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yndoendoyesterday at 4:00 PM1 replyview on HN

There is plenty amount of incompetence in FAAMG. Notepad ....

Do Europe financial institutions have the same level of corruption as the USA? Such as a credit card company authorizing credit card transactions with incorrect expiration date to maximum profit, Bank of America? Or opening new accounts without consumer consent, Wells Fargo?


Replies

roystingyesterday at 4:40 PM

It's a broad question, but in many ways, very clearly yes, re. corruption of financial institutions, and to a far greater extent in many, albeit different ways.

Incompetence and corruption only slightly overlap in most cases, i.e., being competent at corruption is a very real thing. The incompetently corrupt, usually end up punished... and there are few and far between...as we all very well know.

The kind of schemes you mentioned are generally not going to be how "corruption" will manifest itself in European financial institutions, because although it is also difficult to speak in general across Europe since the EU has not yet subsumed democratic self-determination all across the continent yet, so there is wide variation; the competent corruption is largely in the form of money laundering and tax evasion, not lower level quantitative schemes that would quickly come to light because Europeans are also a lot more cognizant of money and value than Americans, so people are paying attention a lot more closely and will raise hell over a single cent, where Americans are known to have hundreds of dollars draining out of their pockets every month just alone on recurring payments for things they don't even use anymore and don't bother dealing with it.

What we all don't really seem to internalize as a human species, is the absolutely demonic type of pernicious nature of "banking", i.e., a kind of LotR, ring, that consumes you especially if you are weak... and human, or at least European civilization seems to frequently go through periods of immense weakness where things are going springily and everyone is dancing to the music the "bankers" are playing as they are pandering our pockets, and when they realize they could get away with that and all the pockets are plundered, they move on to plundering our homes, then our accounts, then they want to take our first born... "Banking" is like humanity's cocaine, the seemingly innocuous, feel good drug that will consume your soul if you do not rage and fight against that demon taking over aggressively. It's no coincidence that cocaine is so widely used by the most parasitic elements of European societies, especially in "banking"/finance in general.