Commonwealth Bank boss Ian Narev, came out and did it. Japanese style he apologised for the trauma caused to investors, some of whom had lost many thousands of dollars due to inappropriate advice from the bank's investment salesmen.
Of course, not everybody is happy .Some pundits claim in essence the bank was acting as prosecution, defence, jury and judge all rolled into one.
The bank has probably acted sensibly and by presenting their plan have pre-empted further enquiry and examination which would have been much more damaging in the long run,
It makes sense to control the enquiry, as far as possible ; to do otherwise would be like giving your house keys to burglars and telling them to fill their boots. Admittedly, investors are not in the same category as burglars but then, there are always two sides to any story.
We often seem to forget that if returns are too good to be true, tread with caution. There are exceptions but these are rare. When things are going badly , we are easily reassured by speaking to some who seems to know what they are talking about .Nine times out of ten they know little more than you. I recall,being advised that a certain support line was rock solid and most technical advisers agreed however, when the crunch came, the market fell through this " cast iron" support like a knife through butter.
It will take a while before the Commonwealth Bank CAN get over the hurdle of client's memories. All the dilly-dallying cost them a considerable amount of goodwill.
