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  • Author or Editor: Michael A. Santoro x
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Michael A. Santoro

Chapter 9 by Michael A. Santoro focuses on executive compensation in the financial industry. It highlights the important role of cash-based incentive compensation in the financial crisis, which contributed to the failure of many firms and the accumulation of trillions of dollars of systemic risk. A brief survey then recalls important legal and industry-related reforms of executive compensation that have been undertaken to date in the United States and Europe. By examining the infamous London Whale trade of JPMorgan Chase, the chapter demonstrates the need for innovative approaches to linking executive compensation more closely to risk management and concludes with suggesting a number of elements for an innovative compensation system.

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Michael A. Santoro and Changsu Kim