New York Escalates Investigation Into Promontory Financial Group
By
Eugene A. Ludwig, chief executive of Promontory Financial Group Credit Luke Sharrett for The New York Times
When an executive at one of Wall Street’s top consulting firms testified before Congress two years ago, he stressed the importance of independence in reviewing bank misdeeds, declaring, “If we merely told our clients what they want to hear, we would lose credibility.”
A long-running New York State investigation into potential conflicts of interest at the firm, Promontory Financial Group, is now calling some of that credibility into question, according to lawyers briefed on the matter. And in an escalation of the investigation, state authorities recently subpoenaed several of the firm’s employees, including the executive who testified before Congress…
New York Escalates Investigation Into Promontory Financial Group
