace, the damaging hubris, the scathing assessment of the regulators, and the colossal compensation bill - an estimated $10 billion.
Finally, she asks where to from here? In May 2019, the Coalition government, which resisted calls for a royal commission, was re-elected. Bank stocks surged and lending regulations were loosened. Will it all be business as usual from now on, or have our financial executives learned that their wealth cannot come at the expense of ordinary Australians?
Few people were more instrumental in bringing about the commission than journalist Adele Ferguson. Through her exposes in print and on television, she pursued the truth about funds mismanagement, fraud, lack of probity, and the hard-sell culture that took over the finance industry after deregulation in the 1980s. But it wasn't just light-touch regulators and crooked bankers growing fat on bonuses she put under the spotlight. It was also their victims - men and women who had lost everything, and had no recourse when they discovered empty accounts, egregious fees, forged documents and broken promises.
Now in Banking Bad, Ferguson tells the full story of the power imbalance, toxic culture and cover-ups. She describes the long fight for justice by whistleblowers, victims and political mavericks, and she looks at the outcomes of the royal commission - the falls from grace, the damaging hubris, the scathing assessment of the regulators, and the colossal compensation bill - an estimated $10 billion.
Finally, she asks where to from here? In May 2019, the Coalition government, which resisted calls for a royal commission, was re-elected. Bank stocks surged and lending regulations were loosened. Will it all be business as usual from now on, or have our financial executives learned that their wealth cannot come at the expense of ordinary Australians?
380 pages, Kindle Edition
Published August 1, 2019
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Displaying 1 - 30 of 82 reviews
September 19, 2019
‘What follows is the story …’
If you have a bank account, superannuation or insurance, you should read this book. Unless, of course, you’d rather read the full report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. Commissioner Hayne’s Final Report is 1133 pages long, contains 76 recommendations, and a number of referrals of potential misconduct to regulatory authorities for further investigation and action.
In this book, journalist Adele Ferguson includes the background to the royal commission. Given the findings, it’s sobering to think that the royal commission almost didn’t happen. Given the tight timeframe given to the royal commission, a more in-depth examination of aspects of the financial services industry was not undertaken. Which is a pity on at least two counts. Firstly, given the depths some of the financial industry players went to in hiding their unethical behaviour, I wonder what else has not yet seen the light of day. And secondly, because:
‘There had been more than 10,000 submissions to the royal commission, but fewer than thirty victims had been called. Moreover, many guilty former executives had not been summoned to the dock to account for their misconduct. Some were still in their jobs; others had moved onto different institutions, spreading poor behaviour further.’
In his interim report (September 2018), Commissioner Hayne wrote (of systemic misconduct):
‘Too often, the answer seems to be greed – the pursuit of short-term profit at the expense of basic standards of honesty’, he wrote, ‘How else can charging advice fees to the dead be explained?’
In a hard-sell environment people were sold unsuitable products, some were given loans they could not hope to service. Funds were mismanaged, signatures were forged, egregious fees were charged. It’s easy to blame some of this as a consequence of financial deregulation in the 1980s, but honesty and integrity should not need to be regulated.
Ms Ferguson writes of the victims as well as the villains. I want to see appropriate redress for the victims. I want to see the regulatory authorities step up to the mark, to ensure that this doesn’t happen again.
And, surely, the financial institutions need training in ethics and integrity.
Ms Ferguson writes that ‘Hayne’s report did contain many powerful recommendations that will improve the system if they are properly implemented.’ I certainly hope that they are, but I am not confident. After all, the current government resisted holding the royal commission for a long time.
‘Irresponsible lending has played a massive role in the property bubble in Australian cities and in the country’s addiction to debt, putting the economy in a precarious situation should there be a sudden downturn when the time comes for interest rates to rise.’
A case study for executives in worst practice management, an eye-opening sobering read for all of us.
Jennifer Cameron-Smith
If you have a bank account, superannuation or insurance, you should read this book. Unless, of course, you’d rather read the full report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. Commissioner Hayne’s Final Report is 1133 pages long, contains 76 recommendations, and a number of referrals of potential misconduct to regulatory authorities for further investigation and action.
In this book, journalist Adele Ferguson includes the background to the royal commission. Given the findings, it’s sobering to think that the royal commission almost didn’t happen. Given the tight timeframe given to the royal commission, a more in-depth examination of aspects of the financial services industry was not undertaken. Which is a pity on at least two counts. Firstly, given the depths some of the financial industry players went to in hiding their unethical behaviour, I wonder what else has not yet seen the light of day. And secondly, because:
‘There had been more than 10,000 submissions to the royal commission, but fewer than thirty victims had been called. Moreover, many guilty former executives had not been summoned to the dock to account for their misconduct. Some were still in their jobs; others had moved onto different institutions, spreading poor behaviour further.’
In his interim report (September 2018), Commissioner Hayne wrote (of systemic misconduct):
‘Too often, the answer seems to be greed – the pursuit of short-term profit at the expense of basic standards of honesty’, he wrote, ‘How else can charging advice fees to the dead be explained?’
