A certain former head of one of the regulators, closely analysed by the Hayne Royal Commission was some how not mentioned. This former head, let’s just call him Voldemort, was previously managing director and global head of securitization for French bank Societe Generale in New York.
For those not aware, Soc Gen received one of the largest bail outs from the US Federal Reserve during the global financial crisis and this same Soc Gen was (in 2017) fined $50 million by the US Department of Justice for pre-crisis RMBS fraud (RMBS being residential mortgage backed securities).
According to HousingWire Mag:
SocGen was also well aware of the widespread issues with subprime loan origination and securitization, as one senior member of SocGen’s Contract Finance group remarked at the time: “The whole process [was] a joke.”
Voldemort was appointed Chairman of this financial services conduct regulator by the Australian economy’s best friend, the man of innumerable surpluses and non revenue raising taxes, the Hon. Swan. He of the budget “saves”. And boy did Voldemort deliver the saves.