Vietnam Shows How To Clean Up The Banking System: Ex-Banker Faces Death Penalty For Fraud

Tyler Durden's picture




 

The lack of prosecution of bankers responsible for the great financial collapse has been a hotly debated topic over the years, leading to the coinage of such terms as "Too Big To Prosecute", the termination of at least one corrupt DOJ official, the revelation that Eric Holder is the most useless Attorney General in history, and even members of the judicial bashing other members of the judicial such as in last night's essay by district judge Jed Rakoff. And naturally, the lack of incentives that punish cheating and fraud, is one of the main reasons why such fraud will not only continue but get bigger and bigger, until once again, the entire system crashes under the weight of all the corruption and all the Fed-driven malinvestment. But what can be done? In this case, Vietnam may have just shown America the way - use the death penalty on convicted embezzling bankers. Because if one wants to promptly stop an end to financial crime, there is nothing quite like the fear of death to halt it.

Bloomberg reports that a Vietnam court will consider the death penalty for a Vu Quoc Hao, the former general director of Agribank Financial Leasing Co. who is charged with embezzling 531 billion dong. While that sounds like a whole lot of dong, converted into USD it is only $25 million, or what Goldman would call "weekend lunch money." Just imagine how much cleaner Wall Street would be, where the typical bank fraud is generally in the billions, if bankers and other white collar criminals had the fear of death if caught manipulating petty prices or outright stealing amounts that are considered petty cash by most of the 0.001%.

But back to Vietnam and its shining example:

The trial comes as the government seeks to shore up Vietnamese banks saddled with Southeast Asia’s highest rate of bad debt and turn around an economy that grew last year at the slowest pace since 1999. The central bank governor vowed to crack down on violations by groups of shareholders working against banking reforms last year.

 

Eleven defendants, including Hao, 58, and Hai, are charged with embezzlement, mismanagement, abuse of power and fraud, according to a statement on the court’s website. Prosecutors allege that Hao and Hai formed 10 fake financial leasing contracts to disperse almost 800 billion dong.

 

At the trial yesterday, Hao said he regrets his violations and hopes the judges will give other defendants lighter sentences, Tuoi Tre newspaper reported today. The verdict and sentencing is expected to be announced Nov. 15, according to the newspaper.

 

Under Vietnam law, those convicted of embezzling property valued at 500 million dong or more, or creating “other particularly serious consequences,” can be sentenced to life imprisonment or death.

 

“The party, the government, prosecutors and our courts will give stiff verdicts in these types of cases,” Deputy Prime Minister Nguyen Xuan Phuc, said on the sidelines of an anti-corruption conference in Hanoi yesterday. “We need to make our regulations and legal framework tighter to reduce and prevent corruption.”

 

“It would be a signal: You could be executed for being caught doing large-scale corruption,” said Adam McCarty, the Hanoi-based chief economist at Mekong Economics. “It has implications for the whole bank restructuring the government is about to do. They want to really dig into these bad debt issues and find out who is responsible for the problems.”

And while one can dream, an outcome such as this in the US is impossible: after all it is these same embezzling bankers that control the legislative and judicial branches (the executive branch is too busy with 404 website errors), which is why deterrence of any substantial scale will never take place in the US and small, medium and large-scale theft will continue unabated, with the occasional slaps on the wrist, until there is nothing left to steal.

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Wed, 11/13/2013 - 09:11 | 4149326 ziggy59
ziggy59's picture

We're gonna need a shitload of gallows!

Wed, 11/13/2013 - 09:15 | 4149341 max2205
max2205's picture

They should have given mula to the govt to avoid prosecution. ...thats how we do it here in the ussa

Wed, 11/13/2013 - 09:20 | 4149357 krispkritter
krispkritter's picture

Vu Fuk Hu? Nguyen Xuan Phuc Yu...

Wed, 11/13/2013 - 09:31 | 4149399 aint no fortuna...
aint no fortunate son's picture

Deputy Prime Minister Phuc say stiff outcome for stolen dongs

Wed, 11/13/2013 - 09:46 | 4149462 akarc
akarc's picture

wait till they hit the black market.

