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Thursday, August 1, 2013

Wall Street in Crisis: A Perfect Storm Looming

By Labaton Sucharow
US Financial Services Industries Survey
Published July 2013

Here is an excerpt from the Executive Summary:

To be sure, over the last decade, scandal and corruption have eroded public faith in the markets. We have witnessed the global economy in precipitous decline, leaving a casualty trail from seemingly impenetrable institutions like Lehman Brothers, to small businesses and everyday individuals who have lost jobs, homes and retirement savings.

We have hoped for, and worked toward, a better future.  Governments around the world have enacted aggressive reforms to ensure greater transparency and accountability. Corporate behemoths and financial institutions have taken a more judicious approach to risk management. Industry leaders have made promises to employees and the public at large–promises about ethics and responsibility. But the reality is, we now face a moment of unparalleled crisis; many of these promises have gone unfulfilled and if we don’t take swift collective action, the battle cry this can’t happen again will be nothing more than background music to the next, more potent economic tsunami.

The complete survey is here.
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