Thursday, November 21, 2013

lunatic runs asylum

David Murray, former CEO at the Commonwealth Bank, is to chair a "root and branch" review of Australia's financial system. I don't have a high regard for Murray. Perhaps a keen sense of irony has led the "adults" in Canberra to appoint a lunatic to report on the asylum.

David Murray.

"Murray’s professed views on the causes of the GFC make the point. He blames the event squarely upon the governments, as if banks and the banking system didn’t do everything in its power to maximise short term gains at the expense of long term stability (without being too precise about it).
Mr Murray’s expertise and insider knowledge would be invaluable at the inquiry. But he should be there presenting evidence not running it."   
- MacroBusiness

"David Murray, an ex-banker and former chairman of the Future Fund with very definite ideas of his own about the financial system, is a poor choice to head Treasurer Joe Hockey’s financial system inquiry.
As several senior figures have said, including the chiefs of big banks, the credibility of any such major inquiry would be enhanced by not having someone with links to the industry." 
- Andrew Cornell, AFR

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