This article by Knut Rostad, president of the Institute for the Fiduciary Standard, was recently published in AdvisorOne. An excerpt is below, and the full article is at AdvisorOne.com
If the Dodd-Frank Act, passed two years ago, on July 21, 2010, was meant to send a jolt of increased responsibility through the financial services industry, recent developments suggest any success has been fleeting, and the basis for renewed confidence in Wall Street or its regulators hard to find. Take, for instance, the Facebook IPO fiasco and the JPMorgan ‘Big Whale’ trades, now estimated to cost the firm $6 billion, or The New York Times’ expose on JPMorgan’s successful campaign to sell high-priced proprietary products. The growing LIBOR debacle is the newest pimple on the industry and regulators.
