My colleagues and I have formed a probono group and policy initiative with a goal to restore the rule of law to Wall Street and accelerate our work to “greatly reduce the risk and cost of future financial crisis.” Gary Aquirre, William Black, Michael Winston and I are the founding members of Bank Whistleblowers United. Each… [Read More]
We Need To Speak Up, Loud and Clear!
Over 450 educators were in my audience this last weekend when I addressed the members of the American Accounting Association Auditors Section, the largest community of accountants and auditors in academia, So what happened, I asked them? In the financial crisis, how was it possible that all of the large financial institutions that either failed or were bailed out… [Read More]
Really? A Badly Behaved Banker’s List?
There’s talk of a master list being created that would list Wall Street bankers who’ve run into ethical issues on the job. It could develop into a pretty long list. And then what next? Which other group would be targeted? Supposedly the purpose of this list would be to help companies avoid hiring the repeat… [Read More]
The Disappearing Derivatives … Mystery Solved?
With everything going on with Wall Street you may have missed a Reuters article by Charles Levinson that talked of hundreds of billions of dollars of trades by U.S. banks which went missing early last year. Has the mystery of these disappearing derivatives been solved? Well, maybe. It seems the trades had not really disappeared, they’d just… [Read More]
Bank of America Finally Gets a Clean “Stress” Test — After 3 Attempts!
Bank of America finally won approval from the Fed for its resubmitted stress test, which allows the bank to continue paying their shareholders a 5- cent a share quarterly dividend and to buy back its own stock. If the bank had not passed this resubmitted stress test, the Fed could have forced the bank to… [Read More]
The Large Bank Stranglehold is Tightened!
I continue to tell my audiences the large banks have a “stranglehold” on our country and that “The Dodd-Frank provisions attempting to place controls on the large banks have been systematically gutted …” As 2015 comes to a close all eyes in Washington D.C. are looking at a critical deadline which looms over Congress, our… [Read More]
The Fudge Factor Strikes Again!
It’s been quite a week for the Fudge Factor as Dr. Dan Ariely professor of psychology and behavioral economics at Duke University labels “stretching the truth.” From major companies to politicians, recent news stories have pointed out more than a few potential incidents that illustrate Dr. Ariely’s work in the book he authored, The Honest… [Read More]
Breaking News: The Congress Blog posts my op-ed
Every once in a while I ask myself if I’m making any headway in getting the attention of Congress’ Senate Banking Committee and House Financial Affairs Committee. You may recall, this last year when I appeared on Bloomberg, I asked for a Congressional investigation into the “Too Big to Fail” malfeasance. Even though I keep… [Read More]
You Get What You Expect…
This last week I had the privilege of speaking to the Investment Management Consultants Association (IMCA), an organization with over 10,500 members. Established in 1985, the Association offers the premier investment consulting and wealth management credentials and educational conferences, research and publications that are considered the best in class. The Association offers certification in 28… [Read More]
Billboards Urge Wall Street Employees to Report Financial Crimes with Whistleblow Wall Street Campaign
It looks as if Whistleblow Wall Street, the campaign about which I wrote last week and am involved with, is getting off the ground in a big way. Several newspapers and media outlets are reporting on the campaign, some more favorably than others. This Sunday’s New York Post, headlined its business section feature article,“Billboards urge… [Read More]
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