Janet L. Yellen, in her last act as Chairman of the Board of Governors of the Federal Reserve System, imposed what are being described as unprecedented sanctions on Wells Fargo Bank for the bank’s ”widespread customer abuses” of the last several years. The Fed cited not only the millions of customer accounts Wells Fargo opened without authorization,… [Read More]
The Epic Story of Fannie and Freddie: Is There an End in Sight?
Congress has long debated replacing Fannie and Freddie, who were at ground zero of the 2008 crisis as federally charted privately owned companies. They’d been given directives by Congress to make housing affordable, which pretty much meant: fulfill the American dream by having a chicken in every pot, a car in every driveway and a… [Read More]
What if Arthur Andersen’s Auditors Had Spoken Up at Enron?
Can we influence human behavior for the better? I tend to think we can and we must. And so I am honored to be invited to talk at various events and conferences on ethics to professionals who are in the business of assuring their clients are doing the right thing. One such group recently was… [Read More]
Citigroup: The Poster Child of Bad Mortgages!
This past Sunday the PBS documentary produced by WNET, New York, about Sherry Hunt, one of my former chief underwriters (Sherry blew the whistle on Citigroup four years after I was thrown out for warning about their bad mortgages), and myself aired on KERA Channel 13, Dallas PBS. The documentary, entitled “The Whistleblower,” is the first episode in… [Read More]
The House the Revolving Door Built
Last week, U.S. Attorney General Jeff Sessions named Geoffrey S. Berman as interim U.S. Attorney for the Southern District of New York. Mr. Berman’s appointment was reportedly supported by President Trump’s son-in-law Jared Kushner. This high profile office is responsible for Wall Street enforcement and has traditionally been one of the most aggressive pursuers of… [Read More]
Tax Cuts: Will the Rich Get Richer?
So who will really benefit from the latest tax cuts and overseas repatriation? Will companies invest more in their employees and infrastructure so the middle class and society as a whole benefit or will the rich get richer and companies use the “tax gifts” to buy back more stock and engage in the financial engineering … [Read More]
Wall Street, The Fed and Ethics!
Ray Dalia, Founder of Bridgewater Associates said: ”You’re going to be wrong a fair amount of times; so the issue is, how do you be wrong well?” Reading about Randal Quarles, the Federal Reserve’s first-ever vice chair of supervision recusing himself from matters related to Wells Fargo, I asked myself that question, “how do you… [Read More]
With many good wishes for the season!
Warmest thoughts and best wishes for a wonderful holiday. One of the real joys of the holiday season is to say thank you and wish you the very best of health, prosperity, happiness and success for the new year.
Will Small Investment Advisory Firms Go the Way of Community Banks?
This last week I was honored to be invited back to speak to a conference of the Investments and Wealth Institute, a highly regarded professional association for financial advisors, investment consultants, and wealth managers who embrace excellence and ethics. As I was preparing, I noted the strong parallels between the breakdowns of ethics in banking,… [Read More]
THE SEC: Real whistleblower retaliations or sore employees?
It appears that at the Securities and Exchange Commission (SEC), the very people who are the watchdogs of whistleblowing, have been blowing the whistle on the whistleblowing czar, I.G. Carl Hoecker himself and his staff, according to an article in the Wall Street Journal. Two and perhaps more employees at the agency have filed complaints… [Read More]
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