Profs. Hill and Painter Write Op-Ed on Personal Liability Rule for Investment Bankers

Professors Claire Hill and Richard Painter published an op-ed in the online "Dealbook" section of the New York Times, urging that the most highly paid investment bankers be personally liable for the debts of their banks, as investment bank partners were a few decades ago when investment banks were general partnerships instead of public companies. Hill and Painter compared this relatively simple personal liability rule with the highly complex "Volcker Rule" the Securities Exchange Commission is implementing to restrict risky propriety trading by banks.