Five Scandals That Show Why We Need Structural Reform in the Banking Industry
From Truthout – “Multibillion-dollar scandals have continued to occur at big banks across the world, throwing the integrity of the banking system into question. The current state of banking ethics, the enormous size of banks and the banks' inability to detect real-time fraud all contribute to the ongoing failures in preventing serious banking crimes. In addition to this, the big banks have complicated organizational structures with thousands of subsidiaries operating across multiple markets. Bank acquisitions and cross-ownerships across the globe can make it difficult to unwind trades and transactions in the case of a bank's failure during a crisis.”
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