This past week is the beginning of the end of the Australian Securities and Investments Commission (ASIC) in its current form.

This week, the inquiry held two days of public hearings where they heard from Australians across the country about their disastrous experiences with ASIC.

These witnesses confirmed that the ASIC poor performance story is no longer a John Adams conspiracy theory. After 15 years of ongoing failure, ASIC was exposed once again.

The evidence before the inquiry is so bad that it is impossible that the inquiry can advocate for the status quo with a few minor adjustments.

However, the most extraordinary contribution was from former ASIC Chairman James Shipton. His 14-minute opening statement was the most devastating testimony in the history of ASIC. This speech was one for the ages.

Adams and North focus on the Shipton's opening statement and its significance.