- Joined
- 10 December 2012
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- 9
Considering John Gay, Gunns CEO, was fined just $50K on his insider trading that netted him $3M when he sold his shares while they were still worth something, it's funny how someone outside the cosy plutocracy club is the focus of so much attention.
When CBA gets off with no fines or criminal charges for their years of allowing "advisors" to sell product.
I'm reading Matt Taibbi's The Divide and he talks about how the only bank in the USA to be prosecuted after the GFC didn't cost the Govt any money (they made >$220M on the loans they sold to Fanni Mae) and they were the only bank that reported any issues to the appropriate authorities when they discovered some of their loans officers getting up to no good and actually sacked them.
No, they were the focus of Govt litigation because one client went to the police to complain about losing her deposit.
There's a sense that White Collar crime shouldn't face jail time. We're quickly catching up to the US on this.
When CBA gets off with no fines or criminal charges for their years of allowing "advisors" to sell product.
I'm reading Matt Taibbi's The Divide and he talks about how the only bank in the USA to be prosecuted after the GFC didn't cost the Govt any money (they made >$220M on the loans they sold to Fanni Mae) and they were the only bank that reported any issues to the appropriate authorities when they discovered some of their loans officers getting up to no good and actually sacked them.
No, they were the focus of Govt litigation because one client went to the police to complain about losing her deposit.
There's a sense that White Collar crime shouldn't face jail time. We're quickly catching up to the US on this.
