Russian Bank Scandal

On October 6, 1999 the news hour with Jim Lehrer air a focus topic called “Following the Money”. This focus discussion dealt with the Russian Bank Scandal. This scandal deals with the transfer of about seven billions dollars out of the Bank of New York to companies with Russian associations. Robert O’Harrow , a banking expert for the Washington Post, believes that this scandal will become a serious policy issue. Base on his conclusion of this becoming …

…made in the banking structure. These changes will range in who banks let open accounts to stronger views on customer privacy. If this changes were to take place in the banking structure then the scope and intensity would greatly intensify due to this scandal. At the moment no one knows that outcome of this problem, but one thing is for sure changes in policy will be made dealing with either Russian relations or Banking Struture.