Wed, 11/13/2013 - 09:49 | 4149473 SilverIsKing
SilverIsKing's picture

A death penalty for financial crimes in the US would amount to a bunch of two bit penny stock fraudsters getting the rope while the real criminals continue to rape and pillage the taxpayers.

Wed, 11/13/2013 - 10:47 | 4149684 johnQpublic
johnQpublic's picture

OJ simpson was ordered to pay 12 million plus for the murder of a white woman(in civil court after prosecutors embarrassed themselves in the criminal trial)

we can therefore equate the crime of murder in the highest degree to the theft of 12 million dollars or more

so therefore, theft of 12 million or more should be eligible for the same punishments as murder of a white woman by a black man(the worst kind of murder if you take history as an example)

the worst of these punishments being the death penalty for premeditated murder/theft

Wed, 11/13/2013 - 12:09 | 4150036 smlbizman
smlbizman's picture

im turning vietnamese ..im turning vietnamese...and i think so...

Wed, 11/13/2013 - 09:55 | 4149500 Headbanger
Headbanger's picture

Video of execution in Vietnam:

http://www.military.com/video/forces/military-foreign-forces/drug-dealer...

It's the old French style shooting execution.  Not sure if they broadcast these but it sure would help deter the shit ruining this country.

Wed, 11/13/2013 - 10:20 | 4149581 Muddy1
Muddy1's picture

@krispkritter,

Is that Vietnamese for Jon Corzine or Jamie Dimon?

Wed, 11/13/2013 - 09:29 | 4149360 AlaricBalth
AlaricBalth's picture

And Hungary rid themselves of its central bank. "According to a report on the German-language website “National Journal,” Orbán has now moved to unseat the usurers from their throne. The popular, nationalistic prime minister told the IMF that Hungary neither wants nor needs further “assistance” from that proxy of the Rothschild-owned Federal Reserve Bank. No longer will Hungarians be forced to pay usurious interest to private, unaccountable central bankers. Instead, the Hungarian government has assumed sovereignty over its own currency and now issues money debt free, as it is needed. The results have been nothing short of remarkable. The nation’s economy, formerly staggering under deep indebtedness, has recovered rapidly and by means not seen since National Socialist Germany." August 2013

And the ECB's response: FRANKFURT (Reuters) Oct 9, 2013 - The European Central Bank has warned Hungary against tampering with central bank independence and pushed it to take the ECB's opinions more seriously. 

Wed, 11/13/2013 - 09:30 | 4149391 DigDeepDown
DigDeepDown's picture

Wow did that truly happen? Inspirational.. too bad we're stuck with not having our own currency (per country) in Europe :(

Wed, 11/13/2013 - 09:39 | 4149436 AlaricBalth
AlaricBalth's picture

You won't be hearing about this from the MSM

Hungary Sheds Banker Shackles

http://americanfreepress.net/?p=12418

 

ZH started covering last year.

http://www.zerohedge.com/news/hungary-rebels-against-imf-declines-aid-conditions

Wed, 11/13/2013 - 10:02 | 4149524 Oldwood
Oldwood's picture

But that is because their banks and thereby bankers were not too big to fail. Ours on the other hand, are far too important to the survival of our "system" of theft and debt slavery. Forward I say! Progress towards the inevitable!

Wed, 11/13/2013 - 17:48 | 4151830 layman_please
layman_please's picture

terrorists

Wed, 11/13/2013 - 09:19 | 4149355 Againstthelie
Againstthelie's picture

Libertarians, if you want justice, you need a strong state, and not confuse a BUSINESS being camouflaged as state.

Wed, 11/13/2013 - 09:31 | 4149366 krispkritter
krispkritter's picture

Hang'em! Hao Hai? Edzacry!

Wed, 11/13/2013 - 09:28 | 4149385 GMadScientist
GMadScientist's picture

one airtight room

Wed, 11/13/2013 - 09:43 | 4149447 Zadok
Zadok's picture

Whodathunkit...merely executing the rule of lawful law (as opposed to illegal law) would stop fraud and almost all of the associated pain for the unguilty.
Cool, let's get it on!

Wed, 11/13/2013 - 10:02 | 4149525 centerline
centerline's picture

No shit.

