Trust Digest 28 (November 11, 2013)

Bernanke: Regulators Have Taken Steps to Limit Excessive Risk Taking

Regulators have taken a number of steps since the 2008 crisis to ensure that the government-led rescue of the financial system doesn’t encourage further irresponsible risk-taking, Federal Reserve Chairman Ben Bernanke said Friday.

Key Words: Federal Reserve, Regulators

Trust Issues: Accountability, Competence, Regulation

How to Get On The Great Places To Work List

The Great Places To Work list is just one of the opportunities that organisations have to benchmark themselves against other employers. Workplaces which enter are assessed against their scores on a ‘trust index’ – based on employee survey responses – plus a ‘cultural audit’ of information submitted by the company itself. Levels of trust – which drive engagement and pride among the workforce – are a central tenet to organisations ranking high up on the annual list. Trust in managers, colleagues and senior leaders are all crucial to creating sustainable engagement, says Charles Fair, the head of consulting at Great Places To Work.

Key Words: Trust, Great Places To Work

Trust Issues: Communication, Competence, Integrity, Benevolent Concern, Reputation


The Butterfly Effect: Charities are Irritating but Often Help Companies do the Right Thing

“WE NOW understand it’s about corporate partnerships…That’s the model…and it’s killing us.” Thus did Naomi (“No Logo”) Klein, self-proclaimed champion of the anti-capitalist Occupy movement, recently castigate carbon markets, green incentives and the close ties between companies and charities that have sprung up to support them.

Key Words: Charities, Corporate Partnerships

Trust Issues: Responsibility, Ethics, Benevolent Concern, Motives

Violent Bangladesh Garment Pay Clash Shuts Over 100 Factories

Bangladeshi police fired water cannon and rubber bullets on Monday to break up a protest by garment workers demanding a higher minimum wage, forcing the closure of more than 100 factories.

Key Words: Bangladesh, Garment industry

Trust Issues: Reputation, Stakeholders

Wall Street Bonuses to Rise 5 to 10 Percent This Year: Consultant

Wall Street's biggest risk takers - its bond traders - will probably see their bonuses drop this year, while people in safer roles, such as money managers, will likely get a boost, according to a forecast by compensation consulting firm Johnson Associates. Overall, it said, individual Wall Street bonuses may rise 5 to 10 percent, on average, compared with last year, as the industry continues its halting recovery from the 2007-2009 financial crisis.

Key Words: Bonuses, Wall Street

Trust Issues: Accountability, Competence, Motives, Stakeholders


Senators Urge end to U.S. Corporate Stock-Option Tax Break

Two senior U.S. senators on Wednesday called for an end to a stock option-related tax break that lets companies avoid paying billions of dollars in taxes. Democrat Carl Levin and Republican John McCain, who head the Senate Permanent Subcommittee on Investigations, called the tax break an unfair loophole and said that killing it would raise $23 billion over 10 years in federal revenue.

Key Words: Regulation, Corporate Tax

Trust Issues: Regulation


Fed's Dudley: Sees 'Deep Seated' Cultural, Ethical Lapses at Many Financial Firms

Federal Reserve Bank of New York President William Dudley said Thursday any effort to reduce the threat to financial stability posed by massive financial firms also must include compelling banking executives to have more respect for the law and the broader impact on society of their actions.

Key Words: Federal Reserve, Culture, Ethics, Finance

Trust Issues: Responsibility, Accountability, Integrity, Ethics, Benevolent Concern, Honesty


Mistrust the Trusts

ONLY a fool holds dirty money in his own name. The world’s financial system offers safer and friendlier ways to hide the proceeds of crime. Shell companiesundefinedthose with no real operationsundefinedare one, phoney trusts and foundations are another

Key Words: Trust, Limited-Liability, Trust and Foundations

Trust Issues: Ethics, Transparency, Regulation


Worry Over Inequality Occupies Wall Street

Even if they have found the widening gulf between America's haves and have-nots troubling, inequality isn't something fund managers have worried about professionally… though, some big investors have worried increasing income and wealth gaps threaten the economy's ability to expand.

Key Words: Trust, Income Inequality

Trust Issues: Accountability, Responsibility, Reputation


The World in Crisis: Insights from Six Shadow Financial Regulatory Committees From Around the World

A free ebook from The Wharton Financial Institutions Center, at the Wharton School of the University of Pennsylvania. The financial crisis of 2007-09 cost taxpayers in the United States and Europe the equivalent of some 25 percent of world GDP in guarantees and subsidies to maintain financial stability. This on-line book brings together, in separate chapters, the thoughts and analyses of members of six Shadow Financial Regulatory Committees, independent bodies of experts, from different countries or regions of the world (Asia, Europe, Japan, Latin America, Oceania, and the United States) on how the crisis evolved in each of their countries or region, on lessons learned from the crises and from reform measures adopted or not adopted in their own areas to date and to propose ways in which cross-country coordination of financial regulatory policies may help prevent future crises, or at least minimize their severity.

Key Words: Financial Crisis, Regulators

Trust Issues: Responsibility, Accountability, Regulation

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