Ask yourself a question. You open a bank in a country known to be attracting money launderers. Call it Estonia. You choose not to put in place appropriate controls over that bank. And then you are surprised it laundered €200 billion?
Really?
I would suggest that the CEO of Danske Bank, who has resigned because he did such things, should not be surprised at all.
Except at being caught, maybe.
Thanks for reading this post.
You can share this post on social media of your choice by clicking these icons:
You can subscribe to this blog's daily email here.
And if you would like to support this blog you can, here:
The questions are not limited to the company and its management. Estonia joined the EU in 2004. Aren’t there EU directive and regulations that are meant to prevent this sort of thing? What were the Danish and Estonian regulators doing? How does the EU Commission feel about the implementation of the EU rules? (No doubt similar questions could be asked about places such as Malta or Cyprus, or indeed the City of London.)
Resigned, though. !
Not taken away in manacles pending trial. Maybe there will be proceedings in the fullness of time, but only likely to happen if some of the victims of this fraudulent behaviour are wealthy and influential enough to pursue the matter through very expensive courts.
And the rest of the board and NEDs who are supposedly monitoring the business of the bank ?
One law for the poor and NO law at all for the rich.
I bet he’s surprised at being caught. “Everybugger else is doing it, why pick on me ?”
Is there no regulation of the financial sector at all ?
but the bonuses were sooo good…
The naivety in human societies stems from the belief the current form of free market capitalism being operated is balanced in the interests of the many.