The Credit Suisse leaks expose an industry that has got away with too much for too long | Prem Sikka

I won't be holding my breath for government action or an inquiry into its actions - or into any other bank for that matter

• Prem Sikka is a member of the House of Lords

How do the banks continue to get away with it? The latest revelations about Credit Suisse provide yet another glimpse into the corrosive nexus of banks, corporations, accountants, lawyers and financial intermediaries that enables the wealthy and political elites to profit from illicit practices.

The bank itself is no stranger to predatory practices. Since 2001 it has been fined at least 47 times by the US authorities and paid fines totalling $10.7bn. Since 2010, it has also been fined on at least six occasions by the UK's Financial Conduct Authority (FCA) and paid fines totalling more than 300m. The fines have become just another cost of doing business, and are passed on to customers.