I'm delighted to see that Britain's Special Fraud Office has opened an investigation into Barclay's Bank and the fraud with the LIBOR rate fixing scandal.
Finally a serious law enforcement agency has opened a criminal fraud inquiry into a megabank that is deemed "too big to fail." The British authorities long ago saw that a case against a big bank or corporation would be too complex to be understood by a jury of 12 men and women of normal education and abilities. The British set up a special court to hear such cases. A very senior judge presides with the assistance of two assessors who are MBA's, CPA's, etc. These three highly trained people conduct the trial, make a determination of guilt and innocence and set a sentence. We might see some senior bank officers found guilty of fraud and sent to a British prison. (The sentences will be far lower than they would get if found guilty of a similar crime in the USA.)
We are all upset that officers of megabanks here in the USA have escaped prosecution for their horrendous crimes here in the USA. We hear the lame excuses that the US Justice Department does not have the manpower and resources to pursue these cases. It is further argued that even if a case were put together, it could never be explained to a jury because it would be too complex. We also hear veiled warnings that a prosecution of bank officers would threaten the whole fabric of our economy and bring on another Great Depression.
The British have ignored all of these arguments and are courageously moving forward.
I suspect that the massive political contributions the megabanks hand out gives them "immunity from prosecution" in the USA.
Finally a serious law enforcement agency has opened a criminal fraud inquiry into a megabank that is deemed "too big to fail." The British authorities long ago saw that a case against a big bank or corporation would be too complex to be understood by a jury of 12 men and women of normal education and abilities. The British set up a special court to hear such cases. A very senior judge presides with the assistance of two assessors who are MBA's, CPA's, etc. These three highly trained people conduct the trial, make a determination of guilt and innocence and set a sentence. We might see some senior bank officers found guilty of fraud and sent to a British prison. (The sentences will be far lower than they would get if found guilty of a similar crime in the USA.)
We are all upset that officers of megabanks here in the USA have escaped prosecution for their horrendous crimes here in the USA. We hear the lame excuses that the US Justice Department does not have the manpower and resources to pursue these cases. It is further argued that even if a case were put together, it could never be explained to a jury because it would be too complex. We also hear veiled warnings that a prosecution of bank officers would threaten the whole fabric of our economy and bring on another Great Depression.
The British have ignored all of these arguments and are courageously moving forward.
I suspect that the massive political contributions the megabanks hand out gives them "immunity from prosecution" in the USA.
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