Same as it ever was…

There is not much to say about the content of this article detailing the unsurprising ways that Australian banks have been doing business—”lying to regulators, falsifying documents and taking bribes to extracting fees from customers long since dead.” Australian banks are apparently lightly regulated, and Australian bankers have taken advantage of that. No surprise anywhere on the globe at this.

What needs pointing out are the article’s two subheadings: “Bribery, lies, and charging the dead among misconduct admitted,” and “Inquiry may lead to slower earnings growth, higher costs.” Because obviously the most important thing, after the facts of the story, is not that people lost homes, retirees lost savings, and no one caught on for decades, but that the highly profitable Australian banking sector might have to follow some appropriate rules, making it less of a draw for investors for whom ethical business practices just get in the way of a payday.

It’s a given that profits are negatively impacted by getting caught doing something wrong; pointing it out as the key concept of a news story just normalizes it in a way that really should end.

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