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This chapter traces how repeated waves of misconduct and crises, starting with Tulip Mania and the South Sea Bubble and ending with episodes like Archegos and FTX, spur the development and evolution of regulatory frameworks. The chapter reviews landmark statutes and institutions (e.g., Securities Acts of 1933/1934, Glass-Steagall/FDIC, Investment Advisers Act, Dodd-Frank Act, AML/KYC, Basel III, MiFID II) to illustrate how disclosure, governance, capital, and conduct rules are in place to maintain trust in the markets and overall market integrity. Cases, including the Bernie Madoff Ponzi scheme and the Wells Fargo account scandal, are used to show how weak controls, conflicted incentives, groupthink, and ethical fading amplify client and stakeholder harm. The chapter also describes the importance of whistleblower protections and the need for robust firm compliance supervision. The chapter concludes by presenting a forward-looking approach to practice that strengthens client relationships, mitigates systemic risks, and prepares the financial services profession for emerging regulatory and technical challenges.

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From Misconduct to Oversight: A History of Financial Wrongdoing and Regulation

  • 章节

  • 发表日期：

    2026年

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  • Wookjae Heo,
  • John E. Grable

摘要

This chapter traces how repeated waves of misconduct and crises, starting with Tulip Mania and the South Sea Bubble and ending with episodes like Archegos and FTX, spur the development and evolution of regulatory frameworks. The chapter reviews landmark statutes and institutions (e.g., Securities Acts of 1933/1934, Glass-Steagall/FDIC, Investment Advisers Act, Dodd-Frank Act, AML/KYC, Basel III, MiFID II) to illustrate how disclosure, governance, capital, and conduct rules are in place to maintain trust in the markets and overall market integrity. Cases, including the Bernie Madoff Ponzi scheme and the Wells Fargo account scandal, are used to show how weak controls, conflicted incentives, groupthink, and ethical fading amplify client and stakeholder harm. The chapter also describes the importance of whistleblower protections and the need for robust firm compliance supervision. The chapter concludes by presenting a forward-looking approach to practice that strengthens client relationships, mitigates systemic risks, and prepares the financial services profession for emerging regulatory and technical challenges.