Luigi Peters is a bit like an orchestra conductor, waving the baton randomly, but creating the right sound that resonates with the listener.

He knows attacking fat bank profits on the backs of hard working Kiwis struggling to pay their mortgage in an over heated housing market strikes the right note.

The banks have once again been crowing about their their tightly packed vaults with both the ANZ, and the bank we once referred to as the People's Bank before it was flogged off to the Aussies, the BNZ, raking in more than a billion dollars in profit over the past year.

The political godfather's describing it as a tsunami of Kiwi dosh flooding into the Aussie vaults. Peters says it's no different to land being sold to foreigners, it's gone for good, weakening our economy.

The Beehive burglars sit idly by, he says, while this country's national interests are going down the gurgler. What they're expected to do about the four big banks, the ANZ, the BNZ, Westpac and the ASB, isn't clear but in opposition politics that doesn't really matter.

The point's been made, they're making a lot of money that's going offshore. And that's why Labour was reluctantly forced to swallow Jim Anderton's Kiwibank, to keep some of our hard earned cash in this country.

In the leadup to the election that swept the former merchant banker John Key into power, Luigi had plans for Kiwibank. He wanted to float shares in it, restricting their sales to Kiwis, and force the Government to do their banking with the locally owned bank. Well, he didn't get the chance to float that idea because he was voted out of office.

But when he was Treasurer he had the same idea for a share float of Auckland Airport stock which was gobbled up by Kiwi shareholders who flogged them off, with them going offshore as fast as a wide bodied jet.

His argument for the Government's banking to be directed through Kiwibank's come too late with Westpac again just winning the multi billion dollar eight year contract. The banking sector argument is that Kiwibank's too small to handle the account.

But with a 25 percent rise in profit to $127 million over the past year, perhaps it should be reinvested to make it more competitive to put it in a better position to stem the tsunami.

So at least on that count, Luigi's baton's on the right song sheet!