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Erschienen in:
The Meaning of Corporate Governance and its Role in the Banking Sector Kapitel lesen Erstes Kapitel lesen

2022 | OriginalPaper | Buchkapitel

6. Why Corporate Governance Matters: Spectacular Defaults

verfasst von : Bruno Buchetti, Alessandro Santoni

Erschienen in: Corporate Governance in the Banking Sector

Verlag: Springer International Publishing

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Abstract

In the following chapter, we concentrate our attention to specific banking crisis events to pass from the theory to the practice and identify concrete governance failure cases. Grant Kirkpatrick of OECD (Economic Co-operation and Development) (2009) analyzed, in his corporate governance lessons from the financial crisis, the relationship between weak corporate governance and failures on several banking crises highlighting the strong correlation. He underlined that the 2006–2008 financial meltdown was characterized by severe shortcomings in internal governance, in risk management, and in the role of the board in overseeing risk management. These failures ranged from the following:

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Vorheriges Kapitel Corporate Governance and Behavioral Finance
Nächstes Kapitel Correction to: Corporate Governance in the Banking Sector
Fußnoten
1
Grant Kirkpatrick: The Corporate Governance Lessons from the Financial Crisis. ISSN 1995–2864 Financial Market Trends OECD 2009.
 
2
Lehman Brothers Holdings Inc. Chapter 11 Proceedings Examiner’s Report. https://​web.​stanford.​edu/​~jbulow/​Lehmandocs/​menu.​html.
 
4
Lehman 10-Qs. Typically excludes repo of government bonds and agencies.
 
5
Examiner’s Interview of Ernst & Young, Repo 105 session, Oct. 16, 2009, at pp. 8–9 (statement of William Schlich); Examiner’s Interview of Ernst & Young, Nov. 3, 2009, at pp. 14–15 (statement of Hillary Hansen).
 
6
E-mail from Examiner’s report.
 
7
Lehman Brothers Holdings Inc., Minutes of Meeting of Finance and Risk Committee of the Board of Directors (Sept. 11, 2007), at p. 3 [LBEX-AM 067018].
 
8
Examiner’s Interview June 25, 2009, at pp. 16–17.
 
9
Bank of Credit and Commerce International Sa v. Ali and Others. Court of Appeal CA.
 
10
BCCI internal document: Growth of International Banking, Case Study of Bank of Credit and Commerce Intl, Khruso Karamat Elley, October 27, 1982; Senate investigation.
Chossudovsky, Michel (5 April 2004). “The Spoils of War:​ Afghanistan’s Multibillion Dollar Heroin Trade”. Centre for Research on Globalization. Retrieved 5 August 2013.
Euromoney: “The Mysteries Behind Abedi’s Bank” July 1978; S. Hrg. 103–350, Pt. 3, pp. 305–310.
House of Commons (1992): “Inquiry into the Supervision of The Bank of Credit and Commerce International”.
Kanas, Angelos, “Pure contagion effects in International Banking: the case of BCCI’s Failure”. Journal of Applied Economics, Sunday, 1 May 2005.
Kerry, John; Hank Brown (December 1992). “The BCCI Affair: A Report to the Committee on Foreign Relations, United States Senate”. 102d Congress 2d Session Senate.
Najam Sethi, “BCCI Founder: These Things Happen,” Wall Street Journal, July 29, 1991.
Peter Truell, Larry Gurwin, False Profits. The Inside Story of BCCI, the world’s most corrupt financial Empire, 1992, Houghton, Mifflin Company, Boston, New York, ISBN 0-395-62339-1.
RA Barnes Esq: Report on Sandstorm SA under section 41 of the Banking act 1987.
Nikos Passas. The Genesis of the BCCI Scandal. Journal of Law and Society. Vol. 23, No. 1, The Corruption of Politics, and the Politics of Corruption (Mar., 1996), pp. 57–72.
 
