Crown deserves the Jamie Dimon approach to failure

Crown deserves the Jamie Dimon approach to failure - @AntonyMCurrie -

Companies & Funds, Corporate Governance

10/26/2021 8:21:00 AM

Crown deserves the Jamie Dimon approach to failure - AntonyMCurrie -

The Australian casino operator can keep its local licence despite investigators labelling its breaches “illegal”. It smacks of too big to fail. Penalising investors, selling assets and burying the name, as JPMorgan’s boss suggested for bad banks, would be a better outcome.

Context NewsA Royal Commission report released on Oct. 26 has recommended that Australia’s Crown Resorts be allowed to keep operating its Melbourne casino even though it determined the company is not a “suitable person” to retain its license under the Casino Control Act.

Instead, the author of the report, Commissioner Ray Finkelstein, has recommended that an independent manager should oversee its operations for two years and for the license only to be revoked if the regulator decides it is not"clearly satisfied" with the company’s progress.

Finkelstein said his recommendation was an attempt to weigh up"two almost irreconcilable positions": Crown’s unsuitability to hold a casino license against the"considerable harm to the Victorian economy and innocent third parties" that removing the company’s right to operate might cause.

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Finkelstein labelled the company’s conduct in recent years as,"in a word, disgraceful. This is a convenient shorthand for describing conduct that was variously illegal, dishonest, unethical and exploitative". He also called some actions"callous" with some employees"motivated by a drive for profit. Some simply did what they did because they could."

The Victorian state government has said it will accept all of the report’s recommendations.Source:The logo of Australian casino giant Crown Resorts Ltd adorns the hotel and casino complex in Melbourne, Australia, June 13, 2017. REUTERS/Jason Reed

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Australia's Crown branded 'disgraceful', gets two years to fix Melbourne casinoAn Australian inquiry on Tuesday declared Crown Resorts unsuitable to hold a gambling licence in Melbourne but allowed it to run its biggest-earning casino under supervision, raising hope for its earnings and takeover prospects.

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