Banking corruption: more of the same. When will it end?

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Another day, and more banking scandals.

PWC amended a report to US regulators to hide their banking client's abuse of US sanctions. They have been fined $25 million for doing so and have been barred from undertaking some work in New York for a limited period.

Standard Chartered are apparently unable to properly identify money laundering risk, also according to New York. They have also been fined, $300 million in their case. And they have been barred from handling some accounts for a period.

So more slaps on the knuckles and more fines that impact little ion the organisations in question. But no prosecutions and no sanctions on individuals.

So the abuse will go on. And on. And on.

And when it does no one should be surprised because that is what happens when a system has been captured for the benefit of a few.



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