One reason why regulators fail to get banks to take the bad behaviour of individuals seriously is a lack of clarity on how to answer three questions central to the issue of liability for corporate wrongdoing: Who is liable? Why are they liable? And what are they liable for? It is these questions that are the point of departure for this chapter. Although I am interested in determining the best legal and regulatory approaches to assessing and enforcing liability for corporate wrongdoing, the justification for such measures is to be found in an assessment of moral liability—that is, an assessment of who is liable for what consequences based on moral, as opposed to legal, argument.