- well just how large is becoming apparent. Citigroup yesterday came up with estimates of as much as $41 billion LINK2 globally with Deutshe Bank paying up as much as $6.5 billion. Theere is an excellent Bloomberg analysis of the state of play of the investigation looking at the various countries and the various agencies conducting the investigation into this huge scandal LINK3. If true these fines will easily exceed the LIBOR fines and rightly so. My main concern is who is paying the fines. As usual it will be predominately shareholders that suffer but in my view such fines should come directly out of the bonus pools of the chief executives, managers and traders of the banks. This is the only way to ensure that there is collective responsibility. In addition the traders and any collaborators need to be taken to court and if necessary sent to jail. It is no longer acceptable to just fine the sharelders - the people in these banks are trusted to run their organizations in a professional and ethical way by both shareholders and society. No excuses we need to clamp down hard and use the full force of the law !
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