Finally a conviction for fradulent actions in the banking sector

Discussion in 'Politics, Religion, Social Issues' started by VulchR, Aug 3, 2015.

  1. VulchR, Aug 3, 2015
    Last edited: Aug 3, 2015

    VulchR macrumors 68020

    VulchR

    Joined:
    Jun 8, 2009
    Location:
    Scotland
    #1
    Finally, somebody has been convicted for fraudulent behaviour in the banking sector (in the UK Tom Hayes convicted of s conspiracy to defraud by rigging Libor rates; see link). Well, at least the authorities got their one banker to make an example of. I wonder what the sentence will be, and how it will compare to that, say, of somebody caught shoplifting...

    EDIT: revised link with updated story
     
  2. Praxis91 macrumors regular

    Praxis91

    Joined:
    Mar 15, 2011
    #2
    Damn, I was hoping about finally seeing Corslime (Corzine) in chains. We should arrest all the banksters for good measure.
     
  3. VulchR thread starter macrumors 68020

    VulchR

    Joined:
    Jun 8, 2009
    Location:
    Scotland
    #3
    Apparently he got 14 years, with minimum jail time of 7 years. That seems appropriate, but again given that the manipulation was so widespread, why aren't more going to jail?
     
  4. Praxis91 macrumors regular

    Praxis91

    Joined:
    Mar 15, 2011
    #4
    Because the banksters control all governments and install puppets.
     
  5. VulchR, Aug 3, 2015
    Last edited: Aug 3, 2015

    VulchR thread starter macrumors 68020

    VulchR

    Joined:
    Jun 8, 2009
    Location:
    Scotland
    #5
    It's infuriating - people from my town have down jail time for petty theft. I would have thought that a crime that probably netted far more than a drug dealer, or bank-robber, would get quite a long sentence. Perhaps 7 years is not enough....

    In any case, 10 banks were allegedly involved, so I will be looking with great interest for future prosecutions. I gather from this link that 12 others are being brought to trial.
     
  6. shinji macrumors 65816

    shinji

    Joined:
    Mar 18, 2007
    #6
    Jail time for petty theft? Pretty unlikely for a first offense.

    It's not really about the total amount of money at stake. Bank robbery is an inherently violent crime and warrants a stiffer penalty, even if the robber made very little doing it.
     
  7. sim667 macrumors 65816

    Joined:
    Dec 7, 2010
    #7
    It was the first case, I think there's more incoming.

    We should have done what Iceland did years ago, but am I right in thinking that this will only have been the second country to jail a banker over the recent financial crisis?
     
  8. Eraserhead macrumors G4

    Eraserhead

    Joined:
    Nov 3, 2005
    Location:
    UK
    #8
    It's nigh on impossible to prove beyond the lowest levels where it was endemic.
     
  9. VulchR thread starter macrumors 68020

    VulchR

    Joined:
    Jun 8, 2009
    Location:
    Scotland
    #9
    Agreed, which is why there should be complete transparency at banks (all communication among staff and between companies recorded and logged). The banks should be regulated far more closely than they are now. The banks, the bankers, and the activities they perform should all be licensed, with transgression resulting in the loss of potentially all three licenses. Additionally, managers should be held personally liable for the actions of their subordinates. There should be mandatory training and education regarding the law and ethical practices.

    This is exactly how my work is regulated (biomedical research) in the UK. If I break the law or the regulations governing a procedure I have performed at work, then my licence, my institution's licence, and the licence to perform the given activity can all be withdrawn. Moreover, if there is a criminal offence, my supervisor is personally liable and I am personally liable for the actions of the people working under me. Training is mandatory and one has to pass tests to demonstrate competence in any procedure. There are government inspectors who vet our work, including unannounced visits in which our records can be examined.
     
  10. mrsir2009 macrumors 604

    mrsir2009

    Joined:
    Sep 17, 2009
    Location:
    Melbourne, Australia
    #10
    You know what they say... Stupid criminals rob banks. Smart criminals own banks.
     
  11. Eraserhead macrumors G4

    Eraserhead

    Joined:
    Nov 3, 2005
    Location:
    UK
    #11
    To be fair the potential for corruption in finance is greater than other industries.
     
  12. Huntn macrumors G5

    Huntn

    Joined:
    May 5, 2008
    Location:
    The Misty Mountains
    #12
    Now let's see some high finance incarceration action across the pond! ;)
     

Share This Page