GRC News Roundup: Did “Better” Corporate Governance Actually Make Banks Riskier?
Important Monday morning links from the world of GRC, including a study that describes how “better” corporate governance may have actually made banks riskier.
Important Monday morning links from the world of GRC, including a study that describes how “better” corporate governance may have actually made banks riskier.
The results of the much anticipated Bank of America shareholder vote are in, and the verdict is that Ken Lewis is out as chairman. Lewis did, however, receive unanimous support from the board of directors to stay on as CEO — for now.
Daniel Bouton announced today that he is resigning as chairman of Societe Generale in the wake of reports that the bank could post losses of up to 10 billion euros. Bouton resigns at SocGen amidst losses and significant risk management failures.
In this week’s edition of Compliance News Headlines, we highlight the recent testimony of Harry Markopolos lambasting the SEC at the congressional hearings on the Madoff Scandal. Also, Barney Frank backs a regulator sistemic risk, the U.S. confirms high-voltage cable antitrust probe, the DOL Crackdown on federal contractors will continue in 2009, and deferred, nonprosecution deals fall by 60%.
There are many opposing viewpoints that are defining the debate over TARP fund distribution and use; and Rep. Barney Frank is at the center of a controversial distribution of funds to OneUnited, a bank based in his home state of Massachusetts.
The FDIC is now pushing more than 5,000 regulated banks to provide information on how they are using the bailout money they have received from the federal government.
