Japan’s Finance Minister, Shoichi Nakagawa, gave a press conference at the G7 meeting in which he seemed, to put it mildly, bombed. He blamed cold medicine but admitted sipping some wine.
That’s unprofessional and embarrassing, and Nakagawa immediately did the right thing: He resigned. Which makes him one of the few leaders in the world of finance to voluntarily take responsibility for his actions.
Back in America, meanwhile, Bank of America Ken Lewis destroyed shareholders by buying Countrywide and Merrill Lynch. These were voluntary actions, not forced by market conditions, and they have put Bank of America on the edge of being nationalized. They were, in short, far more harmful to shareholders than showing up drunk at a press conference.
But Ken Lewis still has his job.
See Also: Ken Lewis Should Be Fired
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