{"id":16625,"date":"2012-07-31T08:47:38","date_gmt":"2012-07-31T07:47:38","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=16625"},"modified":"2012-07-31T08:47:38","modified_gmt":"2012-07-31T07:47:38","slug":"when-the-flaws-are-endemic-fining-banks-is-not-enough","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2012\/07\/31\/when-the-flaws-are-endemic-fining-banks-is-not-enough\/","title":{"rendered":"When the flaws are endemic fining banks is not enough"},"content":{"rendered":"<p>The FT <a href=\"http:\/\/www.ft.com\/cms\/s\/0\/10f43f1c-da23-11e1-b03b-00144feab49a.html#axzz22BCaWQgL\" target=\"_blank\">carries this headline this morning<\/a>:<\/p>\n<p><a href=\"http:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2012\/07\/Screen-shot-2012-07-31-at-08.40.01.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-16626\" title=\"Screen shot 2012-07-31 at 08.40.01\" src=\"http:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2012\/07\/Screen-shot-2012-07-31-at-08.40.01.png\" alt=\"\" width=\"559\" height=\"48\" srcset=\"https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2012\/07\/Screen-shot-2012-07-31-at-08.40.01.png 559w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2012\/07\/Screen-shot-2012-07-31-at-08.40.01-300x25.png 300w\" sizes=\"auto, (max-width: 559px) 100vw, 559px\" \/><\/a><\/p>\n<p>HSBC says it's \"shameful,\u00a0embarrassing\u00a0and very painful\" that it has had to do this.<\/p>\n<p>The reality\u00a0is\u00a0though that this is the comment of an organisation in denial. What HSBC has not recognised is that this is not just the result of errors: these failures are the result of systemic flaws in global capitalism that makes those who lead it think they are over, above and beyond\u00a0regulation by the state.<\/p>\n<p>It's true that the state has caught up here. But fines won't solve this. Nor will tinkering with some internal governance rules in HSBC address \u00a0this. Only reforming capitalism itself - and building Courageous States - can solve this.<\/p>\n<p>The flaw is endemic to the system in\u00a0other words, it is not a fault of it.<\/p>\n<p>And it's time we realised that.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The FT carries this headline this morning: HSBC says it&#8217;s &#8220;shameful,\u00a0embarrassing\u00a0and very painful&#8221; that it has had to do this. The reality\u00a0is\u00a0though that this is<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2012\/07\/31\/when-the-flaws-are-endemic-fining-banks-is-not-enough\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[70,141,35],"tags":[],"class_list":["post-16625","post","type-post","status-publish","format-standard","hentry","category-banking","category-courageous-state","category-economics"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/16625","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=16625"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/16625\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=16625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=16625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=16625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}