Brilliant. One does need to be naive to believe that everyone will do the right thing without putting in place the necessary checks and balances. Think car drivers and use of mobiles, or dare we mention it, politicians and their expenses claims. Without advocating a police state, many people will abuse their rights when they believe that no-one is watching. We do need Police to enforce the laws, and hold people accountable for their actions. And to protect against those conflicts of interest. So, why should we be surprised by the poor record of many individuals in the finance industry, when we had our corporate police not doing its job, and whistleblowers being severely disadvantaged? Jonathan, perhaps we also need an analysis of: 7 things that needs to be done to fix ASIC?

Thanks Rex - hopefully the rocket from Kenneth Hayne gets ASIC on the right path. If not, someone will need to write that article!