Abstract
People sometimes ask me whether it is possible that the Icelandic bankers, given the rate at which they drove their banks into the ground, always expected that as the eventual outcome.
The title of the chapter is inspired by the work of Lucian Bebchuck, Alma Cohen, and Holger Spamann from their paper on CEO compensation of the failed banks in the United States, Bear Sterns and Lehman Brothers; Lucian A. Bebchuk, Alma Cohen, and Holger Spamann, 2009, “The Wages of Failure: Executive Compensation at Bear Stearns and Lehman 2000–2008 (November 24, 2009).” Yale Journal on Regulation 27 (2010): 257–282; Harvard Law and Economics Discussion Paper No. 657; ECGI-Finance Working Paper No. 287. Available at SSRN: http://ssrn.com/abstract=1513522
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© 2014 Gudrun Johnsen
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Johnsen, G. (2014). Wages of Failure. In: Bringing Down the Banking System. Palgrave Macmillan, New York. https://doi.org/10.1057/9781137347350_13
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DOI: https://doi.org/10.1057/9781137347350_13
Publisher Name: Palgrave Macmillan, New York
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