Regulators - Incompetent or corrupt?

Krusty, I wouldn’t be so quick to bang your head, you never know you might still end up being right! Buckeroo has a good point and something which came to my mind, and that is, is this set in concrete, or can the ASX appeal this and appeal and appeal and drag this little gem out for another "hundred yrs ", to quote my Klown friend. I should also add that there doesn’t seem to be much detail around this, so is this just ALP policy on the run and see how people react, or is there some real substance to this and all t’s have been crossed and i’s dotted?

I just would like to know why it is the 3rd Qtr of 2010? Why not from next week? Maybe a slightly flippant remark, yet seriously, why not in a couple of weeks, or a month at the latest? Why must it take a yr?

As always the seafood has come up with a valid point. Yes, their (ASIC) consistency is one which leaves many questions unanswered, and one which needs to be greatly tightened up if their role is to be expanded into a bigger watch dog.

Yes, I suppose the ASX won't willingly give up their powers so easily, particularly when they want to protect profits.

Possibly the lag in implementation will be to give enough time for people and institutions to clean up their act and not get caught.

stocksontheblock said:

So, are the regulators just incompetent and don’t care about the job they are suppose to be doing, or are they corrupt and negligent? I’m sure it's not corruption, yet I am dam sure it is negligence and incompetence.

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Slightly off topic, but this is what corruption looks like -



A sudden and unexplained change to building standards, which will require all new rooftop solar hot water systems to face north, could spell disaster for the solar hot water industry.

The standard, which apparently has been worked on for a few years, was only made known to most in the solar hot water industry a week ago. Yet the rules are due to come into effect this weekend.

The industry says it is dumbstruck. It cannot understand why the rule has been introduced and wants a “stay of execution”, at least by changing terminology on the new standard from the mandatory “shall”, to the more flexible “should.”

James Teague, from the Gold Coast-based Bar Plumbing, said: “This beggars belief. Not every house has that roof orientation. Not every household wants their solar hot water system facing north.”

John Grimes, the head of the Australian Solar Council, the major industry group, says one-third of homes adopting rooftop solar hot water do not have north-facing rooftops, and may be lost to the market.

Well not the ASIC boss but a cousin of couldn't resist the temptation to lie and cheat to make a buck. Where there's money there's corruption. Some people will do anything for the stuff.

Corporate watchdog Greg Medcraft’s ASIC has pinged a target close to home: Medcraft’s cousin, Russell Medcraft.


Cousin Medcraft’s first sin was falsely claiming in emails to potential clients that Financial Choice had been asked by their superannuation fund to conduct a survey about their superannuation. It hadn’t.

The cousin’s second sin was misleading marketing about Financial Choice’s paid for service that locates lost superannuation — a service offered for free by Chris Jordan’s Australian Taxation Office.

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