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

Tyler Durden's picture

The lack of prosecution of US bankers responsible for the great financial crisis has been a much 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 of course billions in cash kickbacks between Wall Street and D.C. 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 until once again, the entire system crashes under the weight of accumulated theft, corruption and Fed-driven malinvestment. But what can be done? In this case, Vietnam may have just shown the way - sentence embezzling bankers to death. Because if one wants to promptly stop an end to all financial crime, few things motivate as efficiently as a firing squad.

According to the BBC, the former head of a major Vietnamese bank has been sentenced to death for his role in a fraud case involving some 800 billion dong (which sounds like a lot of dong, but equals roughly $35 million) of illegal loans. Nguyen Xuan Son, who served as general director of OceanBank, was convicted of embezzlement, abuse of power and economic mismanagement. Bank founder, tycoon Ha Van Tham, and dozens of other banking officials are also on trial, accused of lending violations.


Nguyen Xuan Son was sentenced to death at the People's Court in Hanoi

Meanwhile, dozens of former employees also received lengthy prison sentences in the major corruption trial. Because OceanBank is partially-state owned, Son's crime of mishandling state money was thought to be particularly serious. After leaving the bank, he rose to be head of state oil giant PetroVietnam. As Reuters reported previously, PetroVietnam and Vietnam’s banking sector are at the heart of a sweeping corruption crackdown in the communist state.

The four officials are accused of intentional breaches of state rules over a loss-making investment in Ocean Group’s banking unit, police said in an online statement.

 

Investigations into PetroVietnam made global headlines last month when Germany accused Vietnam of kidnapping Trinh Xuan Thanh, a former official of a PetroVietnam unit, from a park in Berlin and forcing him home to face charges of financial mismanagement.

 

A Politburo member who was a former PetroVietnam chairman and a vice trade minister have also been sacked from their positions as part of the crackdown -- unusual moves in a country where such senior officials are rarely dismissed.

To be sure, Vietnam is one of the world's biggest executioners, according to Amnesty International, but this is said to be the first time in years that the death penalty has been given to such a high-flying former official. Back in 2013, another former banker, Vu Quoc Hao, the former general director of Agribank Financial Leasing Co, was also sentenced to death by lethal injection for embezzling $25 million (or what Goldman would call "weekend lunch money") a case which however was relatively low profile and received little international attention. 

Earlier in the day, OceanBank's ex-chairman Ha Van Tham, once one of the richest people in Vietnam, was jailed for life on the same charges, and for violating lending rules. Judge Truong Viet Toan said: "Tham and Son's behaviour is very serious, infringing on the management of state assets and causing public grievances, which requires strict punishment."


The bank's ex-chairman Ha Van Tham was jailed for life

More details from BBC:

In total, 51 officials and bankers stood trial, accused of mismanagement leading to losses of $69m (£50m).

 

The case comes amid a massive anti-corruption crackdown in Vietnam, which is ranked as one of the most corrupt countries in Asia. It is ranked 113th out of 176 countries on Transparency International's corruption perceptions index.

 

The government has vowed to tackle the issue in order to boost the country's economic growth. In May, a top Vietnamese official was sacked for "serious violations" while running PetroVietnam.

And yet,  while one could be left with the impression that this is a case of justice finally being done, even today's sentences appears to have an element of corruption to them: according to BBC, the blitz, while tackling corruption, has mainly targeted opponents of Communist Party chief Nguyen Phu Trong.

Still, no matter the circumstances, an outcome such as this in the US remains impossible: after all it is America's very own embezzling bankers that control the legislative and judicial branches, and most recently, the executive not to mention the central bank, 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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zagzigga's picture

Hard labor in prison for the rest of their lives would be better for the evil bankers and their buddy the Feral reserve. 

I am Jobe's picture

Include the wife, children as well. There fixed it for you 

Shitonya Serfs's picture

He should have just retired. Or does that not work in Nam?

PS: Love the 800 billion dong

hedgeless_horseman's picture

 

Jon Corzine just crossed Vietnam off his holiday travel itinerary. 

