We’re shocked, Casablanca-shocked. According to the good folks at Bloomberg the three directors who oversee risk at JPMorgan
Chase include a museum head who sat on
American International Group Inc.’s governance committee in 2008, the grandson
of a billionaire and the chief executive officer of a company that makes flight
controls and work boots.
What the risk committee of the biggest U.S. lender lacks,
and what the five next largest competitors have, are directors who worked at a
bank or as financial risk managers. The only member with any Wall Street
experience, James Crown, hasn’t been employed in the industry for more than 25
years.
“It seems hard to believe that this is good enough,” said
Anat Admati, a professor of finance at Stanford University who studies
corporate governance. “It’s a massive task to watch the risk of JPMorgan.”
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