Maybe ASIC doesn’t enforce the Law, because that’s not their actual intended purpose? Like politicians who pretend to be serving the people but do not actually do so. They fulfil their public task in title only but not in tangible or observable ways.
If it’s All Too Hard for ASIC - then Replace the Inefficient individuals who are incapable of doing the Job they have been employed to do with People who Do have the Capability to Do the Job of Prosecuting Thieves & Frauds
Going after ASIC is fine and must be done but their decisions are made by individuals...remember them and the fact that they are deliberately working against the interests of the Australian people.
What a pleasure to listen to Professor Schmulow who shows he’s a man with scruples and integrity. So highly respected in Australia and abroad. He’s a trouble shooter sought after by many countries. It’s most encouraging that decency and adherence to the law is alive and well in Australia
And cowardly sheepish politicians are also to blame. Look at how Bragg is taken back by hearing the unvarnished truth. Our politicians aren't proactive , they seem to wait for disaster to strike and then pretend to save the day. The shafting of Malcolm Turnbull has gutted the political culture of Statesmen and Women who give a dam
Thank you. We have had senate enquires into ASIC in the past, the most recent into Qantas, we’ve had several into aged care. We have all these enquires that highlight the incompetence, sometimes corruption and yet nothing happens. I do hope that this enquiry into ASIC leads to the changes that desperately needs to occur.
It is clear that very savvy corporations both national and international take every advantage of ASIC’s obvious blind spots and thereby, take the necessary risks to financial fortune. As the revelations come out it becomes blatantly obvious that the big end of town, both corporations and financial/ tax advisors know ASIC so well as to render it a lame horse.
In 1999 I worked for a finance company that perported to have hire an ex big wig of ASIC to head up the Compliance department - not to make the company more compliant, but to be able to be always one step ahead of ASIC, so that there was always a work around to any new regulations...
HayAlbo our MP, are you watching this mess around ASIC? It’s time to scrap this group to a Royal Commission & stop all corruption in business & politics as the interest of the people are coming for you to run a clean banking system & political now.
Albo seems to be on the take, yet another quisling to foreign influence. Where’s Assange? Why does chevron pay no tax on $6b turnover? Why are foreign funded propaganda outfits like ASPI allowed so much influence?
Until today… until today… if you told me that a legal/political/financial interview could bring heartfelt tears to my eyes I would have laughed at you… today I stand corrected. Deep bow to these two men. ❤❌💯
Bravo to this highly intelligent man for his honesty and courage and integrity, this is the type of person our bureaucracy and political arena need, and unfortunately have very very few of/
Great work Andy, good to see there are people with morals standing up to these corrupt practices. He has a podcast talking about these issues just recently launched with Anthony Klan.
It's all political somehow but here's a fantastic example of the right questions being asked. Here's hoping our political leaders start voicing the same questions rather than simply attacking with bad sportsmanship. If it's all game, they could be batting some sixes and it's very reflective on that current leaders on both sides are playing cricket with a bagmington bat.
Yes, it will be yet another senseless interest rate rise with more to come. The snowy hydro 2 has helped to create a labour shortage, thus tradies charge what they want which further fuels inflation. As usual government does not think. Full stop. Not a macro economic bone in the Ferderal Government. Pink batts, Schools. Now wind farms off the NSW coast, massive battery storage systems down south. Don’t worry about the risk of a fire that can’t be put out, or the fact that wind generators are failing prematurely…oh no, we have an agenda to fulfill at all costs…our kids and grandkids we be burdened with this debt. What about the lack of available housing for the millions of immigrants? Are they for real.
In God we trust everyone else brings data and good research as the Professor has so expertly demonstrated and argued. Thank you Martin and Professor Andy K for the presentation. 👏👍. ⭐️⭐️⭐️⭐️⭐️ Senator Bragg please DO NOT let the Australian people down.
Australia does not need twin peaks apartheid . Our banking industry's need to stop shifting profits off shore banks have tobe sepperated so if one fails they all don't. international buineses need to pay tax and political party influences need to be prosecuted.
