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Good morning. I thank Fordham University’s College of Business Administration for inviting me to speak today. The topic of this event, “The Past, Present and Future of Ethics and Regulation in the Financial Services Industry,” is of significant importance as Congress and the Administration work to reform the financial regulatory system. Before I begin, I’d like to thank my 13-year-old daughter Isabel who is here with me today. I’m looking forward to taking your questions, because none of them can be as hard as hers.
The 2008 financial crisis left us with many lessons and many challenges to tackle. From addressing institutions that are too big to fail to reforming mortgage underwriting and sales practices, it is essential that the Federal Government take significant steps to prevent the next crisis. This morning, I will focus on the need for comprehensive reform of over-the-counter (OTC) derivative markets and, specifically, on the need to regulate the banks and other firms that deal in derivatives.
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