Sunday, January 26, 2014

http://www.nytimes.com/2014/01/26/business/asking-banks-to-reveal-where-their-high-rollers-are.html?ref=business


Thomas P. DiNapoli, the state comptroller of New York, has been working to increase transparency and regulation in the financial sector. His plan is to require a 'company’s board to prepare a report disclosing whether Wells Fargo has identified employees who, by virtue of the size and riskiness of their portfolios, could expose the bank to material losses. It also asks the bank to disclose the number of such risk-takers, broken down by division. If it has decided not to enumerate these employees, the proposal asks the board to explain why.'  While many members of the S.E.C and the government are in favor of requiring more information Wells Fargo (the only bank approached thus far) has already made an argument against it. As the U.S economy continues to recover from the recession it will be interesting to see if we enter a more regulatory or deregulatory period. 

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