In a hard-sell environment people were sold unsuitable products, some were given loans they could not hope to service. Funds were mismanaged, signatures were forged, egregious fees were charged. It’s easy to blame some of this as a consequence of financial deregulation in the 1980s, but honesty and integrity should not need to be regulated.
Ms Ferguson writes of the victims as well as the villains. I want to see appropriate redress for the victims. I want to see the regulatory authorities step up to the mark, to ensure that this doesn’t happen again.
And, surely, the financial institutions need training in ethics and integrity.
Ms Ferguson writes that ‘Hayne’s report did contain many powerful recommendations that will improve the system if they are properly implemented.’ I certainly hope that they are, but I am not confident. After all, the current government resisted holding the royal commission for a long time.
‘Irresponsible lending has played a massive role in the property bubble in Australian cities and in the country’s addiction to debt, putting the economy in a precarious situation should there be a sudden downturn when the time comes for interest rates to rise.’
A case study for executives in worst practice management, an eye-opening sobering read for all of us.
Jennifer Cameron-Smith
January 11, 2020
Abhorrent but necessary reading
October 2, 2019
This was probably a 4.5 for me. It did get really heavy in places but it was a VERY interesting read. While I did see the news about the Royal Commission, I didn't really get the full impression of the scale of the problem. This book goes into a lot more detail about some of the things the banks were doing. The book is really well researched.
If you have a particular interest in this issue, the book is definitely worth a read.
If you have a particular interest in this issue, the book is definitely worth a read.
May 2, 2020
This book opened my eyes to a lot of things that happened in the 90’s and early 21st century that lent a lot more context behind the opinions of older generations against the big banks. As someone new to the workforce and in the finance industry I haven’t experienced the things that were detailed in the book but was truly shocked and appalled at what I read.
I felt unbelievably satisfied to read the outcomes for Ken Henry and Andrew Thorburn as they typified the problems of greed, arrogance and selfishness systemic in finance pre (and probably still post) royal commission.
Would recommend this book to anyone wanting to know more about the timeline of the financial services industry; it’s really well written and great journalistic nous is displayed by Ferguson, who played a pivotal role in the events that led up to the RC.
I felt unbelievably satisfied to read the outcomes for Ken Henry and Andrew Thorburn as they typified the problems of greed, arrogance and selfishness systemic in finance pre (and probably still post) royal commission.
Would recommend this book to anyone wanting to know more about the timeline of the financial services industry; it’s really well written and great journalistic nous is displayed by Ferguson, who played a pivotal role in the events that led up to the RC.
February 12, 2023
When the Liberal Government finally bent to the public pressure to establish a bank royal commission the hesitant Prime Minister, Malcolm Turnbull declared that ‘it will not put capitalism on trial’ My belief is that it should have.
I love capitalism when I purchase my morning coffee, a new shirt, a holiday, a phone plan and even a new car. I do the research into quality, compare price and review other relevant factors and to a point I will listen to the opinion of the salesperson. But I hate capitalism when the monolithic, insidious corporations rule the economy. Sadly, that is the scene in today’s capitalist world and especially in the world of finance.
The essence of modern capitalism is what is best described as ‘producer capture.’ This is where the consumer is the weakling, and the corporation has virtual full control. It sets the rules, it adjudicates the problems, and it decides the solutions.
Why does modern capitalism allow such a small elite group own such a disproportional amount of wealth? Why have the salaries of chief executives of these companies risen at such a nonpareil way. Do we really have a democracy when corporations appear to have such control over our politicians and the regularity bodies?
In the days before Keating’s deregulation of the banks, the manager and bank staff were looked upon with faith and trust. They were up there with doctors, solicitors, school principals as being trustworthy people.
After deregulation the harsh principals of capitalism kicked in. Shareholder value became the driving force behind decision that banks made, oh and exorbitant salaries for the senior executives. With no one looking over their shoulder and many older investors having antiquated views that the bank would act in their interests the banking and financial service industry took investors on a wild ride which saw many lose their investments and face financial ruin.
This book is a detailed and moving account of that period of Australian business history that culminated in the establishment of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry led by Kenneth Hayne.
Adele Ferguson has written what could be describe as a ‘corporate thriller.’ She tells this amazing and disturbing story of egregious behaviour by corporate entities that cared little for its employers or customers. Throughout this rollercoaster journey of financial cruelty Ferguson adds human pain and suffering by introducing Australians whose lives were either damaged or destroyed because they had trusted these financials concerns and their employees. As Ferguson writes, when profit is the only motive, all forms of corrupt and immoral behaviour can be rationalised’
Most borrowers and users of bank products were middle aged or older and they had undoubtedly grown up in an Australian society where banks, credit unions, insurance companies always acted in good faith and in the transparent interest of their customers. Many stories will evoke feelings of sorrow for the people who Ferguson describes. Some readers will ask why these people didn’t apply the principle of caveat emptor, buyer beware. Probably because they had the mindset that these organisations would act legally, diligently and in their interest. Sadly, they learnt the hard way; modern capitalism doesn’t work that way.
