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They definitely would have noticed, but anyone who cared at the bank was a beneficiary - more loans equals higher commissions. I think the problem here is that
by apapli 10y ago
They definitely would have noticed, but anyone who cared at the bank was a beneficiary - more loans equals higher commissions.
I think the problem here is that the bank employees saw no reason to intervene, even though they should have, as clearly the guy needed help (responsible lending practices here in Oz ignored). I expect that is why his conviction was quashed.
- raesene6 10y agoI didn't see any indication in the article that the bank knew, and as there is no way this loan would pass their audit checks, I really doubt anyone got commission for it. My guess would be a mistake in a system and a line of credit got attached to the wrong account. Should they have better checks in place, sure, but there's nothing in the article to suggest they knowingly lent him the cash.
- apapli 10y agoPossibly. I still believe this issue is best looked at through a bank culture lens rather than a technical one. Although I'll agree with you that the solution will require changes most likely to both.