Now that the Securities and Exchange Commission and Department of Labor have confirmed the existence of consultant conflicts, consultants are intensifying their efforts to thwart independent investigations.
California Democrat George Miller, chair of the House Education and Labor Committee, says that even though conflicts of interest are pervasive in the industry, it wasn't his words particularly egregious that lenders would put active loan officials on the payroll.
More than 30 years ago the U.S. Department of Labor devised a mechanism for dealing with problematic conflicts of interest, governance and internal control issues within corporate pension plans.