Fed Governor Daniel Tarullo (above, testifying last month during a hearing on Wall Street reform) and William C. Dudley, president of the New York Fed, pressed big banks to change their behavior or face tougher regulation and possible break-up. (Photo by Alex Wong/Getty Images)
Two top Federal Reserve officials Monday warned big banks to change their ways ... or else. Banks must change how employees are compensated and take other steps to fix a corporate culture that encourages misdeeds or face being broken up, said William C. Dudley, president of the Federal Reserve Bank of New York. Fed Governor Daniel Tarullo said banks may face stiffer rules unless they improve their bad behavior. Big banks were widely blamed for helping create the 2008 financial crisis. [Full Story]
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