The lesson of OTS is not that we necessarily need more regulators, because clearly regulators can suffer the same flaws as banks--selfishness, shortsightedness, ineffectiveness.
Well, I would have no doubt that OTS has a system today, especially in light of the hearings that have been held.
In both of your assessments, as you looked at this and you look at OTS--and this is a huge example of regulatory failure...
OTS relied largely on WaMu management to track progress in correcting examiner-identified weaknesses
So there was no secondary follow-up by OTS to changes that were requested by OTS.
Where was the Congress in looking at OTS? What was the last time Congress did an oversight hearing on the effectiveness ...
But the data that we showed showed that the people on the ground, the ones that are actually doing the auditing, actuall...
Well, your company is gone, and for us to get to the bottom of this, we need to know every detail.
Many banks try to isolate the risk managers from sales pressures. But at WaMu, the first performance goal for the Home L...
Were you ever concerned that heavy emphasis on sales with no oversight risk management was problematic?
Make no mistake, the collapse of this institution is a very big deal.