Robert Jenkins asks a pertinent question... A few months ago, a dealer in old wine was given a 10-year sentence for misrepresenting the quality of the contents. A banker who misrepresented his or her product would not face anything like this penalty. Despite scandal after scandal, the absence of personal accountability persists. The size of penalties varies by regulator, but the unwillingness to punish the individual perpetrator does not. The message being sent from the regulators to the banks is: “Here’s the deal: we fine you a ton of money; no one goes to jail; no individual is named; and the best part – you can settle the bill with your shareholders’ dough!”
Posted on: Sat, 29 Nov 2014 09:57:12 +0000
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