Bank corruption will fix itself as housing crashes

Tuesday 24 April 2018

Via Sarah Dankert today, one of the few that can hold her head up at Domainfax:

A rogue AMP planner ran a secret property advocacy business while advising clients to source investment properties from his firm, the banking royal commission has heard.

AMP planner Adam Palmer advised several of his clients to set up self managed super funds to buy investment properties through Property Saint without telling the wealth manager or his clients he owned 60 per cent of Property Saint.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.