Financial Regulatory Forum

Barons of Wall St concede failures, defend pay

By Reuters Staff
January 13, 2010

By Kevin Drawbaugh

WASHINGTON, Jan 13 (Reuters) – Top executives of Wall Street’s biggest banks acknowledged broad failures as they testified to a U.S. commission looking into the financial crisis, while the White House said an industry apology was in order.

Bank of America’s Moynihan urges focus on “contagion risk,” not breakups

By Reuters Staff
January 13, 2010

CHARLOTTE, North Carolina, Jan 13 (Reuters) – Bank of America Corp Chief Executive Brian Moynihan said on Wednesday banking regulation needs to focus more closely on limiting “contagion risk” between financial firms, rather than breaking up the biggest U.S. banks.