Four Corners - Banks Behaving Badly
Since deregulation, we're borrowing money like never before....$211 billion in 1996. And the banks are reaping the rewards. The National Australia is heading for another record 2 billion dollar profit. And shareholders at the other big three - Westpac, the Commonwealth and the ANZ are also celebrating another good year. There's no secret about how the banks got back on their financial feet after the disasters of the 1980's. They made their money by high interest rates They've also cut staff to the bone and shut branches in country and suburban areas to slim down their costs and boost profits. But the leaner banks are also meaner. A record 17,362 people were bankrupted last year, more than at the height of the last recession.
This program reveals why the banking industry has lost our trust and how some banks bend the rules and break the law. We reveal a bonus system which rewards bank officials for forcing businesses to the wall. Bank malpractices are revealed and the devastating effect that these have on the lives and businesses that are affected by them.
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