That’s not really doing much, guys

The International Advisor rag has an article where it seems that the ACI is self-congratulating itself on a job well done. Namely, getting our cause included in the recent Senate Inquiry:

In the June report on the performance of the Australian Securities and Investments Commission, the ACI was quoted as stating that the ASIC failed to take “substantial early steps to deal decisively with the causes and results of this corporate collapse contrast starkly with the quick action and early prosecutions after the Bernie Madoff scandal broke in the United States.”

According to ACI chairman Simon Litste, who represents Japan for the group, the Senate Report is quite damning on the ASIC‘s role with not just the ACI “pointing a finger at a tardy regulator. Nevertheless, we take comfort from the fact that our efforts and protests have reached government”.

I don’t know, but it’s not just a “tardy regulator” that led to this fiasco. How about the fact it’s the people in the ACI that sold an unregulated fund? Didn’t that come up in the due diligence reports? Plus, what does it even mean to call ASIC a “tardy” regulator, when the fund wasn’t even registered in the first place. What’s ASIC supposed to do, telepathically just know that this fund was being sold to retired folk and conservative investors around the world, offshore?

If any ACI people are reading this: Look, I know you’re doing lots of work and there’s probably some very well intentioned souls amongst you. But even you have to admit that there is going to be a healthy amount of cynicism until something is done along the lines of, you know, actually recovering actual funds.

2 Responses to That’s not really doing much, guys

  1. Cathy Stott says:

    You are quite right there Mr Morris. It is the people that sold us these ‘safe’investments we should all be going after. I believe there has been at least one case that has been won against the IFA.

    Did these investments fit our risk profile? That is the question, and if they didn’t, it is the IFAs that are responsible.

  2. John Long says:

    Quick action in the US?? Madoff took over twenty years and it was only due to his sons that he got discovered. Cathy Stott, ou wouldn’t happen to be an ambulance chasing solicitor would you??? I know the adviser who put me in LM and still have a relationship with him – it was a mutual decision based in all presentable information. He lost money too. Just because there was corporate fraud doesn’t mean you go after the easy target Cathy, you go after the ones who created the problem which is the directors of LM itself – don’t be such a watery arse and take the simpler path when here are others that should be pursued first and foremost.

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