Calomiris unveils ‘Sword of Damocles’ CoCo to hold over CEOs


The widespread introduction of a new breed of contingent capital bonds (CoCos) designed to pressure top bank executives to issue equity as soon as they incur losses rather than waiting for an eventual government bail-out would significantly bolster the stability of financial institutions, according to Charles Calomiris, the Henry Kaufman Professor of Financial Institutions at Columbia Business School.

Getting the future regulatory regime correct is viewed as critical to promote global financial

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