The bank hacking would be too easy a target. So I looked further, and found one on the host of this weekend’s golf tournament, with an $8million purse.
“Deutsche Bank Fined Over Reporting,” Wall Street Journal, August 29, 2014 C8 Nearly $8 million in fines for reversing “buys” and “sells” since 2007 for nearly 30 million contracts in reports to the regulators. A systemic error in their information collection and reporting process. At least they got the profit and loss right. We think.
If a bank can get this many transactions wrong, what confidence do you have that the rest of their reporting is reliable, accurate, and complete? Glad I didn’t sign off on the financials. Whose head is going to roll? The CFO? The Board?
But the tournament goes on. The shareholders must be so proud.