Bank examiners got big bonuses for ‘superior’ work right before crash
Auditors and examiners failed to flag the mountain of risky debt piling up on bank balance sheets in the run-up to 2008. Nevertheless, some of those auditors and examiners hauled in large payments for exceptional performance on the job.
Banks weren't the only ones giving big bonuses in the boom years before the worst financial crisis in generations. The government also was handing out millions of dollars to bank regulators, rewarding "superior" work even as an avalanche of risky mortgages helped create the meltdown.
The payments
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