By Janine Perrett

It was the big bank bash that became a big bank bashing.

Or you could call it the case of the nasty banks versus the Nazi bank bashers.

Of you could just say that the bizarro world of politics has crashed the business world as well this week.

On Wednesday we reached peak weirdness at the 199th anniversary of Westpac Bank.

(While we're at it, who has 199th birthdays except someone who doesn't expect to make it to 200? What, they couldn't wait a year? Bet they wished they had now).

So there was the politically beleaguered Prime Minister and former banker, joining the bank bashing culture as the key speaker at Westpac's birthday bash.

He warned that banks needed to clean up their act and pointed out they had "not always treated their customers as they should".

Now in the lexicon of bank bashing it was quite mild given the many of atrocities recently leveled at the sector.

But you need to put the timing in context.

Firstly it came the day after the corporate regulator ASIC had launched a major court case against Westpac over manipulating market interest rates.

It also came in the midst of a nasty spat between ASIC and the big end of town over its push to crack down on bad corporate culture.

This led to former CBA chief and head of the government's own financial inquiry, David Murray making an extraordinary attack on the ASIC push claiming it was akin to Nazi Germany.

That was on Tuesday. On Wednesday he was forced to put out an apology regretting his reference to the Nazis.

All this is happening while the PM is wading into these very muddy waters.

Not that he had much choice in the current environment.

Because all this is happening against the backdrop of more screaming headlines in Fairfax papers uncovering corporate and white collar corruption; the latest being about offshore banking accounts, after last week's scandal in the oil industry.

It is all making the Government push to call an election over union corruption look hypocritical to say the least.

This is the Government that had a royal commission into union corruption but has refused repeated calls, including from its own side, for a similar royal commission into white collar crime.

Nationals Senator John "wacka" Williams even crossed the floor last year to stand by his principles on the matter.

Only last week the good Senator, continued the fight, appearing on my Sky program The Friday Show and once again calling for the royal commission into white collar crime as only fair.

When I asked him directly about last week's Fairfax investigation into bribery and corruption in the oil industry, implicating Australian companies, he did not hesitate to say we should have tougher laws and he would push for them.

So Mr Turnbull's reasonably mild rhetoric against the banks, while still refusing tough real action, will be seen as too little too late.

And I haven't even got to the issue of him reportedly calling on the same banks to help out the struggling Arrium steel company.

Australian banks have $1 billion in loans to the failing group and should be assessing their position based on financial arguments not the bizarre political and news circus swirling around outside.