Cracking down on ‘megalomaniacs and bullies’ – FT.com

Senior finance officials often speak in diplomatically coded language that can seem mystifying to the general public.
But not David Wright, who has just ended a three-year term as one of the world’s most senior regulators.
When it comes to serious corporate governance failures at large companies, the 64-year-old is clear and unequivocal about his belief that senior executives should be held personally accountable for any misdemeanours.
“Those individuals who abuse markets have to know there is one place they are going if they do not conform with the rules. It’s called jail,” says Mr Wright, who stepped down as secretary-general of Iosco, the global regulator for securities markets, earlier this month.

Mr Wright recognises much more work needs to be done to right the wrongs of the financial crisis, which continue to cause problems today.
“Regulators have to get tougher and sanctions must be more draconian,” he says.

via Cracking down on ‘megalomaniacs and bullies’ – FT.com.

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