Continuing the sale of indulgences?

Posted: 1 November 2013 in Uncategorized
Tags: , ,

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I have no idea if this was on their minds. However, consider how appropriate it is that, on Reformation Day, Martin Hesse and Anne Seith write in Der Spiegel about bankers and the fines they are currently being made to pay:

At 1:45 on the morning of Oct. 19, Italian police arrested the 53-year-old in the hotel and brought him to the far less luxurious Dozza prison. The reason: US authorities had indicted Weil, the former head of wealth management at UBS, for allegedly helping American clients hide their assets from US tax authorities on Swiss bank accounts. . .

The truth is, spectacular coups like Weil’s arrest are little more than symbolic gestures. The fines and settlements paid by many financial institutions are akin to the indulgences sold by the medieval Catholic Church. The sins of the past may now be forgiven — but there are no guarantees of improvement in the future.

The fact is, neither the sale of indulgences nor acts of contrition will put people back to work now or prevent future financial crises.

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