"And yet for all their dedication, the examiners appeared to be working with a very narrow mandate.
As Mr. Corkery pointed out, examiners are 'not auditors.' Instead they serve more as government-paid consultants, helping banks identify portfolio risks and correct them. Even after the greatest banking crisis in generations, Mr. Corkery said he is 'not sure there have been any radical changes' in how he does his job.
Michael E. Collins, the Philadelphia Fed official in charge of supervision, acknowledged that the Fed system has to change, taking into account the health of the broader banking system, rather than a bank-by bank analysis."
Monday, March 15, 2010
Visit to Fed Shows Where Any Reform Should Start - WSJ.com: