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Articles on Banking

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The AMP began life as a mutual, somewhere for its members to put their savings. Tracey Nearmy/AAP

Why AMP and IOOF went rogue

Parallels in the historical trajectory of AMP and IOOF are striking. Both were founded in the 1840s. Both demutualised, and now both find themselves centre stage at the banking royal commission.
The financial system is awash with money, which is why interest rates have been so low for so long. (Shutterstock)

How banks have set a trap for the U.S. Fed by creating money

It’s been 10 years since the U.S. signed into law a scheme to print money, essentially, and save the financial sector amid the sub-prime mortgage meltdown. Did it work? And who’s truly benefitted?
Some financial institutions might become simply ‘too big to manage’ as well as ‘too big to fail’. AAP

Research suggests bigger banks are worse for customers

Researchers found that larger banks are more likely than their smaller peers to experience “operational losses”, which includes a failure to meet obligations to clients.
From the first hearings of the royal commission, the senior counsel assisting, Rowena Orr QC, laid bare the toxic culture behind many consumer lending practices. Eddie Jim/AAP

Restructuring alone won’t clean up the banks’ act

Restructuring might help manage conflicts of interest between offering advice and selling products, but it doesn’t fix the culture that sacrifices customers’ interests to the pursuit of profits.

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