The UK Financial Services Authority (FSA) and Ernst & Young Global knew that Parex Bank was a fraud already in 2007. They also knew that whistleblower John Christmas was being terrorized with murder threats.
However, the FSA and E&Y chose to ignore the information and sit and watch while Parex borrowed approximately one billion euros in London through syndicated loans and bond issuances.
The money disappeared and now ordinary Latvian taxpayers must pay back the creditors with bailout funds from the European Union.
Nobody is being prosecuted anywhere.