Bankster Bonus
A top Old National Bank executive bags $2.6 Million after his arrest for allegedly molesting a child
Old National Bank’s Chief Financial Officer Brendon Falconer was arrested in March for allegedly molesting a 7-year-old girl. Now he’s getting more than $2.6 million in a separation agreement.
The bank didn’t even mention Falconer’s alleged crimes in a Sept. 4 regulatory filing where it detailed Falconer’s parting compensation.
“Mr. Falconer’s separation from the Company was not related to any disagreement with respect to the Company’s financial reporting or condition, operations, policies or practices,” the filing said.
No, he merely violated a child in a community that the bank serves.
Old National is a regional bank with $53 billion in assets, headquartered in both Evansville, Ind., and Chicago. Like many large financial institutions, it boasts that it’s “comitted to high ethical standards” on its website.
“Our firm commitment to ethics and social responsibility drives our approach to business. We believe a commitment to ethical business and social responsibility strengthens not only our company, but also our communities.”
Authorities have charged its former CFO with with two felonies, alleging that he inappropriately touched a young girl several times over many years. In an affidavit, the victim alleged Falconer began fondling her when she was about 7 years old.
Falconer, 48, is innocent until proven guilty, and it’s not Old National’s fault that he’s accused of such crimes. But the bank didn’t wait for justice to run its course before cutting Falconer a fat check. And it is unapologetically attempting to move on from the debacle as quietly as possible.
It’s a lesson at least as old as the 2008 financial crisis: Bankers get their bonuses no matter what they do.
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- Al Lewis
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