Well it continues, Deutsche Bank has been fined £1.66 billion:
http://www.bbc.co.uk/news/business-32430710
Want amazes me, despite repeated banking scandals over the last 7 or 8 years, why has no one been prosecuted for fraud, or any other crime?
billion. with a B. as in Bloody hell!
In addition to your points Kev, the fine that the bank pays presumably goes to the government. The people who have been defrauded into paying higher interest rates on their mortgages, car finance, personal loans etc. as a result of the interest rate fixing - i.e. all of us - we don’t see any money back, do we?
I think the problem with prosecuting anyone is that there have been so many people in the various banks at this sort of behaviour it would take forever to charge and prosecute potentially hundreds of people. Is it something the CPS can devote the time and resources to?
Is this the English or American version of billion ?
The bank pays the fine to the government then the bank records a loss
The bank now doesn’t have to pay cooperation tax
Banks on a win win
Short scale billion, i.e. a thousand million, is now normal usage in both British and American English.
As for US, and now UK, governments using fines as a considerable part of
income, has no one told them it is an unsustainable economic model :crazy:
Eh? Ignoring for a minute whether fines are deductible (and PPI ones aren’t now), since when were corporate tax rates at over 100%? The bank is not winning here, by any stretch of the imagination.
Ask tescos or any other big corporation or bank how they do it and get away with it