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Something that I found interesting moving into the financial sector is that some individuals at the bank can be held personally liable for bad decisions. For ex
by Seattle3503 3y ago
Something that I found interesting moving into the financial sector is that some individuals at the bank can be held personally liable for bad decisions. For example, top compliance officers at a bank can be held liable if it later turns out terrorists (or the like) were able to bypass bank controls. This is supposed to engender good risk management around compliance risk.
If we can do it for compliance officers, why not for CEOs? The average citizen is more likely to be harmed by financial collapse than a terrorist.
- whitemary 3y ago> If we can do it for compliance officers, why not for CEOs? CEOs are hired to be the public face of the company. The board who hires the CEO doesn't want the face of their company being a criminal, and in the U.S. corporate boards overwhelmingly dictate the law books. That's how capitalism works.
- kaycey2022 3y agoSo once a CEO is held liable for a bank collapse, then they can never be a CEO again because they would also be a criminal. It's perfect. What is wrong with that?
- csomar 3y agoYou are ceo for life in corporate America. Kidding aside, your mistake is assuming that the system works. It does, but not in your favor.
- soperj 3y ago> That's how capitalism works I don't think that's capitalism, I think that's corruption, which may be a big part of this implementation of capitalism, but I feel like it is separate.
- kevviiinn 3y agoCapitalism is defined by exploitation and corruption
- FrontierPsych 3y agowhat system isn't?
- kevviiinn 3y agoSocialism?
- whitemary 3y agoIt's not
- collegeburner 3y agobc this is probably more effective at giving a bunch of occupy wall street kiddos satisfaction than actually changing things. also, if we're gonna go down that road then start holding ppl at the fed liable too
- JackMorgan 3y agoThat's a great idea. It is crazy that a private, unelected body controls our money supply. We should hold then liable.
- lores 3y agoWhy would electing them help? Does the average elector have any understanding at all of what they'd be voting for?
- pyuser583 3y agoThe finance sector has lots of constraints other industries don’t - and shouldn’t. I feel it’s inappropriate to use the already really strict requirements bankers face as a justification to expand government control to other industries. I’m not talking about common sense rules like liquidity requirements. I mean things like extremely invasive “know your customer rules” and holding compliance officers personally liable.
- ethbr0 3y agoI don't think parent was suggesting to expand it to other industries -- they specifically meant banking CEOs. Which mirrors what Buffett was suggesting.