William D. Cohan
New York Times, 23 June 2016
Wall Street’s efforts to overhaul its culture since the 2008 financial crisis that nearly bankrupted the world’s economy have not been a resounding success, despite calls by prominent regulators to stop rewarding bad behavior.
William C. Dudley, the president of the Federal Reserve Bank of New York and one of Wall Street’s most important overseers, has twice held closed-door sessions at the bank, located in downtown Manhattan, to urge top banking executives to overhaul the behavior inside their companies. His goal has been to get bankers to think about what they should do instead of what they can do and get away with.