Page 8 - The Banks Article

In the case of

Wells Fargo ghost accounts were created whilst

HSBC became the ‘Financier to drug gangs’.

Barclays on the other hand manipulated the

LIBOR Rates whilst

RBS was accused of exploiting small business
through the creation of its Global

Restructuring Group (GRG),

Bank of America incurred the greatest fines over
Residential Mortgage-backed Securities

(RMBS) whilst

Lloyds Banking Group engaged in the mis-selling of

Payment Protection Insurance (PPI), and
finally,

Standard Chartered was fined for money laundering and

criticised on social responsibility grounds

for its investment policies.

This is of particular concern given the extent and depth of

the banks’ misconduct. As Robert Jenkins (2015), a former

member of the Bank of England’s Financial Policy

Committee, has pointed out,

“Large fines are frequent. But no bank has lost its banking

license. No senior has gone to jail. No management team
has been prosecuted. No board or supervising executive has

been financially ruined. Many have kept their jobs, their

salaries, their pensions and their perks.” (3)