To say that Citibank has had more than its share of problems would be an understatement. In May, for instance, the bank agreed on a 2.65 billion settlement with investors who bought stock and bonds in WorldCom before it filed for bankruptcy. Later that month, the Federal Reserve fined the bank 70 million for abuses in personal and mortgage loans to low-income and high-risk borrowers. In June, Citigroup suspended two executives in China, citing them for presenting false financial information to Chinese regulators and to the bank itself. In August, British regulators began an investigation of a 13.5 billion bond trade that was executed by Citigroup. Then, in September, Japan ordered Citigroup to close its private banking unit there for, among other things, failing to guard against money laundering. That was apparently the last straw for CEO Charles Prince. After a very public apology to the Japanese people, Prince set about on a daunting task -- changing the corporate culture of the financial giant. Is it possible Yes, ... But it's not probable. There's very little meaningful change that can go on in an organization because of past investments, taken-for-granted assumptions, vested interests in the status quo, inertia and other deeply rooted factors.
Quotes about regulators (16 Quotes)
At FIS, it is our pledge to support and maintain the technology we provide. As regulators direct financial institutions to conduct vendor risk due diligence analysis and make preparations for potential vendor failures and subsequent discontinuation of software support, we want to ensure this is an easy process for our clients. The new escrow service provides one-stop shopping for source escrow for licensed customers in one account for the bulk of the Integrated Financial Solutions division's critical applications.
It's not unusual to find Thai regulators with an allergy to responsibility, and the prospect of new legislation relating to alcohol is an available excuse to delay.
We stand with Illinois Attorney General Lisa Madigan in this lawsuit, ... The Illinois Commerce Commission does not have the legal authority to order a power auction with unlimited rate hikes as the outcome. The ICC should tell Ameren and ComEd to take their auction proposal to Springfield for review by the General Assembly, which approved a Public Utilities Act that clearly gives Illinois regulators final say over electricity rates.
The genetically modified food industry recognizes that they need to have consumer confidence in order to push ahead. The failure of GM foods in Europe was directly linked to the consumers' lack of faith in their government food regulators.
Most issuers have already taken steps to ensure compliance. It's like when your boss strongly suggests that you come to work on time. It always behooves the industry to pay attention to the federal regulators.
Government barriers on Business For example, the Endangered Species Act prevents 'disturbing the habitat' of the spotted owl. That has restricted 4.2 million acres of forest from development, leading to the loss of 30,000 lumber-related jobs and the annual loss of 1.1 billion board feet of lumber. This has driven up the cost of houses by at least 4,000 each. In addition, regulators ordered a Kansas City bank to install a Braille keypad on its drive-through automatic teller machine, presumably to aid any blind drivers. The list goes on and on.
We don't think these large mergers are good for consumers. They put more utilities in fewer and fewer hands, increasing the likelihood of complex financial structures that will be less transparent and undermining the ability of state regulators to protect consumers.
The announcement by HMRC shows that filing of financial reports in XBRL is moving from promise to reality in the UK. This will bring benefits of efficiency and cost savings in due course to investors, companies and regulators alike. We congratulate the Revenue on the hard work they have done to establish their XBRL service for Corporation Tax.
The public expects and deserves the protection that effective government oversight provides. Until the Bush administration shows it is willing to do the job, however, it appears the public will have to rely on state regulators and lawmakers to protect its interests,
In these situations, nothing is more important than communication. In every direction and to every audience or constituency. At the College, this meant staff, faculty, management, trustees, students, parents, regulators and even the public. But you cant do it all at once. You can do anything you want, but not everything you want.
They'll have to get it through the regulators, and that's where the gamesmanship will begin,
Bank regulators understand that investor confidence is very important.
The Bush administration ushered in this desire to develop cooperative ties between regulators and the mining industry. Safety has certainly suffered as a result.
ISPs themselves will be given the first opportunity to draft a code of conduct. The code of conduct would then be submitted to regulators for approval, who would modify it to meet standards of best practice.
Our view is that the framework provides regulators with the ability to provide appropriate incentives to risky investment in infrastructure both to incumbents and challengers.