FINANCIAL TIMES: …“If banks do not take more effective steps to control the behaviour of those who work for them, there will be both increased pressure and propensity on the part of regulators and law enforcers to impose more requirements, constraints and punishments,” [Federal Reserve Governor Dan ]Tarullo said.
William Dudley, Federal Reserve Bank of New York president who gave a scathing speech last year criticising bank ethics, on Monday echoed many of Mr Tarullo’s comments. He added that if banks did not shape up, they may be broken up although he did not specify how that could be done.
“The inevitable conclusion will be reached that your firms are too big and complex to manage effectively,” Mr Dudley warned if banks did not improve their conduct… (more)
