Ethics and governance in the European Financial centers

The last days the press reported that Fortis and Dexia, two major European banks that would have collapsed without the rescue of States, organised in Monaco a costly meal a couple of weeks after this rescue.

This is indecent.

Even though management of the banks explained these lunch were scheduled a long time ago, because of the crisis, they should have been cancelled or at least postponed.

Furthermore the lunchs took place in Monaco, a financial center that is considered as a tax haven, and even a non cooperative tax haven in the small list provided by the OECD . It was for the launch of a subsidiary in this tax haven for Dexia Private Banking.