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Feds Dudley: Deep Seated Cultural, Ethical Lapses at Many Financial Firms
Key Excerpts from Article on Website of Wall Street Journal blog
Posted: November 12th, 2013
http://blogs.wsj.com/economics/2013/11/07/feds-dudley-sees-d...
Federal Reserve Bank of New York President William Dudley said [that] any effort to reduce the threat to financial stability posed by massive financial firms also must include compelling banking executives to have more respect for the law and the broader impact on society of their actions. There is evidence of deep-seated cultural and ethical failures at many large financial institutions, Mr. Dudley said. Whether this is due to size and complexity, bad incentives or some other issues is difficult to judge, but it is another critical problem that needs to be addressed as regulators seek to deal with the problem of banks that are considered too big to fail, the official said. Mr. Dudley [added] that ending too big to fail and shifting the emphasis to longer-term sustainability will encourage the needed cultural shift necessary to restore public trust in the industry. His comments on banking issues come in the wake of last weeks decision by the Fed to stay the course on its $85-billion-a-month bond-buying program. Mr. Dudley has been a steadfast supporter of the aggressively easy-money policies pursued by the central bank.
Note: For more on the banking bailout, see the deeply revealing reports from reliable major media sources available here.
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