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Fed’s Tarullo: Banking Scandals more than Just a Few Bad Apples

marketwatch.com | October 13, 2014

By Gregg Rob

WASHINGTON (MarketWatch)—The plethora of banking scandals cannot be written off as just the work of a few bad actors, Federal Reserve Governor Daniel Tarullo said Saturday.

In remarks to the Institute of International Finance, Tarullo said that the average U.S. citizen reading the newspaper would be understandably upset after reading stories about bank mortgage fraud, and more recent scandals involving efforts to manipulate the Libor reference rate and allegations of manipulation of foreign exchange rates.

“The problem at this juncture is that there are so many problems,” Tarullo said. The institute is meeting on the sidelines of the annual meeting of the International Monetary Fund.

“You can’t just be telling yourself that there are a few apples. There is something about the structure of incentives and expectations within firms that needs to be addressed,” Tarullo said. “I think a lot of boards, and management, know it needs to be addressed.”

Tarullo is the Fed’s point man on bank regulation.

In other remarks, Tarullo said it was premature to declare that the problem of too-big-to-fail banks has been solved, noting that cross-border complications remain.

As the Fed puts higher liquidity and capital standards on the biggest banks, Tarullo said the central bank will be watching closely to see if any activities move into the shadow banking sector.

“That is something we are all going to need to keep a watch on and make sure risk is not building up in other places in the system.”

 

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