Scandal-Plagued Australian Banks Face Their Day of Reckoning

“During 68 days of hearings, and in more than 10,000 public submissions, the inquiry exposed a laundry list of misconduct, from charging dead people for services, lying to regulators, and pushing people into poorly-performing products to meet bonus targets. Commissioner Kenneth Hayne’s interim report assailed banks for putting profits before customer interests, saying misconduct was often driven by ‘the pursuit of short-term profit at the expense of basic standards of honesty.’”