Mina Coyne wrote an interesting blog post about a very famous bank,  Merrill Lynch, settling litigation for a huge some of money. She talked about ‘Should people with power in firms be able to take advantage of their power by lying or cheating to improve their company?’

That debate she sparked is too simplistic. The instinctive answer is ‘of course no!’ but it happens everywhere around the world and Merril Lynch is not the sole abuser of power. Recently, ‘JPMorgan Chase and Credit Suisse agreed to settlements with the Securities and Exchange Commission totaling $417‘. Apparently, they misled investors regarding  securities ‘while some of the underlying loans were already showing signs of delinquency’.

What’s interesting to note however, is that out of these 2 banks, none admitted or denied guilt and simply agreed to settle. This gives rise to the notion that ‘Money is power’. JP Morgan and Credit Suisse were able to wriggle their way out of further legal proceedings simply by agreeing to settle and compensating financially for the ‘misinformation’.

Although, being unbiased is what I usually aim for in my blogposts, I can not help but think about the many families who were destroyed due to the consciously depicted inaccuracies of such banks and I can not help but lash out at them. These banks still have the audacity to not accept their guilt, their crimes, their doings and their actions. This is injustice to the maximum and accountability should be extended to all the perpetrators. In addition, the sphere of accountability should be widened and should not be merely restricted to financial or monetary compensation by the perpetrators.