Opinion
Why it’s so hard to make bankers accountable
The more lenders that wobble, the easier it is for their leaders to claim that no one could have expected the problems, and the harder it is to prove criminal negligence.
Brooke MastersHours after Swiss authorities pushed Credit Suisse into merging with its local rival UBS, CS leaders emailed staff. Don’t worry, previously scheduled bonuses and raises would go ahead, chairman Axel Lehmann and chief executive Ulrich Korner wrote.
This comes on top of news that Silicon Valley Bank CEO Greg Becker sold nearly $US30 million ($44.7 million) in shares over the past two years, including a $US3.6 million chunk just days before the bank sparked a deposit run by revealing big losses on securities sales. The Federal Deposit Insurance Corporation had to bail out the California lender.
Financial Times
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