Risk committees

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In October 2008, a US congressional hearing into the collapse of Lehman Brothers was handed gory details about the bank’s five-member risk committee. It included a Broadway producer, a former member of the US Navy, a former chair of IBM and the founder of a Spanish-language TV station. Admittedly, the committee chairman had enjoyed a lengthy stint at Salomon Brothers, but he was over 80 years old.

There were similar revelations about the JP Morgan risk committee in the wake of the bank’s $2

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