Banks must change the way employees are compensated and take other steps to fix a corporate culture that encourages misdeeds or face being broken up, said William C. Dudley, president of the Federal Reserve Bank of New York.
Timothy Geithner backed away from two of his more provocative assessments of the 2008 bailout of American International Group Inc., in a day of courtroom testimony marked by careful answers and a lack of recollection about the details of the financial rescue he helped oversee.
Wall Street’s top regulator is coming under new criticism for failing to adequately police the banks under its supervision, years after the financial crisis.
A former senior bank examiner for the Federal Reserve Bank of New York sued her ex-employer, claiming she was fired because she refused to change her findings that Goldman Sachs lacked a firmwide conflict-of-interest policy.
Aug. 17 (Bloomberg) -- Federal Reserve Bank of Philadelphia President Charles Plosser speaks about the central bank's policy and the U.S. economy.