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Tag Archive for ‘Financial Crisis’
To Create a CSR Culture, You Have to Start with Wall Street
Columnist Ann Charles says that in order to successfully integrate Corporate Social Responsibility into business, there’s a need to start changing the culture of Wall Street, and that change has to come from within. She shines a spotlight on some individual leaders who are working to change the rules of the game in the financial sector.
A Test Where the Banks Had the Questions and Answers
Later this month, the U.S. Federal Reserve is going to let banks know how they did on its most recent round of “stress tests,” a follow-up to the tests the Fed conducted in the wake of the financial crisis. But reporter Jesse Eisinger says something seems different this time around. It’s almost as if the banks knew their results, even before the testing was complete.
Video: Companies Can’t Be Parasites Anymore
Stephen Miles, vice chairman of Heidrick & Struggles, the executive search firm, tells Big Think that the global financial crisis and the advent of the Internet age have transformed the relationship between business and stakeholders.
In Postcrisis Report, a Weak Light on Complex Transactions
Reporter Jesse Eisinger credits the Financial Crisis Inquiry Commission’s just released report for being full of fascinating information and detail. Its biggest failing, he suggests, “is its timidity in engaging the most important question looming over the crash: What did Wall Street know and when did it know it?”
Goldman’s Self-Help: Eat, Pay, Trade
Reporter Jesse Eisinger suggests that Goldman Sachs’ announcement last week of a plan to increase transparency and disclosure does not resolve some big questions about the investment banks’ role in financial markets. “Could there be an argument that Goldman should break up into three smaller, more focused companies?” he asks. “It would be better for the financial system, and just might lead to the self-improvement that Goldman is searching for.”
Goldman Sachs Unveils Plan to Increase Disclosure
The investment banking giant, seeking to repair damage to its reputation suffered in the aftermath of the global financial crisis, said its management and board had adopted and begun implementing 39 new policies and practices that represent a “fundamental re-commitment” by the firm to “reputational excellence” and increased transparency and disclosure.
Countrywide: How Artificial Reality Trumped Leadership
In a post-mortem on mortgage lender Countrywide Financial and its former CEO, Angelo Mozilo, columnist Gael O’Brien explains how personal baggage and ego unchecked can drive unintended outcomes – sometimes persuading a leader to turn a deaf ear to criticism and information that’s needed to get back on course.
NYSE Panel Says Corporate Governance System Works Well, Challenges Proxy Advisory Groups
A New York Stock Exchange commission concluded that “failures of corporate governance were not the sole reason for the financial crisis of 2008″ and that most public companies “are well governed, with hard-working and ethical boards and shareholders.” The panel also called for new standards for proxy advisory firms.
Goldman Sachs to Pay $550 Million Penalty to Settle Charges
Investment banking firm Goldman Sachs will pay a record $550 million penalty and reform a number of its business practices to settle SEC charges that it misled investors in a subprime mortgage product just as the U.S. housing market was starting to collapse. The settlement came on the same day that the U.S. Senate approved a sweeping financial reform bill that promises profound changes in the way Goldman and other investment banks do business.
Senate Bill Changes Rules for Boards, Executive Pay
The bill, which passed the Senate by a vote of 59-39, requires directors to win by majority vote in uncontested elections, gives the SEC authority to grant shareholders proxy access to nominate directors and gives shareholders the right to a nonbinding vote on executive pay. The measure must be reconciled with a House bill.
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