This is a MUST READ article from the FT. Check it out!
The European Commission will gain much-needed popularity in challenging the big banks with massive fines for illegal behavior. However, for me that’s still not enough. Brussels must go after the directors in these major banks in the courts and, if appropriate, the guilty should go to jail. Only when greedy bankers rub shoulders with common criminals in jail will justice be properly served; of course, they should also be subject to personal fines appropriate to their wealth, so there is a proper deterrent in future..
Banks spend a fortune on regulation, yet still make enormous profits whilst small businesses and consumers are penalized with high costs for the banks’ services. For me, this is a cartel or oligopoly and should be challenged aggressively by Brussels.
Let me turn this to an open question:
Do you think that the European Commission will go after the major banks sufficiently aggressively?