Skip to main content

N.Y. Fed President Would Like To Tag, Track Ethically-Challenged Bankers

Bill Dudley is done pussyfootin' around.
  • Author:
  • Updated:
By United States Treasury ( [Public domain], via Wikimedia Commons

By United States Treasury ( [Public domain], via Wikimedia Commons

Ever since Wells Fargo reminded us that banks are cesspools of duplicity, dishonesty and malign incentives, New York Fed chief Bill Dudley has been thinking about ways to deal with what are euphemistically called “cultural failings.” And he’s come up with some ideas.

First, banks need to stop plastering mission statements to toilet-stall doors and start paying people for not violating laws, rules, regulations and corporate codes of conduct.

Second, people like himself need to start asking questions, notably about how a firm’s compensation structure might encourage good, rather than profitably bad, behavior.

Third, he’d like Congress to issue him a tranquilizer gun and let him loose on Wall and Main streets to implant tracking devices in John Stumpf, Carrie Tolstedt, Wells Fargo’s other 5,300 bad apples, and anyone else doing anything wrong, so that he and his fellow supervisors can precisely track their exodus from Wells branches to branches of other banks.

Mr. Dudley has proposed a bad banker database that would track culture failings, an issue he calls the “rolling bad apples” problem. This issue needs legislative input from Congress to be taken up, in order to align it with laws protecting employee rights.

This all sounds suspiciously familiar. Maybe there’s been a place where similar “rolling bad apples” have been tracked?

Fed’s Dudley Urges Consideration of New Laws to Fix Bank Culture [WSJ]


Chaining them up in the tower on Maiden Lane was a non-starter. By Beyond My Ken (Own work) [GFDL or CC BY-SA 4.0-3.0-2.5-2.0-1.0], via Wikimedia Commons

Banking Culture Isn’t Going To Change So Why Bother Trying?

How do you regulate banks these days? How do you hold a moonbeam in your hand?

By United States Treasury ( [Public domain], via Wikimedia Commons

Bill Dudley: Mistakes Were Made, All Around

The New York Fed president engages in some serious self-criticism before unloading on Tim Sloan.


Community Bankers Would Like To Thank Wells Fargo For Making Their Lives Even More F@cking Difficult

The Independent Community Bankers of America are hoping Stumpf and Co. have a truly sh!tty weekend.


Goldman Sachs Still Figuring This Whole ‘Credit Card’ Thing Out

And the Consumer Financial Protection Bureau insists on helping.

See page for author [Public domain], via Wikimedia Commons

Regulators Unceremoniously Dump Volcker Rule Into Crude Ditch Next To Its Author

But not without delivering another, posthumous “F.U.” to the late former Fed chief.