Retiring Bankers and Safe Assets

Stumpfed.

Really, more bank chief executive officers should resign in disgrace. It would take some of the disgrace out of it! I tend to think of a big bank as a roiling random process; the CEO sits on top of it and does the best he can to gently nudge it in a good direction, but ultimately the random process, not the CEO, is in control. If the outcome of the random process is good, the CEO gets paid tens of millions of dollars. If it's bad, then he's the guy who supervised huge losses or widespread fraud or a global financial meltdown or whatever.