“We use virtually all our resources to pursue fires,” the
Securities and Exchange Commission’s enforcement chief, Linda
Thomsen, said in draft testimony obtained by Bloomberg for a
Senate Banking Committee hearing today. “Additional resources
would give us the capacity to pursue smoke before it becomes a
fire.”
It's a great line. It's even true, but it has always been true. The SEC is always at the scene, late, when the building is engulfed in flames.
Will more money make them faster? Maybe. I have always said that they were understaffed and overworked. But maybe they should work smarter, reallocate resources and stop wasting weeks of resources on 10,000 bookkeeping errors.
More to the point - as right as Ms. Thompson might be, that is not an excuse for missing Madoff. SEC examiners were on site. FINRA examiners were on site. Multiple times. They just missed the fraud.
It had nothing to do with resources.
Securities and Exchange Commission’s enforcement chief, Linda
Thomsen, said in draft testimony obtained by Bloomberg for a
Senate Banking Committee hearing today. “Additional resources
would give us the capacity to pursue smoke before it becomes a
fire.”
It's a great line. It's even true, but it has always been true. The SEC is always at the scene, late, when the building is engulfed in flames.
Will more money make them faster? Maybe. I have always said that they were understaffed and overworked. But maybe they should work smarter, reallocate resources and stop wasting weeks of resources on 10,000 bookkeeping errors.
More to the point - as right as Ms. Thompson might be, that is not an excuse for missing Madoff. SEC examiners were on site. FINRA examiners were on site. Multiple times. They just missed the fraud.
It had nothing to do with resources.
1 comments:
RBC Bank President Gordon Nixon - Salary $11.73 Million
$100,000 - MISTAKE (FISHERMEN'S LOAN)
I'm a commercial fisherman fighting the Royal Bank of Canada (RBC Bank) over a $100,000 loan mistake. I lost my home, fishing vessel and equipment. Help me fight this corporate bully by closing your RBC Bank account.
There was no monthly interest payment date or amount of interest payable per month on my loan agreement. Date of first installment payment (Principal + interest) is approximately 1 year from the signing of my contract.
Demand loan agreements signed by other fishermen around the same time disclosed monthly interest payment dates and interest amounts payable per month.The lending policy for fishermen did change at RBC from one payment (principal + interest) per year for fishing loans to principal paid yearly with interest paid monthly. This lending practice was in place when I approached RBC.
Only problem is the loans officer was a replacement who wasn't familiar with these type of loans. She never informed me verbally or in writing about this new criteria.
Phone or e-mail:
RBC President, Gordon Nixon, Toronto (416)974-6415
RBC Vice President, Sales, Anne Lockie, Toronto (416)974-6821
RBC President, Atlantic Provinces, Greg Grice (902)421-8112 mail to:greg.grice@rbc.com
RBC Manager, Cape Breton/Eastern Nova Scotia, Jerry Rankin (902)567-8600
RBC Vice President, Atlantic Provinces, Brian Conway (902)491-4302 mail to:brian.conway@rbc.com
RBC Vice President, Halifax Region, Tammy Holland (902)421-8112 mail to:tammy.holland@rbc.com
RBC Senior Manager, Media & Public Relations, Beja Rodeck (416)974-5506 mail to:beja.rodeck@rbc.com
RBC Ombudsman, Wendy Knight, Toronto, Ontario 1-800-769-2542 mail to:ombudsman@rbc.com
Ombudsman for Banking Services & Investments, JoAnne Olafson, Toronto, 1-888-451-4519 mail to:ombudsman@obsi.ca
http://www.pfraser.blogspot.com
http://www.corporatebully.ca
http://www.youtube.com/CORPORATEBULLY
http://www.p2pnet.net/story/17877
"Fighting the Royal Bank of Canada (RBC Bank) one customer at a time"
Post a Comment