With a massive parachute and reputation intact Chuck Prince walked away from atrocious job performance smiling. The memos relating to Prince’s resignation are reproduced here but the comments below the memos are more telling: there is little integrity among the rich and powerful. While both exits needed to be strategically managed to reduce stock price falls, there is no sign that people or systems of these large fiduciaries will become more enlightened, despite the warning signals from the market.
Is it better at other banks? Fiduciaries must adopt the burden of proof and show that there is integrity in financial services.