Tag: penalties

Another fine mess you’ve gotten us into

What’s another €94m fine between friends?  The latest penalties on several banks for fiddling interest rates by running a cartel, is hardly the stuff of headlines. J.P. Morgan, no paragon of ethical performance in recent years, must pay €61m for crooked behaviour involving Libor, from 2008-9. Yet can you envisage the […]

Time for bank leaders to pay the ultimate price

By Brooke Patterson[spacer height=”20px”]   “Tax evasion was the biggest mistake of my life” said Uli Hoeness, one-time  president and business chairman of Bayern Munich, the club he made into one of the world’s most-successful football dynasties. Earlier this year the contrite German boss said he would accept a three-and-a-half-year […]

The financial Zeitgeist and eroding resistance to change

Anyone learning Chinese soon encounters the classic tale of Zhang Guiya a county magistrate patrolling government buildings.[spacer height=”20px”] He meets a minor official rapidly leaving the money vault.[spacer height=”20px”] “Why are you in such a hurry” asks the magistrate who subsequently finds a valuable metal piece hidden in the man’s head […]

Customers get the worse deal as stakeholders

Misleading customers can be an expensive luxury. In 2013 for example, fines for swindling their customers cost Npower nearly £4 million in 2013, Scottish Power  £8.5m, Tesco £300,000, AXA £1.8million. This month, March 2014, Toyota admitted misleading customers and agreed a huge $1.2 Billion criminal fine.   Also this month in […]