Business crime may be endemic across big companies, and law enforcement is doing little to stop it.
, based on accounting revisions, estimated that 73 per cent of US chief executives manipulate their financial results.
Common sense would suggest what happens in American business is happening elsewhere. If this is the case, the relative paucity of big-business fraud identified in Australia would not be a sign of a healthy corporate culture, but of failed enforcement. The real action in the ASIC enforcement group was civil litigation. It was focused on compliance failures and mistreatment of consumers by banks, insurers and financial advisers. Westpac Banking Corp, ANZ Banking Group, Commonwealth Bank of Australia, AMP, Allianz and Dixon Advisory were hit with big fines, or pleaded guilty to misleading customers.
If the American studies are accurate, ASIC and other law-enforcement agencies are failing to prevent fraud on a large scale.
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