Re the Nov. 13 article, Global banks fined for rigging market: White collar crime does pay.
Ask any banker or corporate CEO. Not only does crime pay, but they also get rewarded for committing the crime as their salaries have already doubled since 2008.
No top banker or CEO stood trial for the 2008 financial crisis. They would rather pay the large penalty at the expense of the shareholder, and not be charged with committing a crime and avoiding a jail sentence.
Now five major and global banks — Citibank, JPMorgan Chase, Royal Bank Of Scotland, HSBC Bank and UBS —have agreed to pay $3.4 billion in fines. They were accused of selling toxic mortgage securities, and throwing millions of homes into foreclosure. I wonder how high their new salaries will be?
Never miss a local story.
Kenneth Chaitman, Aventura