Political Quotes

“today, I am introducing the Corporate Management Accountability Act, which request each publicly traded company to disclose its policies on whether senior executives or shareholders bear the costs of paying the company's fines and penalties. In 2014, the President of the Federal Reserve Bank of New York, William Dudley, gave a speech on Enhancing Financial Stability by Improving Culture in the Financial Services Industry. In this speech, President Dudley said, ``in recent years, there have been ongoing occurrences of serious professional misbehavior, ethical lapses and compliance failures at financial institutions. This has resulted in a long list of large fines and penalties, and, to a lesser degree than I would have desired employee dismissals and punishment. . . . The pattern of bad behavior did not end with the financial crisis, but continued despite the considerable public sector intervention that was necessary to stabilize the financial system. As a consequence, the financial industry has largely lost the public trust.'' Since 2008, ``banks globally have paid $321 billion in fines . . .…”