With the news that CBA has just copped a $700 million fine for its role in a pervasive money laundering scheme I am curious as to why there is no custodial sentence for anyone involved. since the majority of other money laundering cases have involved someone going to prison. Whilst I am not one for conspiracy theories since such things merely demonstrate the cognitive shortfall in the individual popularising them I do accept that humans act sub consciously to benefit themselves. Hence, you will probably never see a banker go to jail in Australia because doing so would short circuit any career beyond public service in a lucrative board or lobbying position.
I am also reminded of a piece I wrote over three years ago on the moral behaviour of bankers.
this was a done deal before the Hayne media circus started the Banks are just a ATM for a struggling Government
Totally agree Chris. Where is the disincentive for individuals if the organisation picks up the tab! Similar to the pharmaceutical industry where drug trials can be manipulated with efficacy exaggerated and negative or serious side effects hidden or not reported. Eg. Merck with Vioxx, an anti inflammatory which caused an increased risk of stroke and heart attack and is believed to have killed tens of thousands of people. About one billion dollars in fines and almost five billion in civil claims. No jail time though for anyone.