Executives from two of three banks that recently failed are appearing in front of the Senate Banking Committee on Tuesday to respond to questions about why their banks went under and what regulators could have done to avoid the calamities.
Executives from two of three banks that recently failed appeared in front of the Senate Banking Committee on Tuesday to respond to questions about why their banks went under and what regulators could have done to avoid the calamities.
"You were paying out bonuses until literally hours before regulators seized your assets. To people in Ohio and around the country, this feels sickeningly familiar," Brown said."To most Americans, a lack of Wall Street accountability tracks with their entire experience with our economy. Workers face consequences; executives ride off into the sunset."
"The recent bank failures prove yet again that banker compensation is at the core of causing banks to take too much risk, act irresponsibly if not recklessly, and blow themselves up," said Dennis Kelleher, co-founder of Better Markets, which was founded after the Great Recession focused on financial industry reform.
"Bank executives who make risky investments with customers' money shouldn't be permitted to profit in the good times, and then avoid financial consequences when things go south," Hawley said when the bill was introduced in late March.Executives at big companies also tend get most of their pay each year in company stock. That means CEOs and other insiders have much to gain if the company's stock rises. And shareholders typically like it this way.
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