The CSR Newsletters are a freely-available resource generated as a dynamic complement to the textbook, Strategic Corporate Social Responsibility: Sustainable Value Creation.

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Friday, September 19, 2014

Strategic CSR - Financial Crisis

The accusation that the U.S. government has been reluctant to punish the instigators of the Financial Crisis is not as convincing as it once was. There is some evidence that they have been willing to attribute blame, as the article in the url below suggests. In particular, the article contains a graphic that lists the 10 largest settlements by banks with U.S. authorities. Notably, all ten settlements have been announced since February, 2012 and all but two of them are directly related to the Financial Crisis:
 
1. JPMorgan Chase:        $13 bn.
2. Bank of America:         $11.8 bn.
3. Bank of America:         $11.6 bn.
4. Bank of America:         $9.3 bn.
5. BNP Paribus:               $8.9 bn.
6. Wells Fargo:                $5.3 bn.
7. JPMorgan Chase:        $5.3 bn.
8. JPMorgan Chase:        $5.1 bn.
9. Bank of America:         $2.9 bn.
10. Credit Suisse:             $2.6 bn.
 
Now, whether the fines are big enough and whether individual executives should also have been punished, are separate questions that remain.
 
Have a good weekend.
David
 
David Chandler & Bill Werther
 
Instructor Teaching and Student Study Site: http://www.sagepub.com/chandler3e/
Strategic CSR Simulation: http://www.strategiccsrsim.com/
The library of CSR Newsletters are archived at: http://strategiccsr-sage.blogspot.com/


Capital Punishment
July 5, 2014
The Economist
58