{"id":176211,"date":"2020-08-07T19:50:00","date_gmt":"2020-08-08T00:50:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2020\/08\/07\/powerful-bank-ceos-lead-to-money-laundering\/"},"modified":"2020-08-07T19:50:00","modified_gmt":"2020-08-08T00:50:00","slug":"powerful-bank-ceos-lead-to-money-laundering","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2020\/08\/07\/powerful-bank-ceos-lead-to-money-laundering\/","title":{"rendered":"Powerful Bank CEOs Lead to Money Laundering"},"content":{"rendered":"<p>A study shows that the more unchecked authority that bank CEOs have, <a href=\"https:\/\/scienceblog.com\/517765\/study-reveals-impact-of-powerful-ceos-and-money-laundering-on-bank-performance\/\">the more likely that the banks will be involved in money laundering and other criminality<\/a>.<\/p>\n<p>Obviously, correlation does not prove causation, but ultra-powerful CEOs tend to be indistinguishable from sociopaths, so criminality logically follows their imperative to hit &#8220;the numbers&#8221;.<\/p>\n<p>We have seen again and again how rock-star CEOs lead to unbalanced people running companies for their own personal benefit and twisted egos: <\/p>\n<blockquote><p><span style=\"color: blue;\">Banks with powerful CEO\u2019s and smaller, less independent, boards are  more likely to take risks and be susceptible to money laundering, according to new research led by the University of East Anglia (UEA).<\/span><br \/><span style=\"color: blue;\"><br \/><\/span><span style=\"color: blue;\">The  study tested for a link between bank risk and enforcements issued by US  regulators for money laundering in a sample of 960 publicly listed US  banks during the period 2004-2015.<\/span><br \/><span style=\"color: blue;\"><br \/><\/span><span style=\"color: blue;\">The results, published in the&nbsp;<i>International Journal of Finance and Economics<\/i>,  show that money laundering enforcements are associated with an increase  in bank risk on several measures of risk. In addition, the impact of  money laundering is heightened by the presence of powerful CEOs and only  partly mitigated by large and independent executive boards.<\/span><\/p><\/blockquote>\n<p>It&#8217;s not just banks that need to abolish the Cult of the CEO.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A study shows that the more unchecked authority that bank CEOs have, the more likely that the banks will be involved in money laundering and other criminality. Obviously, correlation does not prove causation, but ultra-powerful CEOs tend to be indistinguishable from sociopaths, so criminality logically follows their imperative to hit &#8220;the numbers&#8221;. We have seen &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[365,368,456,578,663,504],"class_list":["post-176211","post","type-post","status-publish","format-standard","hentry","tag-business","tag-corruption","tag-finance","tag-incompetence","tag-management","tag-philosophy"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/176211"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=176211"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/176211\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=176211"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=176211"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=176211"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}