Attestation Update – A&A for CPAs

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Warning to bankers that too-big-to-manage might mean too-big-to-exist

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Federal Reserve officials gave too-big-to-fail bank leaders a warning at a private lunch that they need to improve the risk management and ethical behavior inside the banks. The alternative put on the table is a suggestion that if they are too large to manage then they may need to be broken up into smaller banks that can be managed.

Wall Street Journal reports: Fed to Banks: Shape Up or Risk Breakup.

Check out these comments attributed to the President of the New York Fed, who

…reiterated his view that Wall Street is plagued by cultural problems even after the excessive risk-taking that contributed to the financial crisis, and the slew of regulatory changes that followed. “I reject the narrative that the current state of affairs is simply the result of actions of isolated rogue traders or a few bad actors within these firms,” he said.

Sounds to me like a very clear warning.

Written by Jim Ulvog

October 21, 2014, 13:15 pm at 1:15 pm

Posted in Other stuff

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