As the book progresses the tension builds until finally PM Turnbull calls for a Royal Commission into the banks. He appoints Kenneth Hayne a retired Justice of the high Court.
At this point in the book the reader gets a clear picture of those politicians who fought for or were in favour of a royal commission and those opposed to it but were brought kicking and streaming to the point where they had to accept it. Howard, Turnbull, Joyce, Kelly O’Dwyer and the strongest holdout of the lot, Scott Morrison. He called it populist hubris, John Howard ‘rank socialism. Naturally as disclosure after disclosure of poor behaviour they tried to argue that really, they were always in favour of an enquiry. Mea culpa was served in bucketfuls. The reader should note that when the Liberals had a surprising win at the 2019 election the value of the banks increased by $27 million.
I can remember the nightly news was filled with images of frayed bank executives entering and leaving the Royal Commission. Andrew Thorburn, Matt Comyn, Shane Elliott, Michael Wilkins, Rosemary Rogers, and the biggest car wreck of all, NAB Chairman Ken Henry. I had been an admirer of this Taree born success story in the government public service. Australia owed him a debt of gratitude for his work during the 2008 financial crisis, but then like so many public servants and politicians on retirement he entered the hallowed world of banking. Words such as pompous, elitist, disconnect, and Insouciance were used to describe his performance at the Commission.
The public regulators Australian Securities and Investments Commission. (ASIC) Australian Prudential Regulation Authority (APRA) came in for harsh criticism for being too soft in their dealings with Bank bad behaviour.
John “Wacka” Williams Barry O’Sullivan, Peter Whish-Wilson, Sam Dastyari, Senator Doug Cameron, Senator Mark Bishop and George Christensen,
Special mention is made of whistle-blower Jeff Morris who inspired and helped so many of the thousands who were affected by the decisions of the financial institutions.
Hayne’s year-long Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was completed in February 2019. The report has made public a decade of fraud, forgery, and criminality in Australia’s financial sector that has cost thousands of people their livelihood and well-being. Fees charged to customers receiving no service, even to the dead, selling insurance to a downs syndrome young man, making incorrect loans to farmers, ignoring people’s pleas for guidance and assistance.
One aspect of the Commission I enjoyed was watching the studious Matthew Hodge and the delectable Rowena Orr (now AG in Victoria) slicing and mincing the bank and insurance executives.
Ferguson was not totally pleased with the outcomes of the report. The commission had been set up by the Liberal Government to have only limited success through the appointment of Hayne, through the scope of the enquiry and the time scale. It did shine a light into the deep dark holes of the banks vicious, corrupt and arguably corrupt behaviour. The question she leaves with the reader is for how long the public memory will last of the bank’s behaviour.
It is so important for the public demand that they create the conditions where capitalism can work at its best. Where large private concerns are fairly regulated, corporations don't create monopolies, where competition thrives and the consumer is seen as king.
This book is one of the most important reads of the recent past.
I love capitalism when I purchase my morning coffee, a new shirt, a holiday, a phone plan and even a new car. I do the research into quality, compare price and review other relevant factors and to a point I will listen to the opinion of the salesperson. But I hate capitalism when the monolithic, insidious corporations rule the economy. Sadly, that is the scene in today’s capitalist world and especially in the world of finance.
The essence of modern capitalism is what is best described as ‘producer capture.’ This is where the consumer is the weakling, and the corporation has virtual full control. It sets the rules, it adjudicates the problems, and it decides the solutions.
Why does modern capitalism allow such a small elite group own such a disproportional amount of wealth? Why have the salaries of chief executives of these companies risen at such a nonpareil way. Do we really have a democracy when corporations appear to have such control over our politicians and the regularity bodies?
In the days before Keating’s deregulation of the banks, the manager and bank staff were looked upon with faith and trust. They were up there with doctors, solicitors, school principals as being trustworthy people.
After deregulation the harsh principals of capitalism kicked in. Shareholder value became the driving force behind decision that banks made, oh and exorbitant salaries for the senior executives. With no one looking over their shoulder and many older investors having antiquated views that the bank would act in their interests the banking and financial service industry took investors on a wild ride which saw many lose their investments and face financial ruin.
This book is a detailed and moving account of that period of Australian business history that culminated in the establishment of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry led by Kenneth Hayne.
Adele Ferguson has written what could be describe as a ‘corporate thriller.’ She tells this amazing and disturbing story of egregious behaviour by corporate entities that cared little for its employers or customers. Throughout this rollercoaster journey of financial cruelty Ferguson adds human pain and suffering by introducing Australians whose lives were either damaged or destroyed because they had trusted these financials concerns and their employees. As Ferguson writes, when profit is the only motive, all forms of corrupt and immoral behaviour can be rationalised’
Most borrowers and users of bank products were middle aged or older and they had undoubtedly grown up in an Australian society where banks, credit unions, insurance companies always acted in good faith and in the transparent interest of their customers. Many stories will evoke feelings of sorrow for the people who Ferguson describes. Some readers will ask why these people didn’t apply the principle of caveat emptor, buyer beware. Probably because they had the mindset that these organisations would act legally, diligently and in their interest. Sadly, they learnt the hard way; modern capitalism doesn’t work that way.
