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ASIC strikes out at media following bribery scandal

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Australian Broker | 14 Oct 2013, 08:00 AM Agree 0
ASIC chairman, Greg Medcraft, has defended the watchdog's response following heady accusations that AWB made payments to Sadaam Hussein's Iraqi regime
  • Brisbane Broker | 14 Oct 2013, 11:51 AM Agree 0
    ASIC cannot and will not do anything because Leighton is JUST to big for ASIC.
  • Sluggo | 14 Oct 2013, 12:05 PM Agree 0
    ASIC is way too keen to have the little guy running around in circles with compliance issues. Interesting how they go to water and pass the buck back to the Federal Police when there seems to be some real evidence of corporate irregularities with some of big guys? Let's hope the new Government gives ASIC a good "haircut"? Seems a bit like animal farm? "all pigs are equal...some pigs are more equal than others?"
  • JJ | 14 Oct 2013, 01:30 PM Agree 0
    Too big for ASIC? On latest count they have 1700 staff!
  • SIDBROKER | 14 Oct 2013, 02:30 PM Agree 0
    Well there you have it. Concensus is that we don`t need or want ASIC.
  • Trader | 14 Oct 2013, 04:04 PM Agree 0
    ASIC aren't doing anything because they don't even know if there is a case too chase! Otherwise they would go after Leighton. If it is between disgruntled companies who didn't read the fine print within the tender contract, then there is no case. Fairfax Media are jumping on this because they hope they are to little to get sued, for the likes of Leighton, and in the mean time, they sell a whole heap of articles. Leighton are a good company and the share price doesn't reflect that at the moment.
  • Dudley Brook | 15 Oct 2013, 03:24 PM Agree 0
    Mr Medcraft's defence of ASIC on the ABC was based on having positive feedback and approval of 'companies and exchanges'. This beggars belief. Does Mr Medcraft not understand what his job is or the role of his organisation? ASIC's reason for existence is not to please companies and exchanges but to keep them honest.

    By its very nature this should result in the occasional stoush and disapproval from companies and exchanges. If Mr Medcraft judges his and ASICs performance on how much it please those it is supposed to police - he clearly is not the right person for the job. If he doesn't have the stomach to upset business from time to time - he is in the wrong job. There is nothing so corrupt as a public official who either wants to be a businessman or who on account of their awe and unfettered admiration is obsequious to them.
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