The Brexit divorce continues to take on tabloid proportions with a 20 Billion Euro’s settlement demanded and both sides digging in and making increasingly acrimonious settlement terms. An attempt at intimidation because the Brexit referendum had no legal validity, or another example of Europe’s heavy handedness when its member states don’t toe the line ala Cyprus and Greece, time will tell.
Wells Fargo CEO John Stumpf steps down in the wake of the banks latest scandal featuring fraud, forgery and the abuse of its clients through millions of fake accounts opened without their consent or knowledge. In doing so Mr. Stumpf pockets a cool 134 million Dollars as he rides off into the sunset and that after losing 41 million. Once again we have very significant sounding fines exceeding a few hundred million, the firing of 5,300 rank and file employees and I’m quite sure the legal bills to date are substantial, this just for starters. Yet how is this justice? Despite a litany of serious crimes committed, a well-documented track record by the bank and its management of outright lawlessness and an utter disregard for rules and regulations. Once again the banksters demonstrate that in fact crime pays, handsomely at that. While I’m sure that the final settlement for what is yet another sordid chapter in the banks history will include the obligatory exoneration of guilt and or responsibility. I can’t help but think of the 3-strikes law that dramatically increases the penalties applied to habitual criminals and the RICO Act that provides for enhanced penalties for organizations engaged in ongoing criminal behavior, and why they are not applied.