As the book progresses the tension builds until finally PM Turnbull calls for a Royal Commission into the banks. He appoints Kenneth Hayne a retired Justice of the high Court.
At this point in the book the reader gets a clear picture of those politicians who fought for or were in favour of a royal commission and those opposed to it but were brought kicking and streaming to the point where they had to accept it. Howard, Turnbull, Joyce, Kelly O’Dwyer and the strongest holdout of the lot, Scott Morrison. He called it populist hubris, John Howard ‘rank socialism. Naturally as disclosure after disclosure of poor behaviour they tried to argue that really, they were always in favour of an enquiry. Mea culpa was served in bucketfuls. The reader should note that when the Liberals had a surprising win at the 2019 election the value of the banks increased by $27 million.
I can remember the nightly news was filled with images of frayed bank executives entering and leaving the Royal Commission. Andrew Thorburn, Matt Comyn, Shane Elliott, Michael Wilkins, Rosemary Rogers, and the biggest car wreck of all, NAB Chairman Ken Henry. I had been an admirer of this Taree born success story in the government public service. Australia owed him a debt of gratitude for his work during the 2008 financial crisis, but then like so many public servants and politicians on retirement he entered the hallowed world of banking. Words such as pompous, elitist, disconnect, and Insouciance were used to describe his performance at the Commission.
The public regulators Australian Securities and Investments Commission. (ASIC) Australian Prudential Regulation Authority (APRA) came in for harsh criticism for being too soft in their dealings with Bank bad behaviour.
John “Wacka” Williams Barry O’Sullivan, Peter Whish-Wilson, Sam Dastyari, Senator Doug Cameron, Senator Mark Bishop and George Christensen,
Special mention is made of whistle-blower Jeff Morris who inspired and helped so many of the thousands who were affected by the decisions of the financial institutions.
Hayne’s year-long Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was completed in February 2019. The report has made public a decade of fraud, forgery, and criminality in Australia’s financial sector that has cost thousands of people their livelihood and well-being. Fees charged to customers receiving no service, even to the dead, selling insurance to a downs syndrome young man, making incorrect loans to farmers, ignoring people’s pleas for guidance and assistance.
One aspect of the Commission I enjoyed was watching the studious Matthew Hodge and the delectable Rowena Orr (now AG in Victoria) slicing and mincing the bank and insurance executives.
Ferguson was not totally pleased with the outcomes of the report. The commission had been set up by the Liberal Government to have only limited success through the appointment of Hayne, through the scope of the enquiry and the time scale. It did shine a light into the deep dark holes of the banks vicious, corrupt and arguably corrupt behaviour. The question she leaves with the reader is for how long the public memory will last of the bank’s behaviour.
It is so important for the public demand that they create the conditions where capitalism can work at its best. Where large private concerns are fairly regulated, corporations don't create monopolies, where competition thrives and the consumer is seen as king.
This book is one of the most important reads of the recent past.
June 9, 2021
Banking Bad is a chilling true crime book that highlights the staggering disrespect Australian financial institutions have for their customers. Adele Ferguson's reporting on these issues is so valuable. If only our regulators and political leaders showed as much determination in holding the banks to account.
September 15, 2019
A journey through the ages with the spotlight on the backbone service for all Australians, the financial services sector.
“When profit is the only motive, all forms of corrupt and immoral behaviour can be rationalised.”
This book provides a thorough analysis of the history of some of the issues that have plagued financial services. Reading it should have every person in financial services re-assessing their views of the decisions of today, so we learn from the mistakes of the past.
"The banks would wheel out similar excuses every time a banking scandal erupted – someone else was to blame, it was ‘just a few bad apples’, it happened in the past, few customers had been affected, compensation had been paid and it wouldn’t happen again."
It provides hard reading, but the reality of decisions undertaken by entities across Australia.
A key element in this book, is the focus we as a society have on those that speak-up, rather than listening and being inquisitive about what is being raised. We each play a critical role, in focusing attention on those that have the hardest challenge of all, calling it out.
"Instead of focussing on the wrongdoings, the focus was on the person who brought attention to the wrongdoings"
I thoroughly recommend this for every executive and director in Australia; this provides us all with a lens to take in our future decision making to ensure we all deliver customer-centric outcomes all the time.
“When profit is the only motive, all forms of corrupt and immoral behaviour can be rationalised.”
This book provides a thorough analysis of the history of some of the issues that have plagued financial services. Reading it should have every person in financial services re-assessing their views of the decisions of today, so we learn from the mistakes of the past.
"The banks would wheel out similar excuses every time a banking scandal erupted – someone else was to blame, it was ‘just a few bad apples’, it happened in the past, few customers had been affected, compensation had been paid and it wouldn’t happen again."
It provides hard reading, but the reality of decisions undertaken by entities across Australia.
A key element in this book, is the focus we as a society have on those that speak-up, rather than listening and being inquisitive about what is being raised. We each play a critical role, in focusing attention on those that have the hardest challenge of all, calling it out.
