TheBigShort
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I agree with the gist of your post (less the hyperbole).
We need to have a Financial Regulator and a Department of Finance who, working with the Department of Justice, can define and then frame legislation to punish financial crimes. Oh, wait, we have them. They must also be held accountable, right?
Is that in itself not a damning indictment of the same people and bodies I mentioned above?Absolutely. But as the investigators in the Drumm/Anglo case referred, there was no actual crime scene. The investigators had to find a crime, thats why the Anglo Tapes were so damning.
To all intents and purposes, the paper trail was all legal and above board audited in accordance with best practice.
Is that in itself not a damning indictment of the same people and bodies I mentioned above?
Bad business decisions are not the preserve of the, so-called, free-market capitalist roundabout. Look at any socialist/communist states for examples of where economies in their entirety have been destroyed.If it weren't for the diligence of the prosecuting investigators in the Drumm case, the collapse of Anglo would have been put down to bad business decisions, all part of the free-market capitalist roundabout - you take risks, some you win, some you lose etc.
Absolutely. But as the investigators in the Drumm/Anglo case referred, there was no actual crime scene. The investigators had to find a crime, thats why the Anglo Tapes were so damning.
To all intents and purposes, the paper trail was all legal and above board audited in accordance with best practice.
Nobody can defend banks behaviour or ethics or leadership over the past 20 years. Anywhere. The situation with RBS and it's so called restructuring group was absolutely disgusting and I would quiet happily see people jailed for it. I would have jailed the head of Barclays last year for trying to identify a whistle blower. I would have jailed people who knowingly engaged in false accounting, fake pricing, dodgy lending. The list could go on and on. But the problem isn't just banking. The problem is white collar crime in general. An employee defrauds his company of money, good chance he is going to Jail. A director decides to under declare VAT and make false returns, they remain as members of the Dail. This is seen across the world. For some reason, there is very appetite to deal with white collar fine through custodial sentences.
Bad business decisions are not the preserve of the, so-called, free-market capitalist roundabout. Look at any socialist/communist states for examples of where economies in their entirety have been destroyed.
And anyway, didn't you say you were a capitalist yourself?
Nobody was convicted because of the 'Anglo Tapes'. The tapes weren't even illegal. They were used to show the culture that existed in the bank at that time. Drumm was convicted of conspiracy to defraud and false accounting. The Anglo Tapes did not incriminate anyone is this regard.
But the problem isn't just banking. The problem is white collar crime in general. An employee defrauds his company of money, good chance he is going to Jail. A director decides to under declare VAT and make false returns, they remain as members of the Dail. This is seen across the world. For some reason, there is very appetite to deal with white collar fine through custodial sentences.
I could never understand how some of the way the banks were being run didn't constitute reckless trading.True. But the extent of the fraud, the gargantuan sums of money involved at the global banking level pales VAT fraud into near insignificance.
Im not condoning it or excusing it, but if we can assume a primary driver in financial fraud is to benefit financially then State resources should be directed primarily at who has control of vast sums of money - these guys make a packet, but still cant help themselves for a bigger bonus.
I could never understand how some of the way the banks were being run didn't constitute reckless trading.
Thanks for clarifying. I was unsure given the reference to it being a "roundabout"I wasn't attacking capitalism. I was outlining how the banks use the free-market system to pursue their corrupt practices.
Im not condoning it or excusing it, but if we can assume a primary driver in financial fraud is to benefit financially then State resources should be directed primarily at who has control of vast sums of money - these guys make a packet, but still cant help themselves for a bigger bonus.
I give up; why?Why do I think its just the tip of the iceberg?
I give up; why?
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