Quote:
Originally Posted by Hugh
QFT.
Those in charge, if proven to be culpable, should be prosecuted.
Those who authorised PPI, and all the illegal financial actions, such as using CDO's to finance non-prime mortgages, should be prosecuted.
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Quite. The biggest danger to our financial system is the complete lack of moral hazard.
Telling a multi-millionaire that because they broke the law they are only getting a £400k base salary instead of £400k plus a huge bonus isn't exactly the most effective threat.
Angry - some PPI fines are being paid by banks as they sold them or, more accurately, mis-sold them. Insurance companies merely hoovered up the revenue once the banks had blagged the customers to collect the commission / introductory fees.