Oireachtas Joint and Select Committees
Thursday, 5 February 2015
Committee of Inquiry into the Banking Crisis
Context Phase
Professor William Black:
There are myriad ways to take it out. In fact, if the Senator reads my broad testimony, the national commission that investigated the savings and loan crisis referred to every way possible being used, but the primary way, the cleanest way that reduces the risk of prosecution is to simply take it out through modern executive compensation in which one’s bonus is tied to performance. For the reasons I have stated, it creates a sure thing of high reported profits. That makes one wealthy within months or a year, depending on the situation.
No comments