- in Portugal, a group of BCP top executives was considered guilty of market manipulation and providing wrongful information. They were thus sentenced to severe fines (totalling just above €4 million) and a ban from banking activity;
- Goldman Sachs is paying a €425 million fine to close a complaint filled by SEC (American supervision autorithy) for providing incomplete information to its clients. This is the biggest fine ever for a financial institution.
Those are historical decisions, for very similar reasons. The intention to knowingly manipulate the financial markets, harming clients interests. And though historical (its the biggest fine ever in the case of Goldman Sachs; in Portugal, there is a general feeling of impunity on these crimes), I personal have a question. There were hundreds of million of dollars in losses related to these practices, and there is no criminal responsibility? By falling short on this point, I am not sure if we are really preventing a repetition of these practices. And that is a terrible sign to the markets...
- http://economia.publico.pt/Noticia/antigos-altos-quadros-do-bcp-condenados-a-coimas-acima-de-quatro-milhoes_1447350
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