2ndamendment's picture

Rolling the guillotines, Gangham style. 

peddling-fiction's picture

Or is someone taking care of the competition?

eforce's picture

Socialism enables and perpetuates this sort of behavior, keep fighting the symptoms and nothing will change.

Manthong's picture

 

Ginsberg should keep looking outside the United States for guidance on how to do her job to protect and defend the Constitution of the United States of America…

She needs to start in Viet Nam.

Whacking bankers is not cruel and unusual punishment.

prefan4200's picture

"This is not Nam... there are rules!" "Am I the only one around here who gives a shit about the rules?"

Walter Sobchak for President

BullyBearish's picture

vietnam...obviously NOT a signatory to bis "get out of jail free" card

YUNOSELL's picture

If they were to send every bankster in the USA to their death for corruption and fraud, it would be like another holocaust

krispkritter's picture

800 billion Dong...sounds like the listings in the Chinese whitepages in the year 5000.  Or am I Wong?

PeakOil's picture

Central Bank of Vietnam is a member of the BIS. But there are banks and then there are BANKS. Not all private banks are "systemically important".

It is true that some bankers are untouchable. Unelected and diplomatically immune to prosecution. In or out of office. Only requirement is that they continue to abide by the bankers' omerta. Else they end up suicided. Just like in any other mob.

Obviously these Vietnamese guys are not that well connected to the BIS.

FreddieX's picture

umm, looks like corruption is OK:

https://www.wsws.org/en/articles/2014/09/10/mcdo-s10.html

Former Republican governor of Virginia Robert F. McDonnell and his wife Maureen were found guilty September 4 of 20 felony counts of corruption, conspiracy and fraud. A federal court jury found they used the governor’s office to obtain payoffs from a multimillionaire business crony.

https://www.washingtonpost.com/politics/supreme-court-rules-unanimously-...

The Supreme Court unanimously overturned former Virginia governor Robert F. McDonnell’s public-corruption conviction Monday and imposed higher standards for federal prosecutors who charge public officials with wrongdoing.

Chief Justice John G. Roberts Jr. described the former governor’s actions as “tawdry” but agreed that instructions to the jury in his case about what constitutes “official acts” were so broad, they could cover almost any action a public official takes.

https://nypost.com/2017/09/26/dean-skelos-corruption-conviction-overturned/

The panel cited ?last year’s ?US Supreme Court ruling ?that limited the legal definition of corruption.

In a 15-page decision, the court pointed to the corruption case of former Virginia governor Bob McDonnell, whose conviction was thrown out after the Supreme Court narrowed the definition of “official action.” The ?High Court found that the current definition of “official action” given to jurors was so broad that is could include “nearly anything a public official does.”

dizzyfingers's picture

The USA is dead. No law means no nation.

Nostradumbass's picture

When you have a j00stice system there can be no justice.

All Risk No Reward's picture

Folks, untwist your panties. This is a nothing-burger.

The debt-money banking itself is, by its very nature, FRAUD.

Vietnam has a fraudulent debt-money central bank, just like everyone else not under direct threat of imminent war by the Debt-Money Monopolist Central Banking Alliance of Nations.

State Bank of Vietnam
http://www.bis.org/country/vn.htm

There are decent odds this guy is a good guy and being played for a patsy to shut him, and possible others, up. If he did commit a crime, it was low level and not Bankster sanctioned.

There are rules. Weiner found that out. Don't go off the reservation, even if you are doing something that is done all the time on the reservation.

All Risk No Reward's picture

Is Paul Krugman still frequenting Zerohedge? I hope so, because it would be a terrible state to be such a useful idiot as to down vote an attack on the very Trojan-Horsed institution that is enslaving your country.

It is the equivalent of a down vote for being cautious about wheeling in the actual Trojan Horse before it could be 100% vetted as safe.

Big Creek Rising's picture

Ticket sales would reduce the debt

detached.amusement's picture

the constitution of the united states of america is a fluid corporate document that can mean anything the corporation wishes it to mean, bylaws can be changed by the corporation at will.

