2 ms·

He used his authority at the bank to induce bank employees under him to break the banks own rules and policies. I do wonder if some of them suspected but decid

He used his authority at the bank to induce bank employees under him to break the banks own rules and policies. I do wonder if some of them suspected but decided to give their idiot boss enough rope to hang himself with...

roenxi 2y ago
I don't know about you, but if the CEO came to me and said "send all the money to my bank account" [0] at most companies I'd expect there to be a policy where I check that the CFO at least knows about it. Maybe informally send him a Slack message even. CEOs aren't gods, there are limits on what they can do. It seems a bit wild that this wouldn't be immediately picked up by the executive team, payments halted and the CEO fired over the course of 4-8 hours. So quickly that there is basically no crime and nothing to prosecute. This crime was exactly the sort of things banks are designed not to do. [0] In this case it was a couple of payments, but sending bank money to a private account is a red flag. We're talking blood red, rose red, angry-bull red red flags. It isn't a minor request.
- lupusreal 2y ago
  > So quickly that there is basically no crime and nothing to prosecute. But what if you hate your boss? I think a lot of people might do as their boss says if he's an asshole and they realize he's going to land in prison if they go along with his orders.
  - cdogl 2y ago
    For me personally, if I hated my boss, I’d be even less likely to follow their bizarre and probably unlawful instructions.
  - ithkuil 2y ago
    I don't know. I'd be afraid of being liable if I just blindly follow orders; that doesn't seem like an excuse. What if I get accused of being an accomplice?
    - lukan 2y ago
      Yes, if one knows the order is illegal, one definitely commits a crime as well. Even not being aware, can make you a accomplice, but you might get away if it was not obvious. But if it is obvious - and workers of a bank should obviously know at least some laws - following such orders would be just stupid.
      - lupusreal 2y ago
        They did do it though, and haven't been prosecuted. Having evidence of being manipulated by your boss seems to be a pretty good excuse. If they knew their boss was up to some shit but did it anyway, and stick to their story of being naively manipulated, they're almost certainly in the clear.
- michaelt 2y ago
  You might not make such a transfer - but the CEO can choose which of your colleagues he approaches. So he doesn't go to the conscientious, rule-following guy with a stick up his ass. He goes to someone so junior they don't know better. Or someone who's flattered to get the CEO's direct attention and to be trusted and included on a secret project. Or someone trusting that the CEO gets on well with. Or someone who thinks producing results and cutting through red tape will show the CEO their potential as an executive. And if the first person he approaches says there are forms to fill in he takes the forms, thanks them, and asks someone else the next day.
technofiend 2y ago
Early on my career my employer (a savings and loan) went into receivership because our CEO kept reselling a parcel of land at increasingly inflated prices to himself through holding companies he owned. Each time he was able to force a sale through and a loan to backup the sale by telling employees to just do it. Sadly it was so long ago and something similar has happened so many times since I can't find anything on how much jail time he received. Just a set of stories about bank ceos getting jail time repeated by different news outlets.

roenxi 2y ago

I don't know about you, but if the CEO came to me and said "send all the money to my bank account" [0] at most companies I'd expect there to be a policy where I check that the CFO at least knows about it. Maybe informally send him a Slack message even. CEOs aren't gods, there are limits on what they can do. It seems a bit wild that this wouldn't be immediately picked up by the executive team, payments halted and the CEO fired over the course of 4-8 hours. So quickly that there is basically no crime and nothing to prosecute. This crime was exactly the sort of things banks are designed not to do. [0] In this case it was a couple of payments, but sending bank money to a private account is a red flag. We're talking blood red, rose red, angry-bull red red flags. It isn't a minor request.

lupusreal 2y ago
> So quickly that there is basically no crime and nothing to prosecute. But what if you hate your boss? I think a lot of people might do as their boss says if he's an asshole and they realize he's going to land in prison if they go along with his orders.
- cdogl 2y ago
  For me personally, if I hated my boss, I’d be even less likely to follow their bizarre and probably unlawful instructions.
- ithkuil 2y ago
  I don't know. I'd be afraid of being liable if I just blindly follow orders; that doesn't seem like an excuse. What if I get accused of being an accomplice?
  - lukan 2y ago
    Yes, if one knows the order is illegal, one definitely commits a crime as well. Even not being aware, can make you a accomplice, but you might get away if it was not obvious. But if it is obvious - and workers of a bank should obviously know at least some laws - following such orders would be just stupid.
    - lupusreal 2y ago
      They did do it though, and haven't been prosecuted. Having evidence of being manipulated by your boss seems to be a pretty good excuse. If they knew their boss was up to some shit but did it anyway, and stick to their story of being naively manipulated, they're almost certainly in the clear.
michaelt 2y ago
You might not make such a transfer - but the CEO can choose which of your colleagues he approaches. So he doesn't go to the conscientious, rule-following guy with a stick up his ass. He goes to someone so junior they don't know better. Or someone who's flattered to get the CEO's direct attention and to be trusted and included on a secret project. Or someone trusting that the CEO gets on well with. Or someone who thinks producing results and cutting through red tape will show the CEO their potential as an executive. And if the first person he approaches says there are forms to fill in he takes the forms, thanks them, and asks someone else the next day.

technofiend 2y ago

Early on my career my employer (a savings and loan) went into receivership because our CEO kept reselling a parcel of land at increasingly inflated prices to himself through holding companies he owned. Each time he was able to force a sale through and a loan to backup the sale by telling employees to just do it. Sadly it was so long ago and something similar has happened so many times since I can't find anything on how much jail time he received. Just a set of stories about bank ceos getting jail time repeated by different news outlets.