British banks are not getting good press at the minute between technical problems at RBS, the LIBOR scandal at Barclays, and now the appearance of HSBC executives before the US Senate to apologise for laundering the money of drug cartels. The Guardian has a thought-provoking op-ed piece on this - click here.
Bank executives should be held liable for such criminal activity. If I, as a private citizen, laundered the money of drug cartels, I would face a lengthy period behind bars. Why should it be any different for a corporation and its executives? Is this not an occasion for piercing the corporate veil?