News Analysis: It makes next to NO impression on bank employees to have their banks fined for illegalities they have committed. Imprisonment, for the crimes, has the opposite effect. Fines are merely “cosmetic” blemishes the banks endure, not they.
Mr. Harry Markopolos, attempted, for several years, to get the attention of regulators regarding potential fraud by Bernard Madoff and his brother, Peter; to no avail. His valiant efforts have largely been ‘intentionally’ forgotten by banking authorities, it would seem.
It is said, many of the billions stolen by the Madoffs are still unaccounted for. Someone will enjoy the remaining ill-gotten gains.