Not necessarily, i feel that government agencies are necessary when dealing with regulating large financial structures. Matt brought up a good point when he talked about the case of the large bank HSBC and money laundering situation. The international bank admitted to laundering money for drug cartels, organized crime, and others. The bank was forced to pay a large fine $2 billion and a managers have been fired. Although the government does have regulation on banks many time that regulation fails to work, when this happens and people, like those at HSBC, are left to regulate themselves. although not everyone is going to take advantage or break the rules when no ones looking, there are those who will and for that reason the government needs to regulate some organizations. Alot of large financial companies have problems like this as well. major CEO's will pay off government agents in order to get away from the problems they may have.
Do you think the fine on HSBC and more government regulation will stop something like this from happening again?
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