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Posts Tagged ‘cost of doing business’

HSBC Money Laundering Scandal: More Racketeering

Posted by Larry Doyle on December 11th, 2012 8:42 AM |

Can you imagine if those involved in organized rackets including prostitution, drug dealing, human trafficking and the like were able to resolve their criminal activities by merely paying a fine?

What do you think their response would be? Do you think they would take a vow of chastity and then look to engage in upstanding business? Of course not. They would think “how the hell do we get that money back?”

Human nature being what it is, are we to believe that simply because executives of a banking institution issue a few mea culpas, accept some tough language, clawback some individual compensation, and profess to clean up their act BUT FACE NO INDIVIDUAL PROSECUTIONS¬†might really change their stripes? Or are they inclined to think, “how the hell do we get that money back?” (more…)

A Chance to Expose the Wall Street-Washington Incest

Posted by Larry Doyle on June 7th, 2011 6:55 AM |

Truth, transparency, and integrity.

The compromising of these virtues may be the cost of doing business in our nation but make no mistake the price we collectively pay is enormous. Whether in Washington or on Wall Street, the ability to compromise our prized virtues has truly been raised to an art form.

From derivative transactions which disguise unprecedented levels of risk to bond indentures which require advanced legal degrees to interpret, our ‘friends’ on Wall Street with assistance from ‘their’ friends in Washington have displayed little regard for the aforementioned virtues which are the foundation for real ‘sense on cents’.

More often than not,though,the violation of our virtues is viewed in an impersonal light. Wall Street and Washington are behemoths. The American public and investors at large are faceless. In my opinion, our financial services industry and government would just as soon keep it this way.

Let’s challenge them. (more…)

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