A parliamentary inquiry into the Australian Securities and Investments Commission has revealed startling evidence about some of its operations. Suzanne James reports.
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Small shareholders and industry super funds are in revolt against the remuneration packages for CEOs at giant corporations such as Telstra and Tabcorp, renewing debate over excessive bosses’ pay at a time where workers’ wages remain stagnant.
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Institutional corruption and lack of governance are serious issues requiring forensic and transparent public examination both in Australia and throughout the rich world. The global economy has been stagnant since 2008, thanks to unregulated financial derivative markets estimated at the time at one quadrillion (one million billion) US dollars. Betting on interest rates and foreign exchange rates accounted for more than half of this amount. -
Phoenix is the name of a mythical bird which, after death, rose from the ashes to live with renewed vigour and start the cycle all over again. It’s also the name of an illegal activity in Australia where directors wind-up a company and then create a new one while leaving their debts behind. Workers loose their wages and entitlements, and other creditors are left with no chance of recovering the debts they are owed. It’s a rort that’s common in the construction industry, and fiddled to the tune of more than $3 billion a year.
