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And don't miss Lionel Laurent on money laundering: "Europe's banks are eager to show that the money they've splurged on bolstering their compliance departments is paying off: HSBC Holdings Plc's reporting of a suspicious transaction helped Angola recover $500 million linked to an alleged fraud involving the son of a former president. The bigger picture is less encouraging. Despite a cascade of rules, regulations and record-breaking fines, that spending -- an additional 5 billion pounds ($7 billion) a year in the U.K. alone -- has barely moved the needle. Gauging success in this area may not be an exact science, but if catching dirty money is a viable metric, it looks like little progress has been made."
This column does not necessarily reflect the opinion of Bloomberg LP and its owners.
Max Nisen is a Bloomberg Gadfly columnist covering biotech, pharma and health care. He previously wrote about management and corporate strategy for Quartz and Business Insider.
To contact the editor responsible for this story: Beth Williams at bewilliams@bloomberg.net.
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