 

if only the constitution for the united states of america was still relied upon....but its been a good 150 years or so.

caconhma's picture

"Socialism enables and perpetuates this sort of behavior." It is true but they have a National Socialism and, as NAZIs have shown, sometimes it works wonderfully. In another 5-7 years, thanks to National Socialism in China, Vietnam, Korea, a world geopolitical map will be drastically changed.  As for Trump, he will be a gravedigger for the USA. 

Diversification is a zionist fake that destroys nations. EU members, Canada, and USA are doomed!

Paul Kersey's picture

"Ex-Banker Sentenced To Death For Fraud"

Jamie Dimon would call that a primitive and barbaric form of government. In Jamie Dimon's winner-take-all bankster-run government, fraud has been codified.

helloimjohnnycat's picture

re Eliminate the comp....Right !!

Ajax-1's picture

Is it too late for Bernie Madoff to receive the death penalty?

NoPension's picture

I nominate Bernie as the new Fed Chairman.

Six months and the US government will show a profit, GDP will grow at 6% and pension funds will be clocking 8%.

This current group of fucking liers are pikers. If you are going to feed us shit...pile it high and make us think it's steak.

JRobby's picture

Slow hanging (no trap door, neck snap) set them on fire while still asphyxiating, shoot the corpse 10X.

The problem is, as a result of zero prosecutions, a whole new "culture" of white collar and soft con criminals are emerging as quite a large segment as the society loses it's moral compass.

I refer to this as "The Bankster Effect".

Juggernaut x2's picture

Tim Cook is  jealous of all that dong

ali-ali-al-qomfri's picture

Oh I can't stand to see that man suffer one minute more,

FREE CORZINE!!! Anyone, everybody.

We call ourselves civilized and yet

CORZINE is sitting there suffering, oh the humanity!!

JLM's picture

That's hilarious!! Made me cry..... .

loves the truth's picture

There would be no financial system , off with their heads

GETrDun's picture

Only if the Us of A had balls like that!

JRobby's picture

Balless, self dealing sub human filth

Bastiat's picture

In the last installment of The Vietnam War last night was a segment with a NVA woman who, in the 30 years of that war against the French and US, lost all 8 of her brothers and both of her sons.  You might say she and her generation have some skin in the game . . . and not a whole lot of tolerance for the kind of corruption typical of the old Saigon regime. 

Debtman And Robbin's picture

I've been here almost since day one, back in the days when you didn't have to be a registered user. Almost everyone was wearing the paperbag hat and was called "Anonymous". One of the still active ZHrs copied both. I've seen a lot of good and knowledgable people come and go.

I have to say, you are one of the most precious contributors to ZH ever. 

And you picked the right avatar. 

NoPension's picture

As well as it was done, and Ken Burns is the master....after the second installment....I didn't want more.
I'm 55, just missed it. An uncle who died, plenty of buddies who served.

I simply cannot believe the fuckupedness of the whole thing, starting with Kennedy.

I was talking to a viet vet two nights ago. I made the comment " we should have just left altogether.....and let them sort it out. " He replied..." I'd rather they nuked the whole country, north and south, and let God sort it out ."

Erek's picture

Off wit 'is 'ed!

What about his Head?

Ok, that too!

GUS100CORRINA's picture

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

My response: Interesting!! We would NOT have any Central Bankers or large bank CEOs left in the WEST!!! The FED would no longer exist! Wells Fargo definitely comes to mind.

Know the TRUTH and the TRUTH SHALL SET YOU FREE.

Rock On Roger's picture

Truth is Hate

Ignorance is Strength

not dead yet's picture

Lay the blame where it belongs, the pols and the power behind the throne. People claim the bankers and the MIC rule the government but it's the other way around. The MIC exists because it is a tool for world domination by the powers that be. If they can't bomb their way to domination they bring in the bankers and kill them economically. As long as they step up to the plate when called the MIC and the bankers can pull off all the crap they can and get away with it. The pols don't get bribed they sell their sevices to the highest bidder. Iraq, Syria, Venezuela, Iran, and others are on the US shitlist because they are friendly with China and Russia which stand in the way of world domination. Thus the huge current sanctions and demonization of Russia and the coming trade war with China and the pivot to Asia. Qaddafi had to go because he was a driving force having success in uniting the Africans behind an African currency that would seriously erode the huge power of the US dollar and it's lapdogs IMF and World Bank with their actions of impoverishing 3rd world nations for the benefit of the US and it's corporations. The US overthrows governments and puts despots in power that can rape and pillage their countries, not to mention wide scale murder, and the US could care less as long as these dirt bags step up to the plate when called.

