If there is one clear thing, with all that we are experiencing, it is that Banks, worldwide, have not only mismanaged their risks (credit, interest rates, liquidity, capitalization, indebtedness, and reputation) but also their greed. Without generalizing, of course; there are exceptions.
This news only reaffirms that the way forward for depositors leads to digitalization, to free means of payment, with self-managed regulation.
In all this, where are the regulators, the auditors, the risk rating agencies and the compliance officers; in short, those who must ensure that everything works well in this industry?
How can they have been committing these crimes for years, in full view and patience of those who have the responsibility to watch over them? Who is guarding the custodians? This is from this morning in Europe. It’s all over the news.
Source: cnbc.com