Thursday, December 06, 2012
Another Fine But No One Arrested
Ho hum. Standard Bank will be paying us $330,000,000 to atone for its money laundering offenses of the past 10 years or more. This is on top of the $340,000,000 it paid to New York in August. Do you think their paying $670,000,000 in fines will stop Standard from breaking the law again? Do the powers that be at the bank think they are paying these fines from their personal assets? Will they fear being imprisoned if they break the law again? The answer to the three questions is obviously 'no'. Would the management of a small bank have the same answer? I doubt it. Why are we letting banks that broke our laws and helped plunge us into the Great Recession off so easily?
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