http://www.crosbyherald.co.uk/news/cros … -33495404/
I think it would be very hard to bring a piece of legislation in to curtail banks and the banking industry. And if legislation is brought in should it be retrospective as most of those responsible have left the banks and are living the good life on the huge redundancy payments and bonuses received.
The article wasn't very clear (at least to me) - what kind of "reckless" behavior is it referring to? Making bad loans?
I think it refers to bringing in a new law of reckless management.
Although there are other things like the LIBOR scandal which could be construed as fraud. (maybe)
Sounds like putting a banker in jail because a loan isn't paid back. Or maybe because a subordinate way down the line somewhere did something illegal.
That would certainly change the face of banking!
The knowledge that the loan wouldn't be paid back and then selling the loans on with this knowledge surely constitutes fraud?
And if you are in control of a business where your employees are committing fraud as part of your business then you become an accomplice to that fraud.
Also fixing inter bank lending rates is against the regulations and as such is breaking the law.
That would surely be fraud. The problem is proving beyond a reasonable doubt that the banker knew it never be paid back - that part could be a little tough. Especially the reasonable doubt part.
Yes and no. The boss is not always automatically responsible for the actions of a subordinate, at least not at the criminal level. The business is, of course, but not the supervisor. It again comes down to knowledge of the act either before or during execution. No one at the top levels of a corporation with tens of thousands of employees can personally keep track of every action by every employee.
Excessive consumerism and predatory lending are two completely different issues that generally get clumped together in the same pool of results. Unfortunately ability to repay and willingness to repay fall into the same bucket. Remember the 'walk-away' campaigns during the US market collapse.
Discerning who to blame should be less of a concern than educating the consumers and regulating the market. Prosecuting a CEO or some other patsy down the food chain is just going to make new lending more difficult and do little to benefit the masses.
Saw this today. Add the ratings agencies to the list to be jailed!
http://www.news.nom.co/video-matt-taibb … cial-news/
I am of the opinion that it was the Federal Reserve and other central banks that created the environment that encouraged this kind of behaviour, and are therefore the main cause of the financial collapse. I do, however, believe in free will, and would also wish to see bankers prosecuted. That might seem rather an odd point of view for a die-hard lassiez-faire capitalist, but I believe the current system of banking to be fraudulent, so of course, I hate the bankers as much as your average lefty.
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