When A Banker, or Physician, Makes A Mistake

When a physician makes a mistake, whether it results in physical or economic injury to a patient, a lawsuit may be initiated (coupled with a complaint to the State Medical Board), the physician's malpractice insurer will assign defense attorneys and perhaps start its own investigation of the physician, the physician's hospital medical staff appoints an investigative committee which may result in disciplinary charges being filed and if upheld by a peer review committee and the hospital board of directors, in loss or limitation of medical staff membership. The state Medical Board may take disciplinary action, resulting in limitation or revocation of the physician's license to practice in that state. Other states in which the physician is licensed will pile on, adding similar discipline. If the physician loses the professional negligence lawsuit, he or she may face personal responsibility for losses above the policy limits. All of this is reported to the State government, which shares information with the Federal government, and the physician may lose her Medicare and Medicaid provider status. HMOs will dismiss the physician from their rosters. PPOs will remove the physician from their lists of participating physicians. Medical Societies will discipline the physician. The physician's life is ruined, often (as a Harvard study showed) because of a moment of inattention.

If a banker's deliberate and gross negligence costs shareholders, clients, the public or others their life savings, he or she may get to share in a two billion dollar year-end bonus. And if not that, at least in a federal bailout.

Is something wrong?