America has been hijacked.  Plain and simple.  Corruption has always been around.  Now it is the status quo.  Rule of law is dead and buried.

Wed, 11/13/2013 - 09:52 | 4149481 exi1ed0ne
exi1ed0ne's picture

While emotionally satisfying to the victim, executions don't actually prevent crime for a few reasons:

1) The perp always thinks they will get away with it

2) The Corzone factor - laws are for peasants to keep them in line

I'd be much happier with tearing down the shit house and making those fuckers work at McD's for the rest of their lives.  There is no hell worse then losing your wealth and status.  I don't need them dead, although years of suffering and social stigma would fit the bill nicely.

Wed, 11/13/2013 - 10:19 | 4149577 Oldwood
Oldwood's picture

True enough, but the best part of justice is revenge, yes?

And its always different THIS time. Parents try to explain to their children the hazards of life, yet the children ALWAYS think they or this time will be different. This is because history tells us largely that to do what we WANT to do, is usually the worse course of action, so we spend a huge amount of time rationailizing why this time or I am different and the rules of the past do not apply. This mentality goes from bottom to top of society. Ideologues convinced that ideologies, that have been tried and failed to the tune of millions dying, can be successfully acomplished this time because we are more modern, with technology and its just different this time. We can drink and drive becasue we are different or better, we can smoke like a brush fire without fear becasue we are different or better. It is a symptom of our stupidity and arrogance that we refuse to learn. And fuck equality. No one wants equality when they ALL think they are smarter, more enlightened and just plain better than everyone else.

Wed, 11/13/2013 - 11:18 | 4149819 exi1ed0ne
exi1ed0ne's picture

It's all about spending the energy that will maximize the benefit.  Focus on revenge or rebuilding the structure to make the same corruptions harder? 

Plus executions can get out of hand and deliver more power to those who shouldn't have it.  See the French Revolution and la Terreur.

Wed, 11/13/2013 - 12:16 | 4150079 odatruf
odatruf's picture

There is a lot to recommend from the French Revolution and la Terreur.

Wed, 11/13/2013 - 20:31 | 4152397 Promethus
Promethus's picture

I blame the politicians who sold out this country to the bankers. Hang them. As for the bankers RICO their assets and reem their asses.  Take away all their money, their pensions, their homes, their cars, gifts to their children, girlfriends, donations to their BS charities, their crap art, any item of clothing over $25.  Leave them nothing but their trophy wives to share their SS check with.

Wed, 11/13/2013 - 10:25 | 4149601 fooshorter
fooshorter's picture

Roll out the mother fucking gulotines baby! 

Wed, 11/13/2013 - 11:39 | 4149917 Mesquite
Mesquite's picture

All 30,000 of them...??

Wed, 11/13/2013 - 11:55 | 4149972 NewAmericaNow
NewAmericaNow's picture

Let's see....People want governmnet to do something about Bankers and rich people gaming the system and it's laws. People elect rich people into office to govern the rich people. Did I miss something here or does this sound about right? People! you will never have freedom if you empower others to bully people because eventually they will bully you out of your freedom. When the people fear the govt there is tyranny, when the govt fears the people their is liberty

Wed, 11/13/2013 - 13:58 | 4150633 Mr Kurtz
Mr Kurtz's picture

It is terrible to contemplate how few politicians are hanged. ~ G. K. Chesterton 

 

Wed, 11/13/2013 - 11:56 | 4149973 NewAmericaNow
NewAmericaNow's picture

;-)

Wed, 11/13/2013 - 12:27 | 4150134 piceridu
piceridu's picture

US Treasury rates, LIBOR, Gold and Silver, HFT, Congressional Insider Trading, Mayors and City Counsels,  etc, etc...the list is endless. Are there enough trees?

Wed, 11/13/2013 - 09:14 | 4149327 GetZeeGold
GetZeeGold's picture

 

 

Death sentences......that just might work!

 

We could just use drones and skip the lengthy and costly trials....we have the technology!

Wed, 11/13/2013 - 09:28 | 4149383 101 years and c...
101 years and counting's picture

Ok.  Make death a viable option.  You'd still need to find someone at DOJ/SEC/FBI with enough balls to fight the bribed Congress and actually prosecute any of the filth on Wall St, or any other TBTF criminal syndicate.

