Yep. Though nations and governments are being shamed into making some reform efforts, it's still a major problem.
I've mentioned before here it's gotta be a bigger problem for you guys because you have so many small states. Each competing by giving tax and other concessions to corporations to come to their state. Anyway, our multinationals are guilty of much too.
Picked this on the way. The regulatory shopping caught me.
$710 trillion: that's a lot of exposure to derivatives [...] There's now a push for something called "going-concern loss absorbing capacity", in addition to extra capital, but Glenn Steven expressed some doubts about that as well: -- ... equity 'buffers' may turn out to be illusory in a stress situation. That is, the uncertainty over asset valuations may be such that a presumed equity buffer is not, in fact, there. The 'illusory capital' problem is certainly not unknown in the annals of crisis management. -- Indeed. P - The problem with OTC derivatives trading, unlike normal lending based on a bank's balance sheet, is that it involves contracts between two or more consenting adults and is not rooted in one place, so that banks are able to go "regulatory shopping". P - In his speech, Glenn Stevens said that the efforts to achieve more reporting, more platform trading and central clearing of derivatives have fallen behind because of the "complexity of crafting mutually consistent regulations at the jurisdiction level, for a market that is highly globalized in operation". P - By comparison, the new international balance sheet and liquidity requirements are on time, with a few remaining details being ironed out. P - Importantly, the RBA governor dismissed the idea that financial leverage supports economic growth, and that limiting it will hold back growth: 2015 - https://investorshub.advfn.com/boards/read_msg.aspx?message_id=115526109
I'm looking for posts on major corruption scandals by Australian multinationals. Thought before now they'd be in this post. Am certain i posted about this but give up. From outside:
Seven years and millions of dollars later, Australia's biggest bribery prosecution finally revealed
By Richard Baker & Nick McKenzie November 28, 2018 — 11.02am
A landmark corruption prosecution that reached the very top of Australia’s financial system and had links to powerful officials across the globe has dramatically ended, almost 10 years after it began, with a guilty plea by a kingpin of the bribery scheme.
It can now be revealed that two companies owned by the Reserve Bank of Australia, Securency and Note Printing Australia, were fined a record $21.6 million in 2012 for their criminal conduct.
However, the cases against four accused individuals have collapsed after bungling by law enforcement agencies.
Clifford John Gerathy (second from right) leaves the Supreme Court in Melbourne earlier this year.Credit:AAP
The lifting of long-standing suppression orders which for seven years cloaked the Securency case in secrecy enables the public to learn for the first time that two Reserve Bank of Australia companies pleaded guilty to bribing overseas officials to win bank note printing contracts.
Until today, the existence of the suppression orders themselves was also not to be published so no aspects of the case could be revealed.
But the resolution of the scandal leaves a mixed scorecard for the Australian Federal Police and prosecutors, with eight guilty pleas, but the collapse of four other prosecutions in the High Court this month over serious procedural errors.
The final act in the prosecution of banknote firms Securency and Note Printing Australia was a guilty plea by former banknote executive Christian Boillot in the Victorian Supreme Court this week.
Boillot's plea paved the way for the lifting of suppression orders that have prevented the Australian public from being informed about progress of the bribery prosecution, which began in 2011, was argued all the way to the High Court, and cost the taxpayer millions.
Most notably, Securency and NPA pleaded guilty in 2012 to bribing, or conspiring to bribe, foreign officials in Indonesia, Vietnam and Malaysia in order to secure banknote contracts, and the companies, whose boards were overseen by senior RBA officials, paid record fines under proceeds of crime legislation.
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