Here are my questions about all this, particularly in the wake if this past week’s Bank of America’s recent fine of $17 billion:
1. Where does the fine money go? Who/what gets it? How is it used? Whose accountable?
2. Why do these banks fight their wrongdoing in court?
3. I wonder how much money was spent on compliance training programs in these banks for the seeming failure of ROI? What must the compliance professionals think?
4. What do fines like this “say” to the employees of these banks about their training, career path,
5. How much of the blame here, should fall on the Compliance department?
6. Why is it that in recent scandals as these, no one person is charged, arrested and prosecuted for these illegal activities, i.e. who was charged for the $7 billion Citigroup just had to pay? Is the fact that paying these fines, are just ”the cost of doing business?”
7. Why aren’t shareholders up in arms about these activities?
My point here is that it seems that the public is getting “numb” to these types of activities and fines. Numb meaning: “don’t care anymore”; “nothing will change” attitude; “they play by different rules” attitude; etc.
So what’s the answer and who’s accountable?