In conclusion, if those of you here today as stewards of these large financial institutions do not do your part in pushing forcefully for change across the industry, then bad behavior will undoubtedly persist. If that were to occur, the inevitable conclusion will be reached that your firms are too big and complex to manage effectively. In that case, financial stability concerns would dictate that your firms need to be dramatically downsized and simplified so they can be managed effectively. It is up to you to address this cultural and ethical challenge. The consequences of inaction seem obvious to me-they are both fully appropriate and unattractive-compared to the alternative of improving the culture at the large financial firms and the behavior that stems from it. So lets get on with it. Long past time IMHO.
Posted on: Thu, 23 Oct 2014 14:31:55 +0000
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