After the latest money laundering bombshell, the $1.2 billion fine of Bank of America, is it time to revisit TBTF (too big to fail / too big to jail)?
This became prominent in public discourse following the 2008 GFC (Great Financial Crisis).
Critics say large banks and institutions like AIG, which was at the center of the GFC, should be left to fail if their risk management is ineffective.
Chime in with your opinion:
1) Prison as deterrent
2) Break them up
3) Let them fail
🚨 Bank of America slapped with a $1.2 billion fine for overlooking money laundering and other suspicious payments that crossed between the US and countries such as Russia, Belarus, and Mexico.
This is the third-largest fine ever assessed by the Treasury !
Earlier this year, BAC settled the Epstein/Leon Black case with victims for $72 million.
For heaven’s sake, money laundering for Mexican cartels, Russian mobsters, and Epstein rapists!
Should “too big to jail, too big to fail” be revisited? Prison time for BAC leadership may serve as a better deterrent than fines alone.