Morgan Stanley officials vowed this week to fix the technology systems for the company's brokerage sales force, while the Peregrine and MF Global debacles have industry leaders losing faith in the futures industry. Plus, JPMorgan's new chief investment officer hopes for a return to a sense of normalcy at the firm after its own debacle.
September 07, 2012
6. Technology Bugs
The tendency for financial institutions to become too big to fail, for financial innovations to outstrip our ability to control them, for politicians to issue government guarantees because the reckoning is beyond their term in office, and for regulators to look the other way when business is booming and no one is complaining, are just a few examples of 'bugs' that need to be fixed in the new version [of the financial system].
— Andrew Lo, Financial Times
