Meanwhile, the Dodd-Frank approach does nothing to address the most obvious root causes of damage to the financial system--conflict of interest due to the issuer-pays model and staleness of ratings.
After all of the conflict-of-interest scandals in the financial world in recent years, our policy makers have decided it looks too much like hosts and guests are buddy-buddy insiders.
Conflict of interest ridden financial advisers, unethical money managers and brokerage schemes are commonplace, as are irrational and excessive fees.
FORBES: International Campaign to Eliminate Pension Consultant Abuses (November 2, 2004 )
Not unlike his billionaire Italian counterpart Silvio Berlusconi, many claim a conflict of interest between financial and political matters.
Not unlike his billionaire Italian counterpart Silvio Berlusconi, Thaksin's critics claim a conflict of interest between financial and political matters.
But that is not now the purpose of financial statements according to the IASB and so we have an obvious conflict of interest.
When you give advice and you have a financial stake in the outcome, a conflict of interest exists.
FORBES: Consequences of the Mutual Fund Industry's History of Transgressions (November 1, 2003 )
Cheney, who raised concerns that his financial stake in Halliburton may pose a conflict of interest if he wins the election, had exercised Halliburton stock options, according to a Securities and Exchange Commission filing.
And Mr Poortman argued that corruption acted as a catalyst for the global financial crisis - because ratings agencies had a conflict of interest and "turned a blind eye to high levels of risk", something he said was "a form of corruption".
When a financial adviser can recommend a proprietary fund to a client, a clear conflict of interest arises.
Again, there were widespread complaints that panel members had financial ties to drugmakers (see: " The FDA's Conflict Of Interest Problem").
One outrageous scenario, which has conflict of interest written all over it, is the mutual fund or financial services company that only offers its employees only its own mutual funds.
FORBES: 401(k)s: Far More Dangerous Than IRAs (March 2, 2001)
You'll have a shariah scholar who's on the shariah advisory board of a financial institution and on a shariah advisory board of one of their competitor's financial institutions, which in most walks of life, that would be considered a conflict of interest that you just wouldn't have.
Despite all the obvious, common-sense issues (incompetence, conflict of interest, past performance) Congress is turning a blind eye to this tawdry corner of the financial services industry.
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