Baron de Montesquieu, explaining how best to avoid abuses by leaders, put it simply: “power must check power.” Although the principles of checks and balances have fostered stable governments for more than three hundred years, Enlightenment philosophy has yet to make much headway on Wall Street, and investors are paying the price.
The last few weeks have seen a heated and very public battle over a startling question: whether Jamie Dimon, tarred with his role in one of the greatest debacles in the history of investment banking, should be permitted to report to nobody but himself.
Originally published in American Banker on June 4, 2013.
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