According to the Financial Times, the amount of fines and settlements paid by global banks since the GFC is US$100 billion. That’s shareholder funds paying for their management’s admission of guilt in rigging foreign exchange markets. Unless the guilty individuals (CEOs?) are taken to court, it appears that their criminality will continue to be just one of the costs of doing business.
I’m with Elizabeth Warren on this one. She’s one of the few to have grilled the chiefs of the Federal Reserve and the FDIC about their not referring anyone to the Department of Justice during this period. That’s in stark contrast with the many hundreds of individuals referred during the banking crises in the late 70s.