I was asked why Citi wasn’t settling the complaints that had turned to Wall Street Discriminates, or suing over misconduct.
Simple: there is more than 1 lawsuit targeting any single executive under the spotlight at Citi.
Settling one weakens their position relative to the others.
It’s important to understand: the fact that these executives are still in post does NOT imply their innocence. It guarantees legal risk management is at play.
That also explains to you the difference between the law and ethics. Ethics is doing what is moral even when the thing in contention might not have risen to the bar of illegality. The grey area is where ethics live.
As I have been following the Cornell 7’s case this week, I share in the horror and absurdity of the standards we’ve all had to rub against over the years.
I hope common sense and truth prevail.
In the words of Cornell’s president:
“Being a part of a group can NEVER diminish individual responsibility for our own actions, for how we treat others or for speaking up when someone may be at risk.”
That is a message to those at Citi who have participated in coverup, favoritism, nepotism, bullying or discrimination even by being silent bystanders.