I heard the BBC reporting the Governor of the Bank of Englands remarks that the “age of irresponsibility” in the City of London is over as the Bank of England promised a crackdown on rogue traders. In a speech on Wednesday evening, the Bank of England Governor said that banks, regulators and individuals had collectively failed to prevent the market rigging that has led to bank fines worth billions of pounds and he recommended tougher rules for the City and longer jail sentences for those who attempt to manipulate markets.
This is a very British approach to a problem, introduce tough penalties, regulations and make things illegal. It made me wonder, how would either the British or the US Governments deal with FIFA, if FIFA was either a UK or US Registered company.
The contrast couldn’t be more stark. In the UK they would spend ages trying to bring FIFA to court under numerous, increasing complex and confusing rules. The trial would last years and cost millions, only to collapse at some point for legal reasons.
Meanwhile, the US Government, rather than push ahead with an Untouchables Style prosecution, as it seems to be. They would settle for a financial penalty, and we’d have never heard about the FIFA corruption until the settlement was announced. FIFA currently holds a reserve of $1.52bn, so no problem in paying US Governments fines. Ironically, paying fines is of course a form of legal bribery not to participate in the theater of court, the exact opposite of what FIFA stands accused of, taking money to allow countries to participate in bidding and holding the theater of the World Cup.