I love this Prof. Schmelo (spelling). Beautifully/perfectly articulated and and defined with wonderful stress pointedly placed. Very happy that he also talked about the useless whistleblower protection which is essentially non existent. It is truly as if we are living in a third world country or the Wild West. Anyway, importantly the professor was specific and on point. What will this achieve at the end of the day is the question, as is usual in this country.
The comments on ASIC treating those they regulate like customers, strikes a cord. This seems to be the same business model the TGA operates under. A feature not a bug?
I had no idea this incompetence was alerted back in 2014. C Internal change of massive proportions should have happened back then with feedback performance outcomes reviewed regularly, with recommendations acted on.
In my opinion, Professor Schmerlo should be used to give advice regarding how ASIC should be restructured and how the financial regulators should be framed to follow the laws and be responsible to their remit so that people are protected and business can be managed so that their areas of responsibility are clear and accountablity is assured. ❤️from Australia 🇦🇺.
Truly great video. Appreciate the efforts you gentleman make to keep us ordinary citizens informed. Professor Schmulow is clearly a knowledgeable and passionate man and I appreciate his efforts to help us hold this beast accountable. I wish him and you guys all the best in the battles to come.
I am a very modest Aussie shareholder. I had a problem with my modest parcel of 10,000 shares in a Qld mining company. I continued for five years to buy small parcels in that mining company. After five years I became aware that my original purchase of 10,000 plus additional purchases of shares, had been consolidated so many times that 5 years later, I owned ONE share in that company. I complained to ASIC that the company was taking investors money for nothing. ASIC did nothing. No investigation. No action at all. ASIC is a rort.
ASIC has covered-up a $1 Billion superannuation fraud by granting "relief" to a Trustee who featured at the Hayne Royal Commission for over a DECADE. The new law that was supposed to come into effect on 1 July 2013 would have forced the trustee to post Deeds on its website that would have exposed the $1 Billion Fraud. ASIC has granted "relief" out to 30 June 2024 and will extend this relief into the future as requested by the trustee.
It astounds me that apart from the expert there is nobody else in the room, not even the questioning senator is there, he's tele-present. Does nobody understand the importance of this process and what's at stake.
The best model to use will optimise the overseeing of finance. It wont automatically provide integrity from the people in key positions. Never. This is attributable to crime within. Unless that is on the table for discussion and provides a deterrent then its never going away. The bank royal commission showed they were in bed with the cartels, not one went to prison for any breaches. Paid a minimal fine compared to what they're worth. As for the ACCC, if this is the product of where Australians are in terms of the countrys own assets, businesses,and control of their own communities assests and costs, then its a monumental fail together with the digital sytem. The entire system needs to be given back to the people and Coles and Woolworths and is tge perfect place to start. The food industry is perfect for communities to own, run and reap the multi billions annually. As would the 40 billion per year electricity annual bills. Total disgrace to Australias sovereignty and Australians wealth that it is systematically stolen from them at every turn.
My favourite part is where old Mate admits that our current socio-economic system is inherently unstable, with ". . . a crash somewhere every 18 months. . ."
The Australian Prudential Regulatory Authority has only ever prosecuted one of their own. The Australian Competition and Consumer Commission only prosecutes by fines to the glaringly obvious cases. The Australian Securities and Investment Commission does not want to prosecute anyone.
