Do banks have the ammo to fight frauds
This headline in the ST reminds me of the realisation in the European community of the real robbers that are robbing the people. Before I go on, the article in the ST was about banks trying to curb credit card frauds and limiting the liabilities of card holders. The European concern that was taken up by their Finance Ministers at the G20 was about the disproportional ransoms that the bankers are extorting from the banking industries. They reminded the ministers at the meeting that even before the financial crisis is over the bankers are paying themselves the crazy bonuses that they were getting before. And the Americans are not going with the Europeans as the main culprits are the American bankers themselves. These robbers are robbing their shareholders of hundreds of millions each, individually and annually. How on earth could they justify their abilities to earn that kind of money? With or without them, with a new team in charge, their banks are going to do just as fine, or just as badly. Many were managed to the brink of bankruptcies, or were bankrupts and needed govt and public funds to save them. The read fraudsters that are cheating the minority shareholders are the bankers themselves, and the CEOs of MNCs where the minority shareholders are helpless while the management just write their own pay checks, and pay themselves crazy. Do we need to look anywhere for fraudsters? Oh, pardon me, I am referring to European and American bankers and MNC CEOs, those who took tens or hundreds of millions. And it is not just the CEOs, it is the whole management team and board of directors. All are in it. It is a case of I pay you and you pay me, I approve your pay and you approve mine.