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Corporate governance - and beyond that governance by the state - has failed in the USA. That is a major lesson of the recent financial crisis. Of course, it has failed in other countries as well, as the UBS debacle attests. But the absence of adequate corporate governance in the US financial sector has certainly been shown. And the response is now being worked out between the US government and the banks right now. "This was allowed by the corporate governance practice of the 'Golden handshake'", he says.
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