"Instead of focussing on the wrongdoings, the focus was on the person who brought attention to the wrongdoings"
I thoroughly recommend this for every executive and director in Australia; this provides us all with a lens to take in our future decision making to ensure we all deliver customer-centric outcomes all the time.
July 24, 2022
Covers most of the dirty tricks Australian banks get up to. It's important to be aware of these issues but it makes for very depressing reading. We need more investigative journalists like Adele Ferguson.
June 18, 2020
Obviously quite one-sided (unashamedly so), however makes financial services which can be quite dull at the best of time exciting. Well written and very informative!
August 14, 2020
So many familiar customer names and stories. So many familiar executive names. I’ve been there and worked to help customers, fought with management to do what was right and ended up leaving knowing I could not continue to work in a role where I was forced to do such immoral work - “don’t pay out X, as business unit Y doesn’t want to pay out from their budget”. I will never forget my experiences. I don’t think anyone who works for “which bank” (or the others mentioned) could read this book and in their heart feel comfortable continuing to work for such a greedy corporation. There needs to be prison sentences, no more bonuses, commissions, conflicting KPIs, etc. Adele, you caused me to stay back many days working to resolve complaints after I would come in of a morning to find out what you had written that day. I was told to watch the four corners special by management. I left the bank months later. Customers listened to you, as did politicians and thanks to you all, we had an RC. I wish it was more comprehensive, and staff and ex-staff and more customers had the opportunity to voice their concerns and give evidence of what was going on. Things are improving but we still have a long way to go.
October 16, 2019
An extraordinary exposure of commercial greed and corruption
Adele Ferguson received a Gold Walkley award for outstanding journalism for her work pre and during the #BankingRoyalCommission (a Twitter hashtag that saw a great deal of usage 😆).
Banking Bad is clearly a work of non-fiction and covers the lead up to and the progress of the Australian Government’s Royal Commission into criminal behaviour and corporate greed throughout Australis’s financial sector. By necessity, Banking Bad has its plot and cast of characters pre defined.
Adele Ferguson brinks the skills of a seasoned investigative reporter to the story and tells it in a thorough but easily understandable way. This book is well written and highly recommended.
If I may add a personal post script; I, like many readers I guess, am left dismayed at the lack of action that Australia’s Liberal-National government has taken after the Royal Commission’s report was released. Despite numerous tales of harrowing wrong doing at the personal and corporate levels not a single person or organisation has faced a charge for their misbehaviour. It’s just wrong!
Adele Ferguson received a Gold Walkley award for outstanding journalism for her work pre and during the #BankingRoyalCommission (a Twitter hashtag that saw a great deal of usage 😆).
Banking Bad is clearly a work of non-fiction and covers the lead up to and the progress of the Australian Government’s Royal Commission into criminal behaviour and corporate greed throughout Australis’s financial sector. By necessity, Banking Bad has its plot and cast of characters pre defined.
Adele Ferguson brinks the skills of a seasoned investigative reporter to the story and tells it in a thorough but easily understandable way. This book is well written and highly recommended.
If I may add a personal post script; I, like many readers I guess, am left dismayed at the lack of action that Australia’s Liberal-National government has taken after the Royal Commission’s report was released. Despite numerous tales of harrowing wrong doing at the personal and corporate levels not a single person or organisation has faced a charge for their misbehaviour. It’s just wrong!
October 7, 2019
Adele Ferguson has held the banks to account through her investigative journalism. Thoroughly compelling must-read account of the highlights (meaning lowlights) of the royal commission into Australian banks. The culture, attitude and misconduct of the big 4 banks and a number of other financial services organisations is appalling for the devastating effect it has had on people’s lives. This is a refresher of the royal commission, a reminder of the federal liberal government’s shameful reluctance to act, and useful background for the current continuing fall out unfolding in the media. Let’s hope the regulators APRA and ASIC are genuinely lifting their game and doing what they are supposed to do. I am closing the NAB accounts. Such a worthwhile read.
September 27, 2019
4.5
This book was excellent at shining a light on how corrupt the big banks are and sadly still how far we have to go.
Barefoot investor even got a mention! (I am so glad I have switched over my Super to the one BFI suggests)
The reason I take off half a star is because it was at times quite heavy reading especially the parts about the court proceedings, would have loved it to be dumbed down a little more for average person who doesn’t understand all of it. But having said that I feel much more informed about the banking sector and the Royal Commission. It’s great to be able to learn in depth about current affairs that are taking place.
This book was excellent at shining a light on how corrupt the big banks are and sadly still how far we have to go.
Barefoot investor even got a mention! (I am so glad I have switched over my Super to the one BFI suggests)
The reason I take off half a star is because it was at times quite heavy reading especially the parts about the court proceedings, would have loved it to be dumbed down a little more for average person who doesn’t understand all of it. But having said that I feel much more informed about the banking sector and the Royal Commission. It’s great to be able to learn in depth about current affairs that are taking place.
June 28, 2020
Ferguson goes through the history of banking misconduct in Australia from the foreign currency loans all the way to the banking Royal Commission.
