Accounting Faculty Member Earns Awards
for His Financial Crisis Courage

Richard Bowen
Richard Bowen had the courage to take a stand against his former employer, risk his career and face the repercussions, all of which have earned the JSOM accounting faculty member the CPA of the Year Award from the Dallas CPA Society and a nomination for a D CEO Financial Executives Award.

A Dallas-based business magazine, D CEO will join forces with the Dallas CPA Society, Financial Executives International and the Association of Corporate Growth in its annual recognition event on April 18 to honor top achievers among area financial officers. Mr. Bowen is a finalist in the Outstanding Public Service category.

The nomination, the CPA award and other accolades are coming Mr. Bowen’s way on the heels of a 60 Minutes news segment. The segment, “Prosecuting Wall Street,” focused on his experiences during the run-up to the nation’s credit crisis and examined why large banks have not been prosecuted under the Sarbanes-Oxley Act.

A former vice president at Citigroup, Mr. Bowen began in June 2006 to warn the bank’s senior management and directors about the increasing levels of defective mortgages he was seeing. He eventually testified in a closed-door hearing of the congressional Financial Crisis Inquiry Commission in February 2010 about the risky home-loan agreements that helped spawn the financial crisis.

In a UT Dallas Andrew R. Cecil Lecture February 6, Mr. Bowen said the commission members “insisted to me that they were very interested” in learning more, and he was invited to testify in a nationally televised hearing in April 2010. He did, but not before, he said, the commission directed him to delete his most serious charge, that Citigroup managers knew but never warned company stakeholders who had invested in funds backed by the risky transactions.

Interest in Mr. Bowen’s story has led to several speaking engagements and interviews. On March 23, the Government Accountability Project’s American Whistleblower Tour stopped at Seattle University, and Mr. Bowen was a featured speaker. He also was featured in the April issue of Workforce Management, a national publication targeted to human resources professionals.