One of my daughter’s favourite bedtime stories is The Beast Beneath the Bed. The little boy in the book is scared of the beast beneath his bed – his scratchy snarls and little growls echo in the dark. These are the sounds of the beast messing up his room at night while he’s asleep. The boy loses his temper when the beast crosses a line by gobbling up his teddy bear; he yells: ‘stop it now, you fiend, you’ve messed up all my precious things and I like to keep them neat’. He then realises the beast is just as scared of him as he is of the beast. Once the boy gets to know the beast, they agree to compromise and get along, and end up wishing each other good night as they live happily ever after. The moral is, they each had different priorities in life – the beast likes mess, the boy likes order – and if they could just both compromise and find a common ground, they could get along fine.
I thought of this book as I watched the delicious live telecast of the Banking Royal Commission on Friday. For many years, left-wingers like me have been worrying and fearful about the capitalism beast beneath the bed. We have been watching the messy damage the beast has left in our communities, but we’ve been finding it difficult to articulate what to do about it. We’ve been too scared to address the idea of a beast so big, and struggled to give it a name. But, now that we’ve finally had our chance to meet this beast, to put it on the stand and interrogate its intentions, we find it is just a tanned celebrity Financial Planner by the name of Sam Henderson who lives on the Northern Beaches, loves surfing, skiing and crossfit. Once we meet this Sam, and we look at the damage he has done, and why he has done it, we, as a community, can see how things must change if we are to safely live with this beast, side by side. Now that we understand what led this beast to eat our teddy bear, we can finally understand what it will take for us all the get along with capitalism.
Don’t get me wrong, the Sam Henderson capitalism beast is a messy little shit. And, he is representative of a lot of other messy little beasts throughout not just the banking industry, but no doubt any industry with the profit motive. So, basically all of them. What we learned from our little delve into the world of Sam is that, if a capitalist can make money out of something, they will do it, and they will make whatever mess it takes to do it, as long as there is nothing standing in their way.
I thought of the beast beneath the bed swinging across the room on the boy’s lampshade, and falling bump onto the floor, as I watched Sam be probed, in excruciating detail, about how he came to almost lose $500,000 of Donna McKenna’s super balance. The only reason Sam failed in this planned-financial-ruin is because Donna, who is a Fair Work Commissioner, was savvy enough to check the recommendations of this financial planning ‘Practice of the Year’ before signing on the dotted line and picked up the ‘error’ the messy Sam had made while racing to charge her big bucks for financial advice.
Sam’s mess included him having to admit he knew one of his employees impersonated Donna between 6 and 8 times to get her super account details from the fund she was in, while simultaneously claiming he didn’t know why his employee would do this. The mess included Sam admitting he advertised himself as having a Masters of Finance degree he had never actually graduated from. The mess also included Sam referring to the complaint Donna made about him to his professional body – Financial Planning Australia (FPA) – as ‘knit picking’. We saw evidence of Sam threatening the FPA that if they didn’t treat him well throughout the complaint process, he would make life hard for them with fellow-FPA-member colleagues.
Here lies the problem. Since when has it ever been a good idea for beasts to join together in a beastly fashion and investigate their own beastly mess? Taking a wider view, as I’ve said, Sam is just one of many beasts, in just one of many beastly capitalist industries. Now that we see the mess these beasts are making, and the failure of their bullied-self-funded-so-called-professional-beastly-bodies to clean up this mess, the little boys – the community – the society in which we live – must take back control of this capitalist beast. If they won’t behave, we need to set down some rules for us to live happily side by side. If they don’t follow these rules, they should be banished from our bedrooms.
The little boy compromises with the beast by making a special deal: he would ‘let him play with all his toys, if he promised not to steal’, and the beast agreed not to eat the boys shoes if he left him out some bread. So, as a community, represented by our government, we should agree with the beasts that we will let them keep making money by giving financial advice, let them keep eating their bread, if they agree to adhere to strict, legislated regulations which protect the community from their wilful disregard for our needs. Our needs include not being ripped off. Not having our teddy bears gobbled up. Not being screwed over in the role of consumer, and worker. Not having our lives made a mess by unconstrained-greed-from-messy-capitalist-beasts.
I’m so glad we’ve now met this beast, and we can urgently begin the process of legislating regulations to keep it in check. The only way the community can sleep well at night with a beast beneath the bed, is if that beast is forced to behave correctly. We live in a capitalist society, and whether people like it or not, this system is not about to change. The point is, we don’t have to be fearful of capitalism, and in fact we can get along with capitalism, once we name the beast, and rein in its mess. Now we understand how this mess is made, we’re in a much stronger position to do this. Bring on the regulations, properly and independently enforced. Let’s change the rules.