The Phaserl


Is the Wall Street Journal Part of the Culture Problem on Wall Street?

by Pam Martens, Wall Street on Parade:

Yesterday, Emily Glazer and Christina Rexrode penned an article for the Wall Street Journal on the regulatory focus that is coming to bear on the culture in the biggest Wall Street banks. (We’d link to the story did it not have a paywall blocking the contents.)

Wall Street Journal Editor in Chief Gerard Baker gave the article a plug in his column yesterday with a jab – not at the banks but at the regulators: “The banking sector, already under fierce regulatory scrutiny since the financial crisis that has resulted in tens of billions of dollars in fines, faces a new and apparently even more arbitrary intervention from the regulators. Our story looks at how the issue of ‘culture’ is taking on added urgency as U.S. banks await feedback expected around March from the Fed’s annual ‘stress tests,’ which are supposed to ensure that firms will be able to deal with another financial crisis without government assistance…” (Italic emphasis added.)

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