james36armstrong at hotmail.com
Wed Aug 3 11:36:09 BST 2011
>From yesterday's Guardian letters:
2 Aug 2011.
Readers will have noted on page eleven “British Gas fined £2.5million by Ofgem”
After some digging I
have uncovered ten fines of over £1million imposed in 2010 by the Financial Services Authority. On 17
April 2010 Guardian reported
a fine of £39million imposed on eight recruitment agencies by the Office of
OFT have imposed many fines of over
£1million including £63million on named retailers and lately a fine of £129million on 103 named construction
companies for rigging bids for public contracts.
BBC news on 1 April this year reported a fine in Europe
on Proctor and Gamble and on Lever Brothers of 240million
euros. On 4th June 2010 Daily
Telegraph reported a fine on Ernst and
Young who audit some of the FT 100 firms
, by the Accountancy Association, of
Fines of a mind blowing size were imposed by Securities and
Exchange Authority in USA,
a couple of over $2billion each, both on
American Express, Bank of America and Walmart are just some of the well known companies who appear on the SEA list of million dollar offenders. At random ,
a Canadian court fined Imperial Tobacco and
Rothmans $1.1billion .
Unlike the names of
peers and M.P.s who have fiddled their expenses (one for £14,000) and
been sent to jail, none of these offences would appear in the files Criminal Records Office. Their offences were not crimes, ’merely’ fraud, breaches of
regulations and lack of disclosure.
Ex directors of some of these non criminal corporations have been appointed
by HM Treasury and recruited by the Bank
of England and currently serve on the Monetary Policy Committee.
At the recent hearing
of News International executives by the
Culture Committee of the House of Commons I heard no mention of the $300million fine by Securities and
Exchange on a subsidiary of News
Corporation in USA.
Isn’t it time for Companies House in London to set up a Corporate Rogues Office which the public can consult ?
(long list of £m, $m and
euro m fines available)
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