By Stuart Gittleman
NEW YORK, Sept. 4 (Thomson Reuters Accelus) - An inadequate government and industry response to the financial crisis will require compliance professionals to do more to protect their firms, customers and colleagues, Jeff Connaughton, who said he saw firsthand how reform withered in Congress, has told Compliance Complete.
“Until law enforcement causes actual deterrence, compliance needs to understand what institutional and retail customers can – and can’t – stomach. And those customers need to get back to performing exacting due diligence. Until we have tough law enforcement again, institutional customers will have a greater impact on Wall Street behavior than federal prosecutors,” said Connaughton, a former investment banker, aide in President Bill Clinton’s administration, lobbyist and longtime political associate of Vice President Joe Biden. (more…)