What you expect is what you get. There's almost too many scandals and inadequate governance to count. The responses to these problems are awful, but unfortunately very believable.
I did feel the first half of the book held up better than the section focused on the hearings, which did at points get too dragged down into the detail and recounting of what was said.
Nonetheless, the book is a great summary for anyone wanting to understand the context and significance of the royal commission, and the concerns which still exist afterwards.
What you expect is what you get. There's almost too many scandals and inadequate governance to count. The responses to these problems are awful, but unfortunately very believable.
I did feel the first half of the book held up better than the section focused on the hearings, which did at points get too dragged down into the detail and recounting of what was said.
Nonetheless, the book is a great summary for anyone wanting to understand the context and significance of the royal commission, and the concerns which still exist afterwards.
September 5, 2019
If you want to know the whole story behind the royal commission into Banking, this is the book to read. It scared me to read about the fraud, corruption and the criminal activities of our four big banks and how the Royal Commission barely scraped the surface. It is an essential read for those who care about the way our corporations treat their customers, safe guarding our democracy and holding executives accountable. Well written, clear and makes compelling reading.
October 10, 2019
An excellent recounting of the far less than excellent behaviour of the Australian banking system. Greed. Destruction. Wilful blindness. Human and financial tragedy explained, for those less familiar. Unflinching unjustified self interest is detailed as part of Sarah Ferguson's survey of the Australian government initiated, but purposefully limited, Banking Royal Commission. Anyone who implicitly trusts banks needs to read this
August 17, 2019
If you have a bank account, a superannuation fund or insurance in Australia, READ THIS BOOK. An absolute smorgasbord of greed and messed up understandings of what it means to be “ethical”. You will cry. You will laugh (with cynicism rather than humour). It’s as gripping as any of the other true crime out there.
August 17, 2019
An exceptionally harrowing, thoughtful and damning overview of the royal commission, written up by a remarkably clever woman. If ever you've wanted an easily digestible insight into big business being valued over all else, take a look!!
August 18, 2019
Compelling reading for anyone heading into a board career.
This should be essential reading for board members and senior management. It’s a confronting reminder of our willingness to trust the marketing as consumers of financial services.
This should be essential reading for board members and senior management. It’s a confronting reminder of our willingness to trust the marketing as consumers of financial services.
October 1, 2019
An excellent account of the Australian Banking Royal Commission. This book actually got me angry towards the big banks, but also angry towards the outcome of the Royal Commission itself, as it appears it was all pretty much a waste of time and money.
August 26, 2019
Insightful journalism of the banking sector in Australia by Adele Ferguson. Worth reading.
October 19, 2019
Fascinating insight into the banks and the shortcomings of the regulators.
June 10, 2020
This book is a terrifying insight into the grand abuses of power that the banks have undertaken in Australia, and the government who has allowed them, even encouraged them, to do so. The stories in this book are horrible and give a very real insight into just how easily people can be taken advantage of when those in what should, realistically, be duty of care positions pay little regard to protecting them. I was disappointed by a lot of what I found in here, and as much of it happened throughout my childhood I had not been aware of the full scale of the issues and just how much the banks impacted people. This book didn't even cover some of the other predatory practices that were undertaken, like the Dolomites program that utilised the schools to get children as CBA customers from the age of 4 and up. I can't even fathom some of the practices that they used, and just how much of the population fell prey to it.
There's also the underlying theme that the Liberal party encourage this behaviour in Australia, waltzing into bank jobs once their terms are up and trying to introduce protectionist legislation giving the banks even more of a chance to ruin the lives of the people of Australia. I can't believe that the Royal Commission into this almost went largely unnoticed and the most recent election bolstered the acceptability of the banks behaving this way yet again! Even I wasn't cognizant of the full extent of the manipulation that occurred of the media and the pressers, and how mischaracterised the events of the Royal Commission became.
With that being said, accolades deserve to go to those who stood up to this and tried to make a difference. With the impending financial downturn and recession, the shockwaves of dodgy lending practices through the 1990s and 2000s are likely to rear their ugly heads again, and this is such a necessary book to understanding them. I just hope that, this time, people actually listen.
There's also the underlying theme that the Liberal party encourage this behaviour in Australia, waltzing into bank jobs once their terms are up and trying to introduce protectionist legislation giving the banks even more of a chance to ruin the lives of the people of Australia. I can't believe that the Royal Commission into this almost went largely unnoticed and the most recent election bolstered the acceptability of the banks behaving this way yet again! Even I wasn't cognizant of the full extent of the manipulation that occurred of the media and the pressers, and how mischaracterised the events of the Royal Commission became.
With that being said, accolades deserve to go to those who stood up to this and tried to make a difference. With the impending financial downturn and recession, the shockwaves of dodgy lending practices through the 1990s and 2000s are likely to rear their ugly heads again, and this is such a necessary book to understanding them. I just hope that, this time, people actually listen.
January 31, 2021
The book begins with a call from a whistleblower who is determined to expose the misconduct occuring within the banking/financial industry. This may sound like the beginning of a fiction novel, but the truth is that it is happening now and exists in our present reality.
