Yes, you essentially right with all of this. The fines are against the bank because individuals cannot by law be personally liable, but it is absolutely wrong that directors get rewarded for all of their fraud, deplorable behaviour and incompetence.
In my opinion, WBC needs to sack the whole board, bring in new blood (i.e. all from outside the bank), then restructure senior management in that whoever was even remotely involved in the misdemeanours is sacked from the organisation.
This would assure shareholders and markets that WBC is serious about cleaning itself up and would go a long way to restoring investor confidence. Just reshuffling staff from the same old corrupt culture won't do that, hence why the SP didn't rise much on the news of the CEO's departure.
WBC Price at posting:
$24.66 Sentiment: Hold Disclosure: Held
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