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January 27, 2014

Asking Banks to Reveal Where Their High Rollers Are

“For investors who held stakes in large and complex financial institutions in 2008, the perils lurking inside these behemoths came as a costly shock.

“Chief among those perils was the possibility that a bank could lose billions on trades executed by employees who were driven, at least in part, by the promise of fatter bonuses.

“Yet, even now, shareholders remain in the dark about where the risk-takers are at these institutions and whether their pay packages encourage them to swing dangerously for the fences.

“The New York State Common Retirement Fund, the $161 billion pension overseen by Thomas P. DiNapoli, the state comptroller, is trying to do something about this.

“The comptroller has put together a proposal intended to fix this disclosure flaw, and he hopes that the plan will be put to a vote at Wells Fargo’s annual shareholder meeting later this year.”

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Read full NY Times article here

 
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