11
Alford. “Core Principles for effective Banking Supervision: an enforceable international financial standard?” Boston College International and Comparative Law Review. 2005.
 
12
Khruso Karamat Elley. Growth of International Banking: Case Study of Bank of Credit and Commerce Intl, October 27, 1982, Senate Document 385.
 
13
Nikos Passas. The Genesis of the BCCI Scandal. Journal of Law and Society. Vol. 23, No. 1, The Corruption of Politics, and the Politics of Corruption (Mar., 1996), pp. 57–72 (16 pages).
 
14
House of Commons (1992): Inquiry into the Supervision of The Bank of Credit and Commerce International.
 
15
See, e.g “The Mysteries Behind Abedi’s Bank,” Euromoney July 1978; S. Hrg. 102–350 Pt. 3, pp. 305–310; “The man who adds a touch of mysticism to banking,” Financial Times, May 17, 1978; S. Hrg. 102–350 Pt. 3, pp. 303–304.
 
17
Price Waterhouse audit reports to BCCI board of directors, 1987–1989; miscellaneous BCCI loan and financial documents (part of the John Kerry Report).
 
18
RA Barnes Esq: Report on Sandstorm SA under section 41 of the Banking act 1987.
 
19
Price Waterhouse, Draft Report on Sandstorm SA Under S. 41 of the Savings Act of 1987.
 
21
Richard Dale. Reflections on the BCCI Affair: A United Kingdom Perspective. The International Lawyer 1992.
 
24
Jonathan Beaty, S.​ C.​ Gwynne The Outlaw Bank: A Wild Ride Into the Secret Heart of BCCI Paperback – February 1, 2004.
 
26
House of Commons (1992): Inquiry into the Supervision of The Bank of Credit and Commerce International.
 
27
Staff interview, Rahman, August 7, 1991. Kerry, John Report.
 
28
Staff interview, Sakhia, October 7, 1991.
 
29
“Context and Rationale,” Statement of Agha Hasan Abedi to BCCI officials, undated, Senate BCCI Document 1269.
 
30
Inquiry into the Supervision of The Bank of Credit and Commerce International.
 
32
Emmanuel Mourlon-Druol ‘Trust is good, control is better’: 2015 The 1974 Herstatt Bank Crisis and its Implications for International Regulatory Reform Adam Smith Business School, University of Glasgow, Glasgow, UK https://​www.​tandfonline.​com/​doi/​full/​10.​1080/​00076791.​2014.​950956.
 
33
Mourlon-Druol, E. ‘Trust is good, control is better’: the 1974 Herstatt-Bank crisis and its implications for international regulatory reform. (Business History 2015).
 
34
BAK, B 126/59463, Note of Stauch, Betreff: Bankhaus I.D. Herstatt KG a.A., Köln, 12 July 1973.
 
35
BAK, B 126/59463, Stauch (Bundesaufsichtsamt für das Kreditwesen) to the Karoli Wirtschaftsprüfung GmBH, Jahresabschlussprüfung beim Bankhaus I.D. Herstatt KGaA, Köln, 25 February 1974.
 
36
Gespielt, getäuscht, gemogelt: Die Anatomie der Herstatt-Pleite,’ Der Spiegel, 31 March 1975.
 
37
Goodhart, The Basel Committee on Banking Supervision, chapter 5.
 
38
BoE, 3A49/2, I.D. Herstatt, 4 July 1974.
 
39
BAK, B126/59464, Note of Reuther, Zeitplan über Einflussnahmen des BAKred auf die Herstatt-Bank, 20 August 1974. These elements have been reported by Weiler at a meeting at LBZ in Düsseldorf on 23 June 1974.
 
41
CPSS (1996), “Settlement Risk in Foreign Exchange Transactions”, BIS, March.
 
42
Robert D. Hare, Ph.D. and Paul Babiak, Ph.D., authors of “Snakes in Suits: When Psychopaths Go to Work” ACFE Bookstore.
 
