Tag: penalties

Another fine mess you’ve gotten us into

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

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

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

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 […]