Looks as if the new U.S. Attorney General, Loretta Lynch, is taking over the so called pursuing of bank settlements along the same lines her predecessor Eric Holder did. Let’s hope that this time around the banks are held accountable and investors are finally compensated. The settlements relate to securities backed by residential mortgages that plunged… [Read More]
What Would You Do?
The room filled with almost 300 bankers plus was very quiet. The 60 Minute interview with Steve Kroft, which told about what I had experienced at Citi, had just finished playing. There was a collective sigh when the clip stopped and I asked, “What would you do?,” if you had experienced widespread fraud, corruption and… [Read More]
If you ain’t cheating…
“If you ain’t cheating, you ain’t trying,”’ says a Barclay Bank trader! This last week a consortium of the six biggest national and international banks were fined $5.6 billion for manipulating global currency and interest rates, going back to 2007. The six banks were Bank of America, Barclays, Citigroup, JP Morgan Chase, Royal Bank of Scotland and UBS. All… [Read More]
Were Bank Settlements Really Payments of Extortion to the Department of Justice??
Congratulations are in order to the Federal Housing Finance Agency, which has managed to bring a case to trial against Nomura Holdings and the Royal Bank of Scotland, two foreign banks with little U.S. reputational risk. This relatively obscure agency oversees Fannie Mae and Freddie Mac. Considering they have nowhere near the power of our federal regulators and prosecutors at our… [Read More]
Bernie Sanders Knocks Wall Street’s Casino-Style Gambling Tactics
Senator Elizabeth Warren applauds Bernie Sanders’ presidential bid, and says, “I think that Bernie Sanders is going to play out a vision for America and that it is important for people to hear what he has to say.” Progressive Democrats have been urging Senator Warren to make a bid for the presidency as well. However,… [Read More]
The SEC Bites Like a Flea!
According to Gary Aguirre, the SEC Whistleblower, “when you’re talking to people and asking them to change their culture, you might as well be talking to a piece of granite and asking it to transform itself into a piece of sculpture.” Aguirre spoke recently at the Institute for Excellence in Corporate Governance at the University of Texas… [Read More]
Ethical Behavior Pays Off
The 2012 Great Place to Work® Institute report claims the stock price growth of the 100 firms with the most ethical cultures outperformed stock market and peer measures by almost 300 percent. Thus, researchers have shown that a firm’s culture is the strongest predictor of how much market value that firm will create for shareholders’… [Read More]
Unfinished Business and Financial Reforms with Elizabeth Warren
In a presentation Elizabeth Warren gave at the Levy Institute’s 24th annual Hyman P. Minsky Conference, she asked: what are we to make of Dodd-Frank five years later? She asked us to go back to the Wall Street crash of 1929 and how the government responded to it. In response to the crash, our policy… [Read More]
Engaging Leaders in Responsible Management
“Engaging Leaders in Responsible Management” was the topic for my presentation Wednesday to several hundred business execs and entrepreneurs at Success North Dallas, a high powered networking group run by entrepreneur Bill Wallace. As you know, it’s a topic I’m impassioned about. I truly believe the lack of responsible leadership, lack of ethics, and the… [Read More]
Snowden Documentarian Academy Award Winner Glenn Greenwald Wonders Why We Put Whistle Blowers in Jail!
Glenn Greenwald, journalist, lawyer, academy award winner and author of No Place To Hide, spoke recently at a National Center for Policy Analysis luncheon I attended. His book chronicles the trip he made to Hong Kong in May of 2013 to meet with an anonymous source who claimed he had evidence of massive government spying. The… [Read More]
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