Day of reckoning for banks on cards

Is it greed, ignorance or stupidity that prevents bankers from knowing when they have overstepped a moral and ethical boundary, if not a legal one?


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Its not complicated. Our banking market is a very cosy oligopoly of 4, just right to escape monopoly claims and not too big to prevent "cooperation and understanding". Its not unlike the retail fuel market where the spread between cost and bowser price keeps expanding, Its a pity they havent adopted the BHP and RIO approach where the customer is king and gets the best deal at the expense of the shareholders and others. Not so with our banks, shareholder return is king here. Probably explains why Sydney and Melbourne are doing fine and Perth the opposite.

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