Cybersecurity
Lawsky Says Punishing Individuals Key to Deterrence
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Punishing executives for misconduct at banks is essential to deter wrongdoing on Wall Street, New York’s banking regulator said.
“Just damning the entire firm is often times counterproductive,” Benjamin Lawsky, superintendent of the New York Department of Financial Services, said today at the Bloomberg Markets Most Influential Summit in New York. “If you’re not holding individuals accountable, you’re not going to get the full effects of deterrence.”