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The lack of corrective acton that changes the leadership and culture at financial companies in the U.S. following the 2008 financial crisis. Where the action by enforcement agencies has required admitting wrongdoing as part of the settlement, the changes in leadership and culture have put the companies on a new path to renewal. Barclays under one of the respected names in British finance, David Walker, is a recent example.
Top Enforcer at the S.E.C. Steps Down
New York Times 02/10/2009
SEC's Top Cop Oversaw Deutsche CDOs
Wall Street Journal 04/24/2010
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