44
Brochet, Francois. “Societe Generale (A):​ The Jerome Kerviel Affair.​” Harvard Business School Case 110-029, October 2009. (Revised April 2010).
 
45
Mission Green Report. (2008). General inspection analysis.
 
46
J. Kerviel L’engrenage. Mémoires d’un trader Flammarion, Paris (2010).
 
Literatur
Alford D (2005) Core principles for effective banking supervision: an enforceable international financial standard? Boston Coll Int Comp Law Rev
BAK B 126/59463, Stauch (Bundesaufsichtsamt für das Kreditwesen) to the Karoli Wirtschaftsprüfung GmBH, Jahresabschlussprüfung beim Bankhaus I.D. Herstatt KGaA, Köln, 25 February 1974
Bank of Credit and Commerce International (n.d.) Sa v. Ali and Others. Court of Appeal CA
Beaty J, Gwynne SC (2004) The outlaw bank: a wild ride into the secret heart of BCCI paperback
Brochet F (2009) Societe Generale (A): the Jerome Kerviel Affair. Harvard Business School Case 110-029 (revised April 2010)
Chossudovsky M (2004) The spoils of war: Afghanistan’s multibillion dollar heroin trade. Centre for Research on Globalization. Accessed 5 Aug 2013
Dale R (1992) Reflections on the BCCI affair: a United Kingdom perspective. International Lawyer
Elley KK (1982a) BCCI internal document: growth of international banking, case study of bank of credit and commerce international; Senate investigation
Elley KK (1982b) Growth of international banking: case study of bank of credit and commerce international. Senate document 385
Euromoney: “The mysteries behind Abedi’s Bank” July 1978; S. Hrg. 103–350, Pt. 3, pp 305–310
Gespielt, getäuscht, gemogelt: Die Anatomie der Herstatt-Pleite, Der Spiegel, 31 March 1975
Goodhart (n.d.) The Basel Committee on banking supervision, Chapter 5
Hare RD, Babiak P (2006) Snakes in suits: when psychopaths go to work. ACFE Bookstore. Harper Business, New York
House of Commons (1992) Inquiry into the supervision of the bank of credit and commerce international
Kanas A (2005) Pure contagion effects in international banking: the case of BCCI’s failure. J Appl Econ
Kerry J, Brown H (1992) The BCCI affair: a report to the committee on foreign relations, United States Senate. In 102d congress 2d session senate
Kerviel L’engrenage J (2010) Mémoires d’un trader Flammarion, Paris
Mission Green Report (2008) General inspection analysis
Mourlon-Druol E (2015b) ‘Trust is good, control is better’: the 1974 Herstatt-Bank crisis and its implications for international regulatory reform. Business history
Passas N (1996) The genesis of the BCCI scandal. J Law Soc 23(1):57–72CrossRef
Price Waterhouse audit reports to BCCI board of directors, 1987-1989; miscellaneous BCCI loan and financial documents (part of the John Kerry Report)
RA Barnes Esq: report on sandstorm SA under section 41 of the banking act 1987
Report of Anton R. Valukas, Examiner (2010) United States Bankruptcy Court, Southern District of New York, In re Lehman Brothers Holdings Inc., et al., Debtors. March 11
Sethi N BCCI founder: these things happen. Wall Street Journal, July 29, 1991
Truell P, Gurwin L (1992) False profits. The inside story of BCCI, the world’s most corrupt financial Empire. Houghton Mifflin Company, Boston. ISBN 0-395-62339-1
Metadaten
Titel
Why Corporate Governance Matters: Spectacular Defaults
verfasst von
Bruno Buchetti
Alessandro Santoni
Copyright-Jahr
2022
Buch
Corporate Governance in the Banking Sector

Print ISBN: 978-3-030-97574-6

Electronic ISBN: 978-3-030-97575-3

Copyright-Jahr: 2022

DOI
https://doi.org/10.1007/978-3-030-97575-3_6