8 July 2009
Professor Jennifer Hill compared the financial systems of the United States and Australia, in the wake of global financial crisis and Bernie Madoff's recent conviction and 150 year gaol sentence for fraud.
Interviewed for an article in the Sydney Morning Herald, Professor Jennifer Hill speculated that one reason Australia's regulatory and political response lacks the energy and zeal shown by the US is because Australia's economy is not nearly as vulnerable.
"I do think in the US there is a much greater sense that there are systemic problems," Professor Hill said.
Professor Hill said a positive regulatory outcome in Australia is the focus on executive pay - and the realisation that attaching inappropriate goals to remuneration punished companies and investors alike.
Contact: Greg Sherington
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