Saturday, August 11th, 2012
Australian entrepreneur Dick Smith has called out the CEOs of the big four Australian banks regarding potential collusion.

In a letter to the Australian Competition and Consumer Commission (ACCC) on August 6, Mr Smith says that the CEOs shirk their responsibilities when approached personally by individuals in dire need.

“I refer to occasions over the years when desperate families have asked me for assistance and I have been unable to help,” Mr Smith said.  “I have asked them to write personally to each of the four CEOs.

“On no occasion has any of these CEOs responded personally, despite earning salaries and bonuses up to $10 million each.  No matter what their performance or results, there will probably be a golden parachute at the end of their tenure and if the bank gets into difficulties, of course they will run to the tax payer for a bail out!”

Mr Smith says that the public tends to approach high-profile entrepreneurs for assistance when there are many corporate high fliers in relatively protected positions who refuse to put their hands in their well-lined pockets.

“The only explanation I can come up with is that the four bank CEOs met together and agreed that, ‘if ever we receive a letter from some poor person asking for assistance, let’s agree to never, ever personally reply.  If one of us replies, that could put pressure on others of us to also fulfil our responsibilities’.  What other explanation could there be?”

Dick Smith has asked the ACCC to investigate this serious situation.

For interviews and/or a copy of the letter sent to the ACCC on August 6, please contact:

Dick Smith:  email [email protected]; phone 02-9450 0600

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Dick Smith

P: 02-9450 0600


ACCC, Dick Smith, Big 4



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