(title per ZeroHedge) When Neel Kashkari, a former Goldman Sachs banker who helped administer the U.S. Treasury Department’s bailout program during the 2008 financial crisis, was appointed as President of the Minneapolis Federal Reserve Bank, I commented on his intent to break up the big Wall Street banks as either too good to be true, or… [Read More]
Can Ethical Principles Become the New Norm?
Pick up a newspaper, read the headlines, turn on your TV set and the prevalent news relates to lying, cheating and stealing. Whether it regards our politicians, business professionals, or local leaders much of our daily input is negative. The trust we put in our elected officials, the media, bankers and business executives is at… [Read More]
Banking In the 21st Century: The Great American Ponzi Scheme at Wells Fargo (and all TBTF)
“You should resign, you should give back the money, and you should be criminally investigated.” a fiery Senator Elizabeth Warren told Wells Fargo’s chief executive, John G. Stumpf, during Senate hearings last month. (Watch in Times Video) In September, Wells Fargo reached a $185 million settlement with federal regulators and acknowledged that thousands of employees, under… [Read More]
The Bank Foxes are Guarding the SEC Chicken Coop!
In this last week’s World Finance, reporter Gretchen Cashen highlights Eric Ben-Artzi’s bold gesture in refusing a Whistleblower reward and why he did so, his experience at Deutsche, and the parallels with mine at Citigroup. Most importantly, it takes a hard look at one of the most egregious issues in government: that of the regulators, most specifically,… [Read More]
Deutsche Whistleblower Eric Ben-Artzi to SEC: Keep Your $8 million!
I know I did the right thing, Mr. Eric Ben-Artzi told several newspapers this last week (FT and Bloomberg). He writes, “I turned down a whistleblower award.” Former Deutsche Bank employee and whistleblower, Eric Ben-Artzi turned down a whistleblower award of $8.25 million. “I refuse to take my share,” he said. “Although I need the… [Read More]
Are Regulations Killing Our Economy?
The fourth of a six part series airing on the McCuistion Television Program, which has been focused on the 2008 financial crisis, “Have Dodd- Frank and Other Regulations Been Effective?” (watch it here), featured my Bank Whistleblowers United colleague, William K. Black. William, a white collar criminologist and former financial regulator as well as the author of The Best… [Read More]
What Really Caused the 2008 Financial Crisis?
In a recent post, I mentioned the McCuistion Television Program, six part series on the financial crisis that I and several of our Bank Whistleblowers United team, (Michael Winston, William Black and I), participated in. Michael and I, along with Rashad Abdel-Khalik, PhD: Professor of International Accounting at the University of Illinois and C.R. “Rusty” Cloutier: MidSouth… [Read More]
The Elephant in the Room – Why no TBTF Prosecutions?
The elephant in the room is still why there have been no criminal prosecutions of the banks, executives and Wall Street traders who were primarily responsible for the 2008 financial crisis. There has been no obvious answer, although our Department of Justice continues to dance around the question. In his most recent article, my friend… [Read More]
Philosophy for Bankers…? How About Just Classes in Honesty and Ethics?
Several articles came across my desk this week. I found one especially intriguing, as it fits my frame of reference. It is a post by Ms. Yves Smith, commenting on an article “Can Philosophy Stop Bankers From Stealing?” by Lynn Parramore, a senior research analyst at the Institute for New Economic Thinking. Smith argues that the title might… [Read More]
Chicken Little was right – “the sky IS falling”!
Remember Chicken Little and her warning, the sky is falling? I sometimes feel like a Chicken Little, with my repeated warnings that the sky is indeed falling and here’s another example. Just last week I posted about my fellow Bank Whistlebowers United colleague Michael Winston’s interview with Gretchen Morgenson on the New York Times Facebook venue. I’m still… [Read More]
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