Federal Reserve Bank of New York president criticizes Wall Street culture

William C. Dudley says that banks’ misdeeds are a problem deeply rooted within Wall Street

William C. Dudley photo via Vimeo

Well sure, Wells Fargo and HSBC may have settled lawsuits for insurance overcharging. And maybe a Citigroup affiliate may have violated the Bank Secrecy Act through money laundering. Perhaps JPMorgan settled for $400 million with Syncora over mortgage-backed securities fraud, and it was not even close to their largest financial crisis settlement. And it may be true that these acts have all come within two weeks of one another.

However, does the recent rash of litigation on Wall Street mean that the whole system is broken? According to one prominent regulator, that indeed is the case.

Assistant Editor

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Zach Warren

Zach Warren is Assistant Editor of InsideCounsel magazine, where he oversees online content submissions and administers InsideCounsel's enewsletters. Zach specializes in new media and multimedia...

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