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Corrupt Bankers Have One Nation Taking A New and Innovative Approach: Death by Firing Squad is the Sentence for Corrupt Bankers in Vietnam

"Firing Squad" (Illustration by Nathan & Jenny)

By Patrick Winn, GlobalPost

or the most part, American bankers whose rash pursuit of profit brought on the 2008 global financial collapse didn’t get indicted. They got bonuses.

Odds are that scandal would have played out differently in Vietnam, another nation struggling with misbehaving bankers.

The authoritarian Southeast Asian state doesn’t just send unscrupulous financiers to jail. Sometimes, it sends them to death row.

Amid a sweeping cleanup of its financial sector, Vietnam has sentenced three bankers to death in the past six months.

One duo now on death row embezzled roughly $25 million from the state-owned Vietnam Agribank. Their co-conspirators caught decade-plus prison sentences.

In March, a 57-year-old former regional boss from Vietnam Development Bank, another government-run bank, was sentenced to death over a $93-million swindling job.

According to Vietnam’s Tuoi Tre news outlet, several of his colludes were sentenced to life imprisonment after they confessed to securing bogus ans with a diamond ring and a BMW coupe. And last week, in an unrelated case, charges against senior employees from the same bank allege $47 million in losses from dubious loans.

None of this would impress Bernie Madoff, mastermind of America’s largest ever financial fraud scheme. The combined amount from all three Vietnamese cases adds up to less than 1 percent of his purported $18-billion haul.

But these death sentences nevertheless are high profile scandals in Vietnam.


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