Tuesday, 1 July 2014

That BNP Paribas penalty is nowhere near enough

Yes, I know you are all bored with BNP Paribas. Now the penalty has been issued, let's move on. Other scandals are beckoning.....

But bear with me for a little longer. I have something to say about BNP Paribas's penalty. It's not enough. The US regulators let them off far too lightly considering the scale and duration of their crimes.

To find out why I say this, click here.

2 comments:

  1. What's the point of any penalty, unless the ACTUAL INDIVIDUALS responsible for bank criminality are punished?

    The current practice of fining banks (i.e. shareholders) in no way reduces the incentive for bank employees in future to abstain from committing crimes. The only effect is to induce bank shareholders in future to demand a bigger return on their investment, since they're likely to have to pay for the sins of others. And that just raises interest rates for mortgagors and other borrowers.

    But of course politicians and bank regulators are reluctant to prosecute individual banksters because they all attend the same cocktail parties and send their children to the same schools, and one doesn't want to spoil one's next cocktail party by arresting the host, does one?

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  2. But of course politicians and bank regulators are reluctant to prosecute individual banksters because they all attend the same cocktail parties and send their children to the same schools, and one doesn't want to spoil one's next cocktail party by arresting the host, does one?
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