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I was reading an interview with Charlie Munger yesterday who was talking about why they gave Salmon Bros CEO the push in 1991 (he did not fire a trader who had been fraudulently trading). Munger said it was the same as when you find a little old lady with her hands in the till and she says it was the first time - you have to prosecute be aide if you don't it infects the whole system as corrupt

The USA has been amazingly lucky in eventually prosecuting its corruption (boss tweed, al Capone) but it feels that it is slipping.

Keep pushing



Actually, the USA has an abysmal and depressing culture of corruption and venality. The casual attitude to petty (and not-so-petty) corruption in the USA is endemic, and extremely damaging. The media have a role to play in combating this, as does the general public.


As a point of agreement, the US DOJ's current interaction with HSBC for laundering drug money, as documented by Rolling Stone: http://www.rollingstone.com/politics/blogs/taibblog/outrageo...




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