Who pays the fine? Not Michael Corbat, the executive who was paid $14,515,462 in 2016. Jail was never a possibility.HSBC had criminal charges dropped for money laundering. It also had made a profit of $881 million for allowing illegal drugs to flow through the American financial system. One of the world’s biggest lenders was fined and paid $1.9 billion, but again, jail is never an option in our justice system.Why does Congress let these crimes go unpunished? The people have an obligation to demand equal justice. As Benjamin Franklin said, “If the people behave like sheep they will be eaten by wolves.”Mary Jane ValachovicSchenectadyMore from The Daily Gazette:Schenectady’s Lucas Rodriguez forging his own path in dance, theater, musicFoss: Should main downtown branch of the Schenectady County Public Library reopen?Motorcyclist injured in Thursday afternoon Schenectady crashTroopers: Schenectady pair possessed heroin, crack cocaine in Orange County Thruway stopSchenectady department heads: Budget cutbacks would further stress already-stretched departments Categories: Letters to the Editor, OpinionIn the Capital Region, a 16-year-old boy was sentenced to nine years in jail for stealing about $100 worth of clothes. Compare that to the sentence and jail time time received by the oligarchs of the world — whose corporations and banks cheat the innocent public of millions but have too much money and power to ever see a jail cell.Citigroup was fined $11.5 million for cheating mom-and-pop investors by giving them wrong information on 1,800 stocks the company analyzed.
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The planned transfer of 158,000 academic hospital workers’ pensions from Dutch civil service scheme ABP to healthcare pension fund PFZW has been postponed again.In a statement, both pension funds said the parties involved failed to meet all necessary conditions in time and therefore could not make a sound decision about the move, scheduled to take effect on 1 January 2015.Negotiations on the transfer – meant to make it easier for academic hospital workers to work at non-academic hospitals – have been ongoing for nearly 10 years.Last summer, ABP announced that the employers and workers had agreed that pensions accrual would be transferred to PFZW as of 1 January, while the accrued pension rights would be taken over by PFZW one year later. Both ABP and PFZW declined to provide additional information about the cause of the new delay.PFZW, however, indicated that it was disappointed.“We have worked hard to resolve the issue,” a spokeswoman said.A spokeswoman for the NFU, the industry body for the employers of the eight academic hospitals, attributed the latest delay to the ongoing legal changes on pensions.“Subjects that seemed to be simple became complicated as a result,” she said.She underlined that both employers and unions still support a transfer, “if it can be concluded in a sound way”.Elise Merlijn, negotiator for civil service union AbvaKabo, said the biggest stumbling block was the threat of a salary reduction for the workers, as the NFU was supposed to pay ABP a €500m compensation for the participants leaving ABP.She added that supervisor De Nederlandsche Bank (DNB) was reluctant to approve the transfer because of the costs that would be incurred by the NFU, as well as by the participants of PFZW, which has a higher funding than ABP.All parties involved have said they are committed to investigating whether the transfer would be possible at a later stage.