Tom Braithwaite reports in the FT that it is no longer unheard of for top bank executives to sell shares of the institutions they manage—shares they presumably received to improve incentives. To the contrary. Some executives even sold at surprisingly low prices:
Some have done so beneath “book value”, a measure of how much of a company would be left for shareholders if it were liquidated. Companies trading at this level are either undervalued by the market or overstating the value of their assets.