Wed, 11/13/2013 - 09:38 | 4149432 y3maxx
y3maxx's picture

Our abused Vets may come to the rescue....

25 Signs That Military Veterans Are Being Treated Like Absolute Trash Under The Obama Administration...

http://endoftheamericandream.com/archives/25-signs-that-military-veteran...

Wed, 11/13/2013 - 09:45 | 4149455 akarc
akarc's picture

Been going on since the birth of the nation. Tell me, whats changed.

http://en.wikipedia.org/wiki/Shays'_Rebellion

Hope ya didn't buy the book

Wed, 11/13/2013 - 09:41 | 4149444 akarc
akarc's picture

Yepper and that ain't gonna happen.

Wed, 11/13/2013 - 09:28 | 4149384 Dr. No
Dr. No's picture

Who needs technology when we have their home addresses?

Wed, 11/13/2013 - 09:29 | 4149390 GMadScientist
GMadScientist's picture

Meaning former home addresses.

Wed, 11/13/2013 - 09:47 | 4149418 y3maxx
y3maxx's picture

"If You have Your Gallows, You can keep Your Gallows." "We Built That" "Proof, Bipartisan Cooperation works". Golfer Community Leader of the USSA

Wed, 11/13/2013 - 12:35 | 4150177 Jumbotron
Jumbotron's picture

Throw them in a pit of shit covered punji sticks.

Wed, 11/13/2013 - 09:11 | 4149329 Olephant
Olephant's picture

Personally I am against the death panalty. But a decent sentence for defrauding the people of the world would be at least 20 years in jail if not more. We have to protect our society from these monsters somehow.

Wed, 11/13/2013 - 09:16 | 4149346 Ruffcut
Ruffcut's picture

You can be against anything you want, as long as you don't expect me to pay for housing the bunch of fuktard killers and criminals.

Wed, 11/13/2013 - 09:24 | 4149349 RaceToTheBottom
RaceToTheBottom's picture

Have you heard about how ex GS Raj is living in jail?

He has chefs come in and cook gourmet meals for him.

Sorry, gotta go with the death penalty.  Salt & Lime the ground above his grave

Wed, 11/13/2013 - 09:19 | 4149352 unplugged
unplugged's picture

Ok, how about a compromise then: let them get bloody ass raped in jail everyday by Bubba until they bleed to death

Wed, 11/13/2013 - 09:20 | 4149358 Bearwagon
Bearwagon's picture

I agree. But maybe we look at the situation from a wrong perspective. What if these peole are not criminals, but extremely ill? They would need healing, that's clear - but what are we ought to do, if we cannot help them, but have to contain the disease? We could have to get back to killing them, if all other measures fail.
Personally I think that could be avoided - but I could be mistaken ...

Wed, 11/13/2013 - 09:26 | 4149378 RaceToTheBottom
RaceToTheBottom's picture

Obviously that illness is a contagious disease, gauging by the way in which it is running through WS and CEO offices around the country.

Extermination is the only safe way.

Leave no one behind

Wed, 11/13/2013 - 09:36 | 4149420 dontgoforit
dontgoforit's picture

Unfortunately they would be quickly replaced by those who would do the same.  Nature abhors a vacuum; government abhors nature.

Wed, 11/13/2013 - 09:42 | 4149439 RaceToTheBottom
RaceToTheBottom's picture

Yep, it may take years to cure the disease, the moral depravity. 

But it is a task we must undertake, if only for the children.....

Wed, 11/13/2013 - 12:19 | 4150096 odatruf
odatruf's picture

Exactly.

It really isn't the bankers and politicians who deserve the blame and scorn.

It's us who give these scorpions a ride and expect a different outcome than we get. And if you don't think this applies to you, then by all means please tell us how you've gotten around supporting and enforcing the status quo.

 

Wed, 11/13/2013 - 10:32 | 4149636 withglee
withglee's picture

You don't just get an illness when you arrive at the top. You have to have the illness to get to the top.

Do NOT follow this link or you will be banned from the site!