In seeking to address the ongoing corruption and fraud scandal facing his firm, Stuart Gulliver (CEO of the British bank, HSBC) claims in the article in the url below that:
"It seems to me that we are holding large corporations to higher standards than the military, the church or civil service."
More specifically, he sought to deflect the attention being directed specifically at him:
"Can I know what every one of 257,000 people is doing? Clearly, I can't. If you want to ask the question could it ever happen again—that is not reasonable."
I couldn't agree more. That is one reason why CEOs should not be blamed as much as they are when firms perform poorly. It is also why they should not receive so much of the credit (and associated compensation) when their firms perform well.
Have a good weekend.
David
David Chandler & Bill Werther
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Standards for bankers higher than for bishops, claims HSBC chief Gulliver
By Martin Arnnold and George Parker
February 24, 2015
Financial Times
Late Edition – Final
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