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Bank execs pay ultimate price for wrong bet

Two bank workers who stole 45 million yuan (HK$49.93 million) to buy lottery tickets have been executed in Hebei province, according to an AFP report quoting the Xinhau News Agency. The two vault managers started taking money from the safe to play the state lottery, hoping they would eventually win back enough to replace the missing funds.

Makes you wonder what fate would befall the top execs at any state-run banks that lost money from making the wrong bets in derivatives. I'd wager they wouldn't qualify for the extravagant rewards lavished on Chuck Prince, Stan O'Neal, Angelo Mozilo, and other big money losers in the more sophisticated Western economies.

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Paul Penrose

Paul Penrose

Head of Research

Finextra

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