AFP — Watchdog: ‘Toxic’ corporate culture remains unchanged five years after U.S. financial meltdown

Five years after the U.S. financial crisis forced the massive government TARP bailout, the U.S. corporate culture remains toxic and breeding crime, the watchdog for the bailout program said Tuesday.

More than 300 people in the banking, housing and securities industries are in the hands of the criminal system, whether it is a charge, a conviction or a sentencing, the Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) said in a quarterly report to Congress.

“The financial system has stabilized, but the toxic corporate culture that led up to the crisis and TARP has not sufficiently changed,” said Christy Romero, the special inspector general.

“At the core of the crisis was a pervasive culture at institutions of rampant risk-taking and greed combined with significant unchecked power,” she said.

The Raw Story
Watchdog: ‘Toxic’ corporate culture remains unchanged five years after U.S. financial meltdown
Agence France-Presse

Little accountability. Problem worse than previously due to more consolidation. Rampant cronyism. Recipe for disaster.