Award-winning French investigative journalist and documentary filmmaker, Benoît Bringer, and his cameraman, Mathias Denizo, recently spent an afternoon around my kitchen table where they interviewed me regarding my role as a Citigroup whistleblower. Benoît, or Ben as he prefers being called in the US, is based in Paris, France. He was part of the International Consortium of… [Read More]
Bank Reputations are Falling: Wonder Why?
In October 2010, a Gallup study revealed that Americans’ trust in banks had fallen to an all-time low of 18% — lower than its level at the height of the global financial collapse. In 2011, 86% of opinions shared on social media about U.S. (and European) banks were negative. That same year, Market Watch named Wells Fargo… [Read More]
Glass-Steagall: Come Back Before It’s Too Late. Again!
June 16th marked the 85th anniversary of the Banking Act of 1933, known as the Glass-Steagall Act, which separated commercial and investment banking. The Depression-era bank regulation kept different types of financial institutions separate. But collective memories have waned as to why it was put into law in 1933 in the first place and why… [Read More]
The DOJ report: Another Political Hot Potato?
The Justice Department’s report on the FBI’s handling of the Clinton email scandal and other actions in advance of the 2016 election is already a political hot potato. The report has President Trump supporters saying “Told ya so” and the general public questioning how the DOJ and the FBI runs its departments. And rightfully so…. [Read More]
The Cycles of Boom and Bust – Do Regulations Help or Hurt?
Last week I spoke about a working paper, published by the International Monetary Fund this past January, which provides empirical support for the idea that large-scale deregulation generates a financial crisis. Brilliantly prepared by Jihad Dagher, Regulatory Cycles, Revisiting the Political Economy of Financial Crisis, is a thorough, well documented exploration of boom and bust cycles worldwide… [Read More]
Which Is It? Big Banks Get a Break or Here Comes Another Recession?
For some time, many regulators have viewed the Volcker Rule (part of the Dodd-Frank law which was put in place after the 2008 financial crisis) as too complicated to enforce. Former Chairman of the Fed, Janet L. Yellen, and present Chairman, Jerome H. Powell, concur. The rule put in place to prevent banks from making… [Read More]
Crapo Spin: Too Big to Fail … Too Small to Succeed
Senator Mike Crapo (R-ID), Chairman of the Senate Banking Committee, spearheaded a major rollback of the 2010 Dodd-Frank Act: The Economic Growth, Regulatory Relief, and Consumer Protection Act. The Crapo Bill was a recent topic of hot debate which had passed in the Senate, has now passed unchanged in the House, and has morphed into the Bank Lobbyist… [Read More]
The 2018 Greater Dallas Business Ethics Award: More Than Expected!
The North Texas Ethics Association (NTEA) has honored more than 40 local companies with the Greater Dallas Business Ethics Award (GDBEA) since its beginning in 2000. As the website says of the award: “These companies exemplify how ethics can be consciously integrated throughout an entire business.” Indeed, past winners are our community’s luminaries. Two years… [Read More]
WLIW and WNET PBS Champion Playing By the Rules: Ethics At Work
Ethics is essentially doing the right thing regardless of other’s expectations. Doesn’t seem real complicated or difficult. You’d think that doing the right thing is something we would all instinctively do, yet given the magnitude of individuals and companies who so often do not “do the right thing,” teaching ethics, expecting ethical behaviors and applauding… [Read More]
The Fannie and Freddie Credit Merry-Go-Round
Remember the merry-go-round we rode when we were kids? You went round and round and tried to catch the prize, a brass ring. If you didn’t catch the brass ring – you wanted to get down but the merry-go-round kept going. Fannie and Freddie remind me of that merry-go-round as once again they appear to… [Read More]
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