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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWhy Bankers Still Aren't Chastened
from Der Spiegel:
Bankers have gone from being global elites to universally despised villains. Recent headlines suggest authorities are finally cracking down on illicit practices -- but the truth is very different.
The I Portici Hotel, an art nouveau palace in the historic center of Bologna, promises guests "a new experience, full of discovery and charm, involving all five senses." But Raoul Weil, once one of the most influential executives at Swiss bank UBS, recently had a less-than-charming stay.
At 1:45 on the morning of Oct. 19, Italian police arrested the 53-year-old in the hotel and brought him to the far less luxurious Dozza prison. The reason: US authorities had indicted Weil, the former head of wealth management at UBS, for allegedly helping American clients hide their assets from US tax authorities on Swiss bank accounts.
Weil's arrest was only one of a series of reminders last week that bankers around the globe are no longer the admired elite of the business world. Public prosecutors, financial regulators and politicians everywhere now suddenly seem to be striving to condemn all of the industry's excesses in fast forward.
.....(snip).....
Just a Slap on the Wrist
The truth is, spectacular coups like Weil's arrest are little more than symbolic gestures. The fines and settlements paid by many financial institutions are akin to the indulgences sold by the medieval Catholic Church. The sins of the past may now be forgiven -- but there are no guarantees of improvement in the future. ..................(more)
The complete piece is at: http://www.spiegel.de/international/europe/why-recent-arrests-of-bankers-are-merely-publicity-coups-a-930356.html
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Why Bankers Still Aren't Chastened (Original Post)
marmar
Oct 2013
OP
polichick
(37,152 posts)1. This is where Dems are just as bad as RepubliCons...
Protecting the ruling class - banksters, war criminals, 1%ers who have their own "justice" system.
Pres. Obama is stuck as far as pushing some of his programs, but he has a lot of power (that we gave him) to make things right in a number of corrupt areas - and that would be a wonderful legacy.
leftstreet
(36,101 posts)2. DURec
gopiscrap
(23,726 posts)3. they should be in prison
but because they give so much money to both parties, they're protected.