Crooks and the rich
Let me begin this post with a link http://www.theguardian.com/commentisfree/2014/apr/13/wall-street-scandal-sac-steve-cohen-rich-grow-stronger.
This is about a crook in Wall Street and how he seems to be able to walk away with a fortune through cheating.The fundamental problem is that cheats in the City do not get punished, most of the time the company they work for is fined. By the time this has happened they have walked off with their rewards so they pay no penalty.
I have tried to argue here before and will try again to say that the perpetrators and the directors should be fined. It would make them take their role seriously and examine more carefully their practices. The recent scandal of PPI who has paid the price. Customers are getting their money back but all the managers and directors who took fat bonuses based on profits generated by the sales seem to have gone unpunished. They might have lost their jobs but have probably walked away with enough money never to have to work again.
Whilst the the need for limited liability for directors is important so that new developments can happen the case when their is clearly improper behaviour is wrong. There must be a culture of taken responsibility and paying for mistakes which cost other people significant sums of money. We have to remember that these people make money by gambling with other peoples money not their own.
This is about a crook in Wall Street and how he seems to be able to walk away with a fortune through cheating.The fundamental problem is that cheats in the City do not get punished, most of the time the company they work for is fined. By the time this has happened they have walked off with their rewards so they pay no penalty.
I have tried to argue here before and will try again to say that the perpetrators and the directors should be fined. It would make them take their role seriously and examine more carefully their practices. The recent scandal of PPI who has paid the price. Customers are getting their money back but all the managers and directors who took fat bonuses based on profits generated by the sales seem to have gone unpunished. They might have lost their jobs but have probably walked away with enough money never to have to work again.
Whilst the the need for limited liability for directors is important so that new developments can happen the case when their is clearly improper behaviour is wrong. There must be a culture of taken responsibility and paying for mistakes which cost other people significant sums of money. We have to remember that these people make money by gambling with other peoples money not their own.
Labels: City Slickers
posted by Unknown at
10:33 PM
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