On 30 November 2017, following public pressure from whistleblowers, consumers and political groups, the Federal Government announced a Royal Commission into misconduct in the financial services industry. A Royal Commission is an inquiry that is independent of the government and is the highest form of investigation into issues of public importance. It was launched by the government as a "last resort" when no other agency was up to the task.
The book covers the Royal Commission hearings from the first to the seventh round. You will be an observer in the courtroom and are given a rare insight into the judicial process, going through all questions and answers between judges, lawyers, facilitators, and witnesses.
Through descriptions of unconscionable behaviour and accounts of the victims, this book will challenge your idea of what it takes to be a villain. This is fittingly summarised by one victim who notes “You grow up thinking a criminal looks like a beagle boy in the cartoons, but in reality they are over forty, wear a suit and live on the North Shore. It is human nature that there are some people who if temptation is in front of them cannot resist and will ignore the effect on others… these people missed something as a child. “
I recommend this book to everyone. It is a story not only limited to those interested in the financial or banking fields, but is rather a show performed incisively and vividly by those on the witness seat, each with their own unique perspective due to differences in status, position and background.
On 30 November 2017, following public pressure from whistleblowers, consumers and political groups, the Federal Government announced a Royal Commission into misconduct in the financial services industry. A Royal Commission is an inquiry that is independent of the government and is the highest form of investigation into issues of public importance. It was launched by the government as a "last resort" when no other agency was up to the task.
The book covers the Royal Commission hearings from the first to the seventh round. You will be an observer in the courtroom and are given a rare insight into the judicial process, going through all questions and answers between judges, lawyers, facilitators, and witnesses.
Through descriptions of unconscionable behaviour and accounts of the victims, this book will challenge your idea of what it takes to be a villain. This is fittingly summarised by one victim who notes “You grow up thinking a criminal looks like a beagle boy in the cartoons, but in reality they are over forty, wear a suit and live on the North Shore. It is human nature that there are some people who if temptation is in front of them cannot resist and will ignore the effect on others… these people missed something as a child. “
I recommend this book to everyone. It is a story not only limited to those interested in the financial or banking fields, but is rather a show performed incisively and vividly by those on the witness seat, each with their own unique perspective due to differences in status, position and background.
October 13, 2020
A compelling and disturbing look at corruption in Australia's big banks since the deregulation of the industry in the mid-1980s.
This is not the usual type of book I read (or listen to as in this case) but my interest was piqued by a Kim Hill interview of the author. It paints a picture of banks pursuing profit at any cost, where investment advisors provided shonky advice or even forged signatures to sell high-risk investments to naïve investors. Elderly people are left destitute as a consequence.
This woeful tale has its heroes too. A whistleblower who lost his marriage and another who had a nervous breakdown. Their actions, ultimately, led to a Royal Enquiry and compensation for many defrauded investors
There are a few New Zealand connections, chiefly Ralf Norris, Commonwealth Bank CEO during the early 2000s. Spoiler alert, he doesn't come out smelling of roses.
After reading this you will be left wondering what our own banks are like, given the big four are all owned by the companies described in Banking Bad. I was grinding my teeth and unable to stop listening to the psychopathic tendencies portrayed by the real-life characters in this book.
The book is ably narrated by the author.
Reviewed by Nick at Richmond Library
This is not the usual type of book I read (or listen to as in this case) but my interest was piqued by a Kim Hill interview of the author. It paints a picture of banks pursuing profit at any cost, where investment advisors provided shonky advice or even forged signatures to sell high-risk investments to naïve investors. Elderly people are left destitute as a consequence.
This woeful tale has its heroes too. A whistleblower who lost his marriage and another who had a nervous breakdown. Their actions, ultimately, led to a Royal Enquiry and compensation for many defrauded investors
There are a few New Zealand connections, chiefly Ralf Norris, Commonwealth Bank CEO during the early 2000s. Spoiler alert, he doesn't come out smelling of roses.
After reading this you will be left wondering what our own banks are like, given the big four are all owned by the companies described in Banking Bad. I was grinding my teeth and unable to stop listening to the psychopathic tendencies portrayed by the real-life characters in this book.
The book is ably narrated by the author.
Reviewed by Nick at Richmond Library
January 24, 2020
Adele Ferguson is an Investigative Journalist often credited for being responsible for the Banking Royal Commission.
After reading this book you can see why.
She has a strong track record of revealing bad behaviour emanating from our big banks and financial institutions, and she was doing well before the Royal Commission came about.
“Banking Bad” is an easy to follow story about those stories of misconduct and the extraordinary stories that were revealed during the subsequent Royal Commission.
She paints a chronological story of how the pressure built and built for some kind of investigation into misconduct in the financial services sector. Until eventually, the pressure was enough to start a Royal Commission.
This book is also worth reading because it gives a fascinating insight into the inner workings of some of Australia’s most profitable and largest companies - the big 4 banks. All of which are Global Fortune 500 Companies and worth over $100 billion each.
