The Banking Times’ John Gapper has a cartilage to aces with Merrill Lynch and Citigroup over the semantics acclimated to call the departures of the banks’ arch executives.
On Sunday, Citigroup said that its administrator and arch executive, Charles O. Prince III, would retire. The coffer accompanying appear that it would booty a added write-down of up to $11 billion because of the acclaim squeeze. The anniversary before, Merrill’s administrator and arch executive, E. Stanley O’Neal, appear his retirement, afterward the advance bank’s advertisement of a multi-billion write-down.
Mr. Gapper, who says that “ousted” would be a added authentic description of the two departures, argues that calling the resignations retirements was primarily a banking maneuver, and one that care not to accept been colluded in by their employers.
By giving the two men shares they should not accept been acceptable to aggregate unless they had performed better, Merrill and Citigroup accept damaged Wall Street, Mr. Gapper says. The two banks, he argues, accept created moral hazard, which appears back there are incentives for bodies to behave in means that attenuate their own institutions or the banking arrangement as a whole.
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