From The Economist: It has been a bumper summer for
corporate fines and settlements. In the past three months alone firms in
Britain and America have agreed to pay out over $10 billion because of
wrongdoing. But the economics of crime suggests that fines imposed by
regulators may need to rise still further if they are to offset the rewards
from lawbreaking.
The latest allegations of bad behaviour are a familiar brew
of overcharging, mis-selling and price-fixing. Banks have been the worst
offenders. Barclays was fined $450m for its part in a price-fixing scandal;
others will follow. HSBC is expected to receive a hefty fine for allegedly
flouting money-laundering regulations. Two pharmaceuticals firms,
GlaxoSmithKline and Abbott Laboratories, have been stung for illegal marketing. That some firms behave badly is nothing new, but the
response of the authorities has changed recently….
Wait…wait…there is more.
Go to http://www.economist.com/node/21559315
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