Roger Price (Chifley, Australian Labor Party) Share this | Hansard source

It is about the only thing you do care about, unfortunately. Please do something about the Australian Securities and Investments Commission. I was surprised when I was approached about it on the streets of my electorate. I can say to the honourable parliamentary secretary and member for Paterson that I am sure he has got some people in his electorate that have been burned by investing in Fincorp. We have a responsibility to say to the Treasurer: what are you doing about it? How are you directing this government commission with responsibility for investigating these matters, for ensuring corporate probity and ensuring that these companies are run properly? It should not be just a lottery where a chief executive can pay himself millions of dollars and give himself a low-interest or no interest loan and squander investors’ money or invest in unsecured notes and debentures. This is a scandal. Nothing has been done about Fincorp and we can be assured that there will be no prosecutions laid for those people who have lost their money in Fincorp. And nothing is being done to prevent those further 10 companies, as is speculated by Lateline Business and expert financial commentators, from going belly up. (Time expired)

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