How do the banks continue to get away with it? The latest revelations about Credit Suisse provide yet another glimpse into the corrosive nexus of banks, corporations, accountants, lawyers and financial intermediaries that enables the wealthy and political elites to profit from illicit practices.
The bank itself is no stranger to predatory practices. Since 2001 it has been fined at least 47 times by the US authorities and paid fines totalling $10.7bn. Since 2010, it has also been fined on at least six occasions by the UK’s Financial Conduct Authority (FCA) and paid fines totalling more than £300m. The fines have become just another cost of doing business, and are passed on to customers.