Wow! this academic actually makes a lot of sense and calls out some of the more basic critical problems that seem to be continually swept beneath the carpet by governments and their watchdogs across the globe. Refreshing to hear from an Academic who hasn't been blinded by ideology or rewarded for further muddying already opaque waters. He appears to have a very deep understanding of the rot that set in so long ago but has been ignored to the detriment of Australians. Thank you for this video. The whistle-blower part is vastly important if we are even to pretend that we have some sort of transparency in government and governmental organisations and watchdogs. The Assange case pretty much sums up how whistle blowers are treated globally. Unfortunately it's not merely ASIC that suffer from a seeming inability to charge the criminals, fraudsters and grifters. Many governments n the west are deploying the "Soros tactic" of simply ignoring existing legislation and associated laws, which is why we are seeing huge rises in criminal activity that goes unpunished because the police and our courts are utilising the same tactic and simply ignoring our laws and refusing to arrest and charge the culprits due to their obsession with an insane ideology that somehow appears to support the insane notion that criminals aren't responsible for their own actions. Chicago and New York are examples of this .. and now lawlessness rules their streets. Like the $950 dollar looting law that has been implemented in some Democratic States and cities in the US and which allows people to loot shops freely as long as what they are stealing is valued $950 or less. Prior to that legislation being passed, authorities were simply ignoring the existing laws and going softly softly on crime and then once the idea has been established, they then further down the track introduce the legislation to give their ludicrous ideological driven notion legal validity. But the rot all began by authorities ignoring laws that were in place, which if applied could have easily put looters and shop lifters behind bars where they belong... if only the will was there to do so ..which it was not! Soros figured out that you don't need to create new laws, you only need to bribe the puppets you can rely on in power to ignore what should have been the applicable existing laws and refuse to act on them. Just as this academic has revealed to us that ASIC already have the power and remit to prosecute, but simply choose not to do so! You don't need new laws and powers when you can merely ignore existing laws to gain the same desired result.
Didn’t Soros own the voting machines in the US. It’s commonly known these were used fraudulently? I think Soros first profited from dobbing in the Jews in Nazi Germany back in the day. I’ve heard he backs both sides of a conflict to manipulate and capitalise on the outcome. This is the sort of people ASIC should put behind bars (except he is in the US of course).
L.A.W. = land,Air,Water. The Constution, Biblical Law and the unholy Sea of Commerce. Each one is a Jurisdiction. The unholy sea of Commerce AKA Admilitry is the first and foremost mode of Application within Australia. Our Imperial Law's have remedies for
Out of interest, what happened to the 2nd enquiry that had been announced by labor after they were blind sighted by this one launched by the Senate? Did it even begin or did they just let it die a natural death?
That Professor has a huge bone to pick. Have to say I agree with his points so it’s great to have someone so passionate in making a difference. Dog with a bone… don’t drop it Professor.
Thanks Martin appreciate your post as always but this sorely needed some Adams and Martin commentary. I know it speaks for itself but Adams especially has knowledge to reference back. All good to have a gov speech up but what will actually change ?
Thanks John and Adam for bringing this forward, ASIC is too interested in prosecuting the little guys because of limited means to defend themselves. but happy to let the corporate slide and wonder why they continue to laugh at ASIC and the Corporations act.
Did you catch the photo of Albinsleasy grinning like a Cheshire Cat because he is shaking the hand of a big boy. I wonder what devious gifts he tried to con him with? I don’t think Tony is smart enough to talk to Ji about anything even as complicated as the weather. Perhaps Tony thinks he is the new Damdrews who can make Australia a province of China.
A common tactic of ASIC is "victim blaming" telling senators and MPs that the victims of superannuation fraud do not understand the law! When in fact ASIC does not understand the law and does not inforce the law.
I've occasionally heard Professors get passionate before, and its always inspired me, and frightened me equal measure. I hope ASIC hears the trumpet blast.
Excellent video. I wonder how many individuals are out there like myself who have never lodged a complaint of major fraud on the basis of those who are supposed to uphold the law are both incompetent and corrupt. Keep up the good work John and Martin and don't overlook the other big issue of the so-called untouchable paedophiles we have her in Australia. i.e. Judges, PM's (3), Governors General (2), Politicians (both sides), Senior Police, Senior Public Servants and Members of the Bar, just to categorize a few. If you wish details just get in touch with me.
Mine and others Lives were destroyed by overt inaction by asic. Whilst only involving a Family trust company, their ignoring the crimes carried out under the company name proved how toothless and unwilling they were to uphold the written rules and penalties. These perpetrators simply carried on doing the same thing . Helpful to know the likes of John Adams and Martin North al9ng with this Professor are batting for Us everyday People.
