Commonwealth Bank Australia (CBA) reported its seventh straight record profit in August. It’s 2015/16 financial year cash profit rose to $9.45 billion, bringing its total profits over seven years – since the global financial crisis – to approximately $55 billion.
CBA is the biggest and most profitable, as well as the most notorious, of Australia’s “big four” banks. In recent times CBA has been embroiled in numerous schemes, scams and shams. Politicians have been forced to reflect some of the anger working people already express toward the “bastards at the banks” through calls for a Royal Commission.
While a Royal Commission would undoubtedly uncover even more rorts and rip-offs, the key point is that you can’t control what you don’t own. To end the banksters rackets, and invest their cash piles in a plan for social good, we need to bring the financial institutions into public ownership to control and manage them democratically.
By Kirk Leonard