William D Cohan: Why Some CEOs Survive Wall Street Scandals

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William D Cohan: Why Some CEOs Survive Wall Street Scandals

William D Cohan: Why Some CEOs Survive Wall Street Scandals

Bloomberg-

Why do some Wall Street executives get to keep their jobs as scandals shake their firms, while others get the ax?

Bob Diamond, the chief executive officer of Barclays Plc (BARC), was fired a few days after his bank paid $453 million to settle charges with U.S. and U.K. regulators about its role in the Libor scandal. Yet Jamie Dimon, the chairman and CEO of JPMorgan Chase & Co. (JPM), seems to have plenty of job security after traders at his bank unexpectedly lost $6 billion (and counting)?

Why did no one come looking for Lloyd Blankfein’s head after Goldman Sachs Group Inc. (GS) paid $550 million to settle civil charges brought against the firm by the Securities and Exchange Commission in April 2010? At the time, it was the largest settlement ever paid by a Wall Street firm to the SEC. Goldman had also been the subject of a lengthy investigation by Senator Carl Levin, the Michigan Democrat who heads the Permanent Subcommittee on Investigations. At a daylong hearing, in April 2010, Levin lambasted Blankfein and his partners on the firm’s transactions in mortgage-backed securities. It was not Blankfein’s finest hour, yet his job remains secure.

[BLOOMBERG]

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One Response to “William D Cohan: Why Some CEOs Survive Wall Street Scandals”

  1. Sarah says:

    First, the CEO is made notorious by a so-called objective press, all the irrelevant but titilating details are provided, but then no further reporting on the anti-social results of their insidious criminality. The public must not be given “weapons” of these sorts. Finally the “scandal” or “ciminal act” is closed from further discussion as a stooge filled Government agency announces a trivial fine or complete surrender to their feudal lords who are entitled to allegiance and service, not “Justice”

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