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It raises a good point that we cannot (and should not) prosecute people for the consequence of bad but legal business decision. However that also means that "s
by gutnor 13y ago
It raises a good point that we cannot (and should not) prosecute people for the consequence of bad but legal business decision.
However that also means that "self-regulation" is a get out of jail free card. Which I sort of understand, you would not want to cripple a growing sector with unnecessary constraint, I understand _once_ ( and you may argue, that it was not the first time for the Banking sector to keep only greed as regulation)
So it is fine that nobody went to jail. But we should also acknowledge that this self-regulation has failed in a spectacular fashion. So spectacular that it has had no impact in the life of most bankers, except a delayed bonus for a year. And nothing has been done to change that in the last 5 years.
To put that in perspective it took a decade for the start-up sector to recover from the .Net bubble. A lot of developer from those time have lost money, and struggled to recover their past salary level. The days of setting your own rules in a company just because you are a developer are also gone.
Here is the City of London, nothing has changed for bankers.
Edit: should -> should not
- arethuza 13y ago"nothing has changed for bankers" Well, Fred Goodwin lost his knightwood for the allmighty omnishambles at RBS - serious stuff! http://en.wikipedia.org/wiki/Fred_Goodwin http://en.wikipedia.org/wiki/Fred_Goodwin [Not long after he was kicked out of RBS I was crossing the road in George Streed Edinburgh and there was a chap sitting in a convertible Ferrari waiting for me to cross and I thought "he looks familiar" - 95% sure it was ex-Sir Fred the Shred]
- nextw33k 13y agoTechnically you are correct, however he's still on £342,500 a year pension and £2.7million lump sum for his troubles.
- coob 13y agoManipulating Libor was completely illegal, and whilst banks have been fined, where are the individual prosecutions?
- dev_jim 13y agoThere have been prosecutions in the US and UK.
- nazgulnarsil 13y agoRead the Gervais Principle. You don't get to the top by leaving a trail of document-able shady decisions.
- ig1 13y agoThe Serious Fraud Office has said it's individual prosecutions will be announced in the next few months.
- fidotron 13y agoLibor is just structurally insane, and basically designed for abuse. This isn't to say that they should be absolved of responsibilities, but Libor (and equivalents elsewhere) should be redesigned to reduce the opportunities for collusion.
- devx 13y agoStuff like telling your customers to invest in stuff you know is going to crash is not illegal?
- fnordfnordfnord 13y ago>... stuff you know is going to crash is not illegal? And you know because you're about to crash it.