LEADERSHIP REVIEW?

摘要

Most penalties for financial wrongdoing are levied on institutions rather than the inventive executives who mastermind these grubby manoeuvres. Regulatory authorities themselves do not benefit from the fines they collect, now amounting to serious money - over £500m in this year alone. Apart from relatively modest retentions to cover regulators' costs, the money is transferred to the Treasury and applied for a variety of good causes. Yet imposing a massive fine on a company effectively punishes its shareholders rather than the perpetrators, who may suffer some reputational damage before moving on to pastures new.