Mobs are better than laws. At least says former and greatest ASIC Chairman, Greg Medcraft. Greatest commissioner at least in his thinking perhaps.
Coming out of his unusually long media silence, Mr Medcraft gave his 10c on the Hayne Royal Commission. In “his first interview” since his last interview, as reported in the AFR, Mr Medcraft:
… claims the power of social media has made the “social licence to operate” more powerful than regulators or governments.
That’s right. Who needs laws and governments and regulators when mobs can achieve regulatory outcomes.
Let’s try it shall we. Let’s shut down the government (ASIC first of course) and watch the social licence regime operate.