Globalization is great for the US power structure controlled by the neocons. With so many world corporations doing business in the US, especially foreign banks, the US can put on sanctions or fines and make them stick as they can be denied doing business in the US or businesses here can be santioned for doing business with sanctioned firms. With the Russians and Chinese developing their alternative to the US controlled financial system and most countries on the planet being pissed at the US fucking them over the fall of the dollar and the collapse of it's hold on the financial system is only a matter of time. When it happens it won't be pretty and will accelerate the US decline to third world status. Until then the bankers and MIC will do their thing and no one will go to jail.

All Risk No Reward's picture

>>People claim the bankers and the MIC rule the government but it's the other way around<<

Not it isn't. You don't just declare reality into existence. If the government was sovereign, THE GOVERNMENT WOULD HOLD THE MONEY POWER FOR ITSELF. But, it isn't, so it didn't.

“When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes. Money has no motherland; financiers are without patriotism and without decency; their sole object is gain.”
~Napoleon Bonaparte

Come on, if you ruled a country, WOULD LET SOMEONE ELSE CONTROL THE NATION'S MONEY SUPPLY? This is an IQ test... the right answer puts in you double digits, the wrong answer puts you in single digits.

BTW, there is no limit to rule for Debt-Money Monopolist Sith Lords of the Banking Clan. European Royalty, the Black Nobility, Rothschilds, and Rockefellers have been running chit for well over 100 years - and they aren't going anywhere now that they have nukes they control via the POLITICIANS THEY VET, PROMOTE, AND FINANCE INTO OFFICE because the Muppets don't know the game.

Here's some insight to help you right your ship...

"The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks."
~Lord Acton

"Power corrupts. Absolute power corrupts absolutely."
~Lord Acton

How To Be a Crook
https://www.youtube.com/watch?v=2oHbwdNcHbc

Poverty - Debt Is Not a Choice
https://www.youtube.com/watch?v=t7BTTB4tiEU

Renaissance 2.0 The Rise of [Debt-Money Monopolist] Financial Empire
https://www.youtube.com/watch?v=96c2wXcNA7A

Debunking Money
https://www.youtube.com/watch?v=5iBSBVew-3Y

Krugman (and each MIT economist professor - THEY KNOW AND THEY OCCULT!) is a Goebbelsian propagandist as he covers the crimes of wolves with his fake sheep suit and lisp.

Krugman to Lietaer: "Never touch the money system!"
https://www.youtube.com/watch?v=Q6nL9elK0EY

PS - Take note of the theme... these wars are almost always debt-money central bank vassal countries fighting non-central bank countries with the inevitable outcome that the defeated country will have a fraudulent debt-money BIS central bank imposed upon it.

Remember, the BEAST Empire system pictured in Revelations has a wealthy woman rider sitting atop it; she is guiding it and controlling it.

Raffie's picture

JAMIE DIAMON and G SOROS YOU'RE NEXT!!

jcaz's picture

LOL- you're never gonna get "hard labor" from a banker- the death penalty works for me.....

Nostradumbass's picture

One can only imagine that shaking the hand of a (((banker))) if one lowered oneself to do so, would be like holding an octopuss

dizzyfingers's picture

They'd stall going in and hurry out. Better to hang them (or whatever), it's a permanent, a lesson to others.

jin187's picture

He should have been sentenced to eat 800 billion dongs. Assuming he's able to not choke very often, never sleeps, and employs fluffers to keep the people in line ready, he should be able to get all those dongs down his throat, and walk out a free man in a matter of centuries.

Ramesees's picture

Saudi Arabia shows how to clean up theft - chops off hands of thieves!

krispkritter's picture

Saudi Arabia knows how to clean up bank theft - chops off heads of thieves! FIFY