Is there any wonder at all why we should expect to see an end to corruption, fraud and other wrong doing in the banking sector. Having spent time in the ME I can tell you that theft in general is relatively low, cutting off the odd hand certainly appears to work.
As long as white collar criminals can continue to thieve with impunity it’s foolish to think they will ever stop?
Even here in Australia things are no better after much whistle blowing and complaints from bank clients losing their fortunes ASIC once again shows it has no teeth. I suppose if had held a Royal Commission there could have been the danger that they found the culprits!
“Most importantly, cash can’t be taken back. Even if you make deals that lose $1bn the next year and your bank loses $50bn and is bailed out by the government.”
“From 2003 to 2006 members of those rows received bonuses between $3m and $10m annually. In 2007 they were fired – but with enough money to never work again.”
If other people wish to have these kind of people look after their money and superannuation I guess that’s fine they are grown-ups after all. I dare say a lot of people are showing some wonderful gains on paper today; however, when the want them back in years to come I wonder if they will be there, after all those big bonus payments must be coming from somewhere
