Jane Fraser, who replaced Michael Corbat as CEO of Citigroup in March of 2021, follows a line of CEOs who have each tried unsuccessfully to change Citigroup’s culture and the resulting ongoing problems with risk compliance and internal controls.
Speaking at IIA Super Conference
It was my great honor to give the opening keynote address to the Dallas chapter of the Institute of Internal Auditors (IIA) Super Conference in Dallas, Texas. The IIA is the internal audit profession’s leader in standards, certification, education, research, and technical guidance, with chapters around the world. The Dallas conference was heavily focused on… [Read More]
Tenth Anniversary of Speaking to UTD Cohort Full-Time MBA Program
These talks create a great opportunity for me to help students understand ethical issues and importance while gaining insight into what future business leaders face in their current professional settings.
Speaking to a UT Dallas EMBA Class
It was an absolute pleasure to speak to the graduating class of the Executive MBA program at the University of Texas at Dallas recently.
Thanks to Whistleblowers, the State of Texas May Finally Get Rid of this Legal and Ethical Embarrassment
Paxton, who was first elected as Texas Attorney General in 2015, is the top law enforcement officer in Texas. He is responsible for over 4,000 employees and 117 offices around the state, and may finally see some accountability thanks to Texas Whistleblower Act.
Who follows the Sarbanes Oxley Act?
The Sarbanes Oxley Act (SOX), passed in 2002 after the failures of Enron and Worldcom, specifically addressed internal controls and oversight responsibilities for all publicly-traded companies, including banks. SOX mandates that management must establish and maintain “effective” internal controls and must publish a separate “Internal Controls Report” certifying the effectiveness of its internal controls and certifying that there is no fraud.
Resisting Corporate Corruption at the University of North Carolina
The class discussed the case about my experience at Citigroup “Write to Rubin? – Pressure on Underwriting Standards at Citigroup,” focusing on whether or not there were viable alternatives to my writing my email warning Robert Rubin (who was named Chairman of the Citigroup Board of Directors the following day) about the massive fraud I had discovered involving the underwriting and selling of mortgage loans.
UT Dallas Students Recognize Need for Ethical Behavior
students fully recognized the need for ethical behavior and decision-making and the absolute importance of maintaining their personal ethics in their careers. This recognition, truly, is the only way our country can reverse the continued ethical decline we have witnessed.
Reflections of a Whistleblower – The Boom and Bust Cycles
n the Q&A session at the conclusion of my talk, a student asked me about the possibility of another financial crisis, and I told the class that there was no doubt in my mind that our country would be going into another financial crisis, although I could not predict the timing or circumstances involved.
Little did I know at the time that the second and third largest bank failures in our country’s history would be announced that weekend!
What should you do before you report wrongdoing?
Unethical and illegal behavior in both our corporate and government arenas caused our last financial crisis and will, inevitably, cause future financial crises which will harm millions more. Our only hope to change the dangerous direction our country is taking is for individuals who witness illegal and unethical behavior to effectively report that behavior.
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