APRA's position is misconceived (lol)? I realise now that I have...

APRA's position is misconceived (lol)?

I realise now that I have been living in an alternative reality where the banks and IFL and AMP could do whatever they like with impunity. I have come to realise that for the time being law and order is back. I am surprised/shocked at myself that I originally saw that Kelaher testimony at the RC, and did not immediately realise that Kelaher was totally out of line taking super fund reserves (belonging to members) to compensate for an IOOF responsibility. And his cavalier attitude suggests that he was in that same alternative reality. In any other industry I would have picked that up as being a disaster for a company. In the finance industry, the regular dodgy escapades seemed to be irrelevant.

And now we find out that they (the board and mangement of IOOF) are still living in that alternative reality. That is very bad news for shareholders.