The McCuistion program, which airs in Dallas/Fort Worth on PBS station KERA, recently re-aired its program, Ethics and Transparency as Antidotes to Financial Fraud. Host Dennis McCuistion asked the guests what ethics and the lack of transparency may have done to contribute to the 2008 financial crisis? One of his guests, Marianne Jennings, J.D.: Professor… [Read More]
It’s available! “Business Ethics Lessons Learned…A Citigroup Whistleblower’s Perspective” – Now At Amazon
The 2008 financial crisis, the worst in our history and the egregious fraud, greed and corruption which led to it, impacted not just the banking world but businesses and individuals worldwide. And, it could well have easily been prevented if best business practices had been followed. For the last two years, my team and I… [Read More]
They’re Back! Fannie and Freddie Ride Again
It looks as if Fannie Mae and Freddie Mac have not learned from their previous enabling of banks leading to the financial crisis. In fact, it looks as if the two are still using the same business model; they are lowering even further their underwriting standards to allow loans to be underwritten, ignoring student, credit… [Read More]
Is the Fed Really Interested In Protecting Consumers or Is It just Lip Service?
Eric Ben Artzi … is a former risk officer at Deutsche Bank. Mr. Ben-Artzi was one of three former Deutsche Bank employees turned whistleblowers who in 2010-2011 notified regulators of improper accounting at Deutsche. What was discovered resulted in a five-year investigation and a $55 million settlement between Deutsche Bank and the SEC. While Mr. Ben-Artzi was… [Read More]
Barclays Bank Gets Its Hands Slapped… and What Does That Change!!!??
Is getting its hands slapped a strong enough message? The latest in the bad bank sagas has the British bank, Barclays, red-faced. As it should. CEO Jes Staley has been reprimanded for attempting to discover the identity of an internal company whistleblower. Mr. Staley stated that he was trying to protect a colleague from what… [Read More]
The Saga of Wells Fargo – Are Banks Reaping What They Sow?
Wells Fargo is once again making national headlines for its less-than-ethical business practices. Recent headlines bowled me over: Wells Fargo being forced to reinstate employees – whistleblowers – who reported the ethics issues to their superiors, and pay their back pay! Their Board of Directors report decision laying the responsibility of the 2 million plus unauthorized bank and… [Read More]
Virtual Shareholder Meetings: Are They an Erosion of Transparency?
Technology has infiltrated every area of our lives in many positive ways making it easier to communicate and inform a wide range of people in many different ways. Some uses, however, may not have as positive an impact. One communication mode which is rapidly gaining followers is the use of “virtual” annual shareholder meetings which… [Read More]
Will the Real Preet Bharara Please Stand Up
Preet Bharara was one of 46 United States Attorneys appointed by President Barack Obama who was asked by the new administration to immediately resign. However, the request came as huge surprise to Mr. Bharara as it came just three months after he met with then president-elect Donald J. Trump, who had asked him to stay… [Read More]
Who’s Trying Now to Save Citigroup’s Soul?
The headline in last Saturday’s Wall Street Journal captured my immediate attention. “The Banker-Turned-Seminarian Trying to Save Citigroup’s Soul”… What?? Supposedly, Citigroup is taking a “new” approach to the cultural and other issues they have had for years and have hired Dr. David Miller, a Princeton University professor, theologian and former banker to be their… [Read More]
Will Wall Street Soon Be Asking: Where’s Our ROI?
There is no free lunch. Eventually, the chips are called in and someone has to pay. For too long, in the “triangulation war” of citizen versus Wall Street and the government, it’s been the American taxpayer who loses. Now the debt has increased even further. According to a recent report by Americans for Financial Reform… [Read More]
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