Do the BEAR banking reforms have bite if APRA believes it is not a corporate cop?
Ambrose Bierce's definition from "The Devil's Dictionary" may be more than 100 years old, but it seems an absolutely up-to-date reference for the cultural malaise and lack of accountability currently being uncovered in banking and financial services.
A US civil war veteran and dyspeptic journalist, Mr Bierce would no doubt have been entertained by the incongruous idea of modern bank executives and their remuneration.
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