From an outsiders point of view the bank board appear to have sold extra shares which diminish the value of the existing shares for the purpose of paying for their own alleged criminal actions
So the loyal shareholders get it in the neck both ways and the people responsible are still walking around free!
If the fine was based on the same criteria that the CBA had to cough up they would have been responsible for the loss of the bank
It would appear that management of a public company walk free IE they take no responsibility once again.
I would not wish the shareholders to lose the lot but if public companies and the regulatory bodies are to retain credibility with the ordinary shareholders that keep these public companies afloat, the authorities should be imposing heavy penalties not on the company but on those who are paid the sometime obscene amounts of money to manage the operations of the company
In any situation if there are no responsibilities or requirements imposed upon the individual person then there is very little reason for them to be diligent in their work, or keeping within the boundaries of the law
WBC Price at posting:
$24.21 Sentiment: Sell Disclosure: Not Held
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