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#1479116 - 12/10/10 05:42 PM Wachovia Filed SARs
Retread Power Poster Joined: Oct 2003 Posts: 2,548 Southeast	Interesting article. http://www.thenation.com/article/156986/wachovia-whistleblower _________________________ Politicians are like diapers. They need to be changed often and for the same reason.
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#1479191 - 12/10/10 07:21 PM Re: Wachovia Filed SARs Retread
MyBrainHurts Platinum Poster Joined: Feb 2010 Posts: 960 Illinois	Great article. I think the lesson for senior management there is "listen to your BSA officer." _________________________ I thought getting old would take longer.
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#1479301 - 12/10/10 09:03 PM Re: Wachovia Filed SARs MyBrainHurts
Erl of Baltimore Platinum Poster Joined: Jun 2003 Posts: 553 Memorial Stadium	This whole article just cranks me how the persons responsible either got promoted or went on to better positions at other banks. What's that say about our industry? Another example of the "Peter Principle" in action? _________________________ Dear World: WE ARE BROKE! signed: The American Public So no more money for you...now most of you can hate us for free!
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#1479394 - 12/10/10 10:39 PM Re: Wachovia Filed SARs Erl of Baltimore
Lilly C 100 Club Joined: Dec 2004 Posts: 209 Sunny Florida	Good article. Always feel bad about the whistle blowers....
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#1479471 - 12/13/10 02:53 AM Re: Wachovia Filed SARs Lilly C
Princess Romeo Power Poster Joined: Jun 2001 Posts: 8,272 Where the heart is	Good article - but very depressing. _________________________ CRCM,CAMS Regulations are a poor substitute for ethics. Just sayin'
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#1479727 - 12/13/10 05:40 PM Re: Wachovia Filed SARs Princess Romeo
ACBbank Power Poster Joined: Jul 2006 Posts: 4,348 New York City	I'm not surprised in the least bit. To be honest, the names are different, but every significant CMP is the same. Management puts costs above compliance or turns a blind eye to what is actually going on due to said profits. This allows the bank to make millions/billions. CMP amounts to nothing considering the profits made. Management moves on to other lucrative jobs w/o any real issues. Circle of life. _________________________ "100 victories in 100 battles isnt the most skillful. Subduing the other's military w/o battle is the most skillful." Sun-Tzu
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#1479831 - 12/13/10 07:37 PM Re: Wachovia Filed SARs ACBbank
Princess Romeo Power Poster Joined: Jun 2001 Posts: 8,272 Where the heart is	Originally Posted By: ACBbank I'm not surprised in the least bit. To be honest, the names are different, but every significant CMP is the same. Management puts costs above compliance or turns a blind eye to what is actually going on due to said profits. This allows the bank to make millions/billions. CMP amounts to nothing considering the profits made. Management moves on to other lucrative jobs w/o any real issues. Circle of life. Don't forget that management will then fire the person that was assigned to the BSA Officer role and will then look for the next scape goat candidate for the job. _________________________ CRCM,CAMS Regulations are a poor substitute for ethics. Just sayin'
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#1479835 - 12/13/10 07:43 PM Re: Wachovia Filed SARs Princess Romeo
rlcarey 10K Club Joined: Jul 2001 Posts: 83,371 Galveston, TX	Actually, without the purchase of Wachovia by Wells (and Wells agreeing to immediately take care of this issue), I think we would have seen the BSA "death penalty" initiated against Wachovia and the fine and prosecution would have been more vehement. _________________________ The opinions expressed here should not be construed to be those of my employer: PPDocs.com
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#1479866 - 12/13/10 08:30 PM Re: Wachovia Filed SARs rlcarey
John Burnett 10K Club Joined: Oct 2000 Posts: 40,086 Cape Cod	What we did not see is any public enforcement action against the Wachovia insiders who encouraged and permitted the situation to exist. _________________________ John S. Burnett BankersOnline.com Fighting for Compliance since 1976 Bankers' Threads User #8
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