I believe this book is incredibly valuable to read for anyone interested in business or anyone interested in learning more about our banks. Highly recommend this book.
After reading this book you can see why.
She has a strong track record of revealing bad behaviour emanating from our big banks and financial institutions, and she was doing well before the Royal Commission came about.
“Banking Bad” is an easy to follow story about those stories of misconduct and the extraordinary stories that were revealed during the subsequent Royal Commission.
She paints a chronological story of how the pressure built and built for some kind of investigation into misconduct in the financial services sector. Until eventually, the pressure was enough to start a Royal Commission.
This book is also worth reading because it gives a fascinating insight into the inner workings of some of Australia’s most profitable and largest companies - the big 4 banks. All of which are Global Fortune 500 Companies and worth over $100 billion each.
I believe this book is incredibly valuable to read for anyone interested in business or anyone interested in learning more about our banks. Highly recommend this book.
May 24, 2020
Prior to reading this book, I had already experienced my own anger and frustration towards a bank and an insurer for their lack of empathy and humanity towards a person I cared about. On behalf of that person who was struggling with the will to live, I fought off repossession of their family home, and an insurer no longer conducts repairs such as the one I fought against.
I fought these two separate entities on behalf of that person, and as someone who does not have a legal background, it was incredibly hard. But at the time I didn't realise that I was not alone.
Unbeknownst to me, countless Australians have been taken advantage of and left to suffer by banks and other financial institutions. That the complete lack of empathy and humanity I had experienced is a cultural norm, all for the pursuit of greed. It's disgusting, and it's absolutely deplorable. These institutions support and protect narcissists, psychopaths and sociopaths.
If you think your bank, your insurer, or any other financial institution you are a customer of is your friend, think again. They are not, and they never have been.
I fought these two separate entities on behalf of that person, and as someone who does not have a legal background, it was incredibly hard. But at the time I didn't realise that I was not alone.
Unbeknownst to me, countless Australians have been taken advantage of and left to suffer by banks and other financial institutions. That the complete lack of empathy and humanity I had experienced is a cultural norm, all for the pursuit of greed. It's disgusting, and it's absolutely deplorable. These institutions support and protect narcissists, psychopaths and sociopaths.
If you think your bank, your insurer, or any other financial institution you are a customer of is your friend, think again. They are not, and they never have been.
September 26, 2020
Detailed expose of funds mismanagement, fraud, lack of probity and regulators looking the other way despite the numerous Australian victims of the 'hard sell' culture of the finance sector.
Banking Bad is a timely reminder of the power imbalance, toxic culture and cover-ups experienced by vulnerable Australians when politicians forget who they are elected to represent, and regulators ignore their responsibility to deliver consumer protection and community benefit.
All Australians are in debt to Adele Ferguson for bringing about the Royal Commission and detailing corruption in such a measured manner.
Equally all Australians remain at risk of the predatory practices of banks and financial institutions returning to their unconscionable, unethical, and criminal behaviour assisted by Federal Treasurer Josh Frydenberg acting contrary to the recommendations of the Royal Commission and ignoring the learning that Banking Bad provides.
Excellent research which begs the question - Why do white-collar criminals go to Prime Ministers Christmas Parties rather than to jail despite the damage & untold long term emotional and financial pain they cause to the vulnerable?
Banking Bad is a timely reminder of the power imbalance, toxic culture and cover-ups experienced by vulnerable Australians when politicians forget who they are elected to represent, and regulators ignore their responsibility to deliver consumer protection and community benefit.
All Australians are in debt to Adele Ferguson for bringing about the Royal Commission and detailing corruption in such a measured manner.
Equally all Australians remain at risk of the predatory practices of banks and financial institutions returning to their unconscionable, unethical, and criminal behaviour assisted by Federal Treasurer Josh Frydenberg acting contrary to the recommendations of the Royal Commission and ignoring the learning that Banking Bad provides.
Excellent research which begs the question - Why do white-collar criminals go to Prime Ministers Christmas Parties rather than to jail despite the damage & untold long term emotional and financial pain they cause to the vulnerable?
January 13, 2021
This was an excellent (if at times both painful and rage-inducing) look into the financial sector in Australia. I wasn't sure how much I would learn from this that wasn't covered in reporting at the time of the Royal Commission, but there's a lot to be gained from the more historical perspective Ferguson takes - these issues didn't just emerge in 2018. I also found her stories about being a reporter on the frontlines of the scandals added an interesting touch. (If I have one complaint it's that these early stories are much more interesting than the second half of the book, which is basically just a blow by blow account of evidence provided by witnesses to the Royal Commission, but that's a minor issue)
February 23, 2020
A pretty chilling story of what happens when some of Australia’s most significant businesses are left to their own devices. Banking Bad takes you behind the corporate spin and brings a light to decades of corrupt dealings with a toothless corporate regulators. Some of Australia’s most prominent banks are caught out pushing dodgy financial products to vulnerable segments of the community in order to boost profit forecasts and appease shareholders. The brief Royal Commission tries to address the rogue industry but with limited results. An important ongoing investigation that will discourage you from dealing with the big four banks anytime soon.
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