A recent Washington Post article title recently caught my eye: Five Myths About White Collar Crime. As I read the article, all I could think of was that this is a fairy tale by Grimm. Surely no one would believe such dribble! Then I realized yes they would, they have and they will continue to do so unless… [Read More]
How Do You Fix SEC Broken Windows? The answer is – you can’t!
The Securities and Exchange Commission (SEC) has recently announced it is discontinuing their enforcement program requiring admissions of wrongdoing and the prosecutorial approach they were supposedly taking after the 2008 financial crisis. Steven Peikin, co-director of the SEC’s enforcement division, said the SEC would drop the “broken windows” strategy of pursuing many cases over even… [Read More]
Consumers are Mad as Hell – The Big Banks Have Won Again!
Well so much for the CFPB and their attempt to protect the consumer. They’ve been shot down! The Senate has voted “to strike down a sweeping new rule that would have allowed millions of Americans to band together in class-action lawsuits against financial institutions.” The “vote is a giant setback for every consumer in this country,”… [Read More]
Busting the Financial Regulations Myth! Anat Admati’s Take
The caption of the photo of a founding father facing the New York Stock Exchange caught and held me. It stated, “It takes a willful blindness to liken financial crises to natural disasters.” I was hooked. Wall Street, our government and politicians have repeatedly, willfully and wrongfully branded the 2008 financial crisis a natural disaster,… [Read More]
Ethics: The Road to Profits
A firm’s culture can predict how much market value that firm will create for stakeholders. Researchers have found that companies with ethical cultures significantly outperform other companies in stock value. In fact, researchers have shown that a firm’s culture is the strongest predictor of how much market value that firm will create for shareholders’ investments. A… [Read More]
Do We Have Government by Goldman?
As a headline of an article by The Intercept suggests? A funny thing happened on the road to the White House. A President who had railed against Goldman Sachs and other TBTF and proclaimed, “For too long, a small group in our nation’s capital has reaped the rewards of government while the people have borne… [Read More]
Preparing Students for an Ethical Future – University of Nebraska Gets it Right
From SEACEN in Malaysia to The University of Nebraska (UN) in the space of two weeks. Continents apart, yet a similar message…business ethics pay off! From central bank executives to business students, my message to each emphasized the importance of doing the right thing and the key essentials individuals and businesses must follow to ensure… [Read More]
What an Honor to Present to SEACEN in Kuala Lumpur!
I recently spoke in Kuala Lumpur, Malaysia at a high-level conference on financial stability and supervision attended by top executives from the central banks of nineteen countries. The conference was sponsored by The South East Asian Central Banks (SEACEN) Research and Training Centre, based in Kuala Lumpur. SEACEN was established as a legal entity in… [Read More]
Wells Fargo: The Poster Child of Greed & Fraud
Wells Fargo has now become a never ending story of greed and fraud as the charges against them continue and even more charges come to light. It now looks as if they have uncovered an additional 1.4 million fake bank and credit card accounts for a total of up to 3.5 million accounts from their… [Read More]
Is The Press Deliberately Lying? And, If So, Why?
In the last couple of weeks, I’ve been featured/quoted in several publications, Wall Street on Parade, the NY Times Dealbook and the New York Post, as have several other whistleblowers, Eric Ben-Artzi, Alayne Fleishmann and Gary Aguirre, among others. In sifting through these articles and others, I am seeing a pattern develop which deeply troubles me… [Read More]
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