Frydenberg’s “independent review” into corruption at ASIC failed hopelessly at its first hurdle.

Stitched-up: Australian media outlets falsely report Shipton “cleared” of wrongdoing.

The Federal Remuneration Tribunal sets the pay rates of senior public servants. It has “no record” of ASIC’s claims.

Private consulting firm KPMG, which charged $118,000 for providing personal “tax advice” to the boss of ASIC, has been running the regulator’s internal auditing operations.

The Federal Government has failed to take the central step in one of the biggest corporate governance scandals in decades by refusing to actually “ask” the Remuneration Tribunal whether payments to ASIC bosses were legal.

Westpac has gouged more than $8 billion from the life savings of its almost one million superannuation fund members over the past decade.