Go hard, go early and go to households

Could not happen to a nicer guy.  Verbatim from Royal Commission Final Report.  Emphasis belongs to TAFKAS:

NAB also stands apart from the other three major banks. Having heard from both the CEO, Mr Thorburn, and the Chair, Dr Henry, I am not as confident as I would wish to be that the lessons of the past have been learned.  More particularly, I was not persuaded that NAB is willing to accept the necessary responsibility for deciding, for itself, what is the right thing to do, and then having its staff act accordingly. I thought it telling that Dr Henry seemed unwilling to accept any criticism of how the board had dealt with some issues. I thought it telling that Mr Thorburn treated all issues of fees for no service as nothing more than carelessness combined with system deficiencies when the total amount to be repaid by NAB and NULIS on this account is likely to be more than $100 million. I thought it telling that in the very week that NAB’s CEO and Chair were to give evidence before the Commission, one of its staff should be emailing bankers urging them to sell at least five mortgages each before Christmas. Overall, my fear – that there may be a wide gap between the public face NAB seeks to show and what it does in practice – remains.

This entry was posted in Uncategorized. Bookmark the permalink.

10 Responses to Go hard, go early and go to households

  1. Bear Necessities

    Ken is well connected politically. Nothing will happen to him.

  2. Political connections won’t help his 800k gig or his 300k asx gig. 2 organisations he had some familiarity with as treasury sec.

    Wonder if his nab director and chairman salary is subject to claw back.

  3. JC

    I thought it telling that Dr Henry seemed unwilling to accept any criticism of how the board had dealt with some issues

    Go hard, go households is gonsky, I think.

  4. Herodotus

    Unwillingness to accept criticism is a hallmark of top public servants.
    Go hard go households was certainly not Gonsky. It was Wombat Man.

  5. Nob

    That last bit of the quote though.

    What’s wrong with banks urging their staffs to sell mortgages?

  6. ACTOldFart

    So, the recent history of Ken Henry:

    Wrote a report on the Australian tax system that was siezed on by those 2 political spivs, Rudd and Swan, to justify a stupid, unworkable mining tax that Tony Abbot had to fix up

    Wrote a report on Australia’s relationship with Asia that was rightly described as “a mile wide and an inch deep” and quickly disappeared into well-deserved oblivion

    Shifted to the private sector and has now been rightly singled out by Commissioner Hayne as a far less than ideal bank board member and Chairman, happy to “overlook” massiver fee rip offs.

    And throughout all this took at least hundreds of thousands, if not millions, in pay from honest tax payers, shareholders, and customers.

    Gee thanks Ken, great performance, we look forward to your future efforts in support of Australian society, morality and the economy.

  7. JC

    Go hard go households was certainly not Gonsky. It was Wombat Man.

    Herod, you idiot. I know, I was making a joke. God help this blog.

  8. Russell

    And Two Kens can’t make it right.
    Wasn’t Ken Henry another Leftist from Treasury with all sort of ratbag ideas?
    You know – ETS, 2010 Stimulus package, etc.

    Surely these two KHs are not all they seem. You’d have to wonder if political mates KH1 chatted to KH2 and agreed that NAB would be the fall guy that RC would make out as the worst. Maybe that would scare the socks off the other real bankers? That wouldn’t happen would it?

    The Left/Green SJWs have infiltrated every other institution.

  9. George

    NAB was lauded after the 1987 Crash as the only bank to come out relatively unscathed. This is a mystery because, since then, it has been the most error prone, cock-up bank in Australia.

    A history of poorly-timed and misjudged entries into market sectors, hopeless acquisitions in the UK, USA and Asia, foreign currency trading scandals and the appointment of an arrogant former academic/public servant, without a clue of the real world, as Chairman.

    Heaven help the shareholders and customers because the board and management couldn’t give a rat’s arse about them.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.