These financial crimes committed over the last 1-2 decades don’t seem to end.
I have predicted in the years gone by that most bankers would face jail time because laws are so tough while bankers keep doing the same things what they did previously that are all illegal.
From exchange houses to banks to hedge funds to private equity, everyone in the financial sector is being caught for money laundering, insider trading and breaking all sorts of laws simply because it is not easy to adhere to all the compliance and meet customer requirements of return expectations.
Or even predict what’s going to happen in the stock and bond markets because there is no visibility or stability in the markets like the years gone before.
Hence, in order to keep their jobs and make money, all of today’s bankers and advisors keep mumbling the same old crap that markets always go up until everything tanks!
Overseas bankers are not even allowed to deal with American clients due to FATCA. Europeans have much stringent laws to keep funds abroad. UK and India are cracking down heavily. Germany and France are prosecuting clients for their Swiss accounts including a French Minister.
China has frozen assets abroad and banned capital outflows.
Pakistan, Greece, Indonesia, Russia etc have introduced tax amnesties to bring assets stashed abroad back to home countries. Philippines is due to introduce tax amnesty any month now, latest in early 2019.
Meanwhile, just to stick to a job and a sector because of making money and survival indicates that today’s bankers do not have the skill set to survive anywhere else and are addicted to the jobs for money and lack any morals and ethics to earn it legally and professionally.
Banks have wafer thin margins and many have losses, hence bankers need to keep lying to themselves, their clients, their regulators etc just to keep their head above water and their job until they caught or fired.
Hundreds of thousands of financial sector jobs are disappearing every year since the 2008 global financial crisis hit, yet, no Govt wishes to change course and inform the graduates of today that financial sector is not a great sector to be in.
Banks have imploded every year from Cyprus to Portugal to Latvia to Russia etc. Hundreds of banks have merged worldwide. Thousands upon thousands of bank branches have been shut worldwide. Almost every single bank in the world has been downgraded and many have taken bailouts from their Govt's else they will collapse.
From Switzerland to Korea to India to UAE to USA to UK etc, more than half the foreign banks have sold or completely withdrawn.
Now courts are charging bank CEO’s all across the globe as skeletons keep coming out of their closets and their past misdeeds catch up with them.
Imagine a world, where an entire bank across an entire country watches their top most boss being charged for criminal deeds and mostly facing years in jail!
How do you explain that to clients? How do you justify to yourself that what you and your colleagues are doing is even legal? How about morale? Motivation?....
Guess what, worse is still yet to come.....
Today, JP Morgan CEO in Mexico had an arrest warrant issued. Not confirmed whether he in jail yet.
Last week in Australia, CEO’s of ANZ, Deutsche and Citi were charged. Many more executives have also been charged.
Last month in India, 3 CEO’s and several directors and many other executives were charged
PNB fraud: CBI names 2 EDs, ex-CEO Usha Ananthasubramanian in charge sheet
These are the fancy mansions where these bankers live:
These are the fancy mansions where these bankers live:
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