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The Bank Culture DebateEthics, Values, and Financialization in Anglo-America$
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Huw Macartney

Print publication date: 2019

Print ISBN-13: 9780198843764

Published to Oxford Scholarship Online: October 2019

DOI: 10.1093/oso/9780198843764.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 25 September 2021

Fines as a Mechanism for Culture Change?

Fines as a Mechanism for Culture Change?

(p.161) 8 Fines as a Mechanism for Culture Change?
The Bank Culture Debate

Huw Macartney

Oxford University Press

This chapter begins with the claims made by state managers that financial penalties would function as an important mechanism for improving conduct and culture in the banks. The main argument of this chapter is that this claim is spurious. The chapter shows that fines bear only a vague relationship to the financial performance of the firms in question. It then explores issues such as the tax deductability of the fines, and the finer details of the penalties themselves to argue that the penalties were primarily part of the populist strategy used by state managers.

Keywords:   financial penalties, populism, tax deductions, consumer relief, compliance

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