“Bonnesens farewell is just a beginning”
“the Whole banking industry needs tougher rules”
“Aftonbladet’s leader board is the independent social democrat.”
“It’s getting really difficult to keep up with all the tours around Swedbank. Basically, it is, of course, if the revelations about the laundering of money from it genomkorrupta Russia, but the last few weeks, the scandal has not only got more layers.”
“Now accused the bank’s management for having lied to us authorities, brought the shareholders behind the light and deceived the public. Internal scares have been leaked and yesterday – the day before the annual general meeting – beat the police to the headquarters.”
“In the meantime, management at Swedbank and the head, Birgitte Bonnesen, stubbornly argued that they have the situation under control and that the bank’s operations are in prime condition. It is difficult not to think of the Mohammed Said as-Sahaf, Saddam Hussein’s spokesman during the Iraq war became known as Baghdad Bob when he stubbornly denied that the regime was losing the war.”
“Handelsstoppet was the last straw.”
“When the stock market in the morning decided to handelsstoppa Swedbank’s shares, it was simply no longer. Major shareholder as Folksam, Alecta and AMF decided to bank manager Bonnesen must away, with a decent parachute of course.”
“There are two things we should keep in mind.”
“The first is that even if the dismissal of the Bonnesen is a necessary measure to build up confidence in Swedbank it is far from sufficient. The revelation of money laundering suggests that there existed a culture in which questionable business after all, been able to continue only if they have been sufficiently profitable.”
“So it can’t go to a company which is ultimately based on people’s confidence. And so it can’t go to a bank that has its basis in ordinary people’s savings.”
“Swedbank are not alone”
“The second is that the bank is far from alone in having problems. Virtually every major bank has in one way or another been embroiled in shady dealings. It has not been about the money laundering as have to help wealthy clients to evade tax or contributed to the short-term speculation.”
“For less than ten years ago, the attitude to throw the entire world’s economy over a precipice. Now it turns out that the banks, nothing is learned.”
“the Decision to kick the Bonnesen was the owners, the decision about which bank we want is our own. But if there is to be no order in the critical banking sector, it will also require political decisions are harder to control and more long-term responsibility.”
