Automatically translated from Basque, translation may contain errors. More information here. Elhuyarren itzultzaile automatikoaren logoa

Unfair justice to banks

As we have read in the early newspaper pages, the US Department of Justice has imposed a fine of EUR 12 billion (USD 16.650 billion) on Bank of America, the country’s second-most active bank. The outbreak of the crisis of the famous subprime mortgages by this entity, which scammed bond management. This is the biggest fine ever imposed on a financial institution in that country, because no one did so much to exaggerate the deception that led to the biggest crisis in the Western economy, at least since the 1929 disaster. “This historic decision is appropriate, given the magnitude of the crime and the damage done,” said the U.S. Attorney General.

And yet, despite the fact that this crime has been admitted, US justice has not condemned any executive of that bank. Therefore, even though the Attorney General has said that the fine has been appropriate, that is not the case. What justice is that? Had the scam suddenly occurred on its own? It had been founded by people, managers, executives and counselors, or at least they had looked elsewhere in appropriating it. Fraud has several responsibility, with names and surnames, starting with the board of directors. Who is responsible for that millionaire lie that caused one of the biggest crises in the West? Why does US justice not take the process to extremes, directly punishing those responsible? That is not justice, but injustice.

It is true that in the Spanish State justice has not imposed fines of this kind on sellers of preferred shares and other opaque products. We would like it to be done as the United States did. But it's not just that. Those responsible must be sentenced to trial and imprisoned. That is the only way to achieve justice such as that which every citizen understands.


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