Fed links op risk and disclosure

WASHINGTON, DC - Two Federal Reserve speeches in May highlighted the links between corporate governance and risk management.

"Rules cannot substitute for character," said Alan Greenspan, chairman of the Fed, in remarks to a conference made via satellite. He began by describing the importance of reputation for US bankers in the 19th and early 20th centuries, including figures such as JP Morgan, adding, "It is hard to overstate the importance of reputation in a market economy."

Greenspan went on to say: "Transparency challenges market participants not only to provide information but also to place that information in

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