Re:A quick breakdown of what SWIFT is and why it matters
by landemva on Saturday February 26, 2022 @12:19AM
(#30475375)
Actually the regulators encouraged backdated deposits to allow IndyMac to appear solvent.
https://abcnews.go.com/Business/story?id=6514493 "The impact of Western Director Dochow's approval to record the capital infusion in the quarter ending March 31, was that IndyMac was able to maintain its 'well-capitalized' status," ...
https://www.cnbc.com/2011/11/23/financial-fingerpointing-tur... ' Even if regulators are involved in wrongdoing, they have some immunity. Internal disciplinary measures are rarely taken against regulators who perform badly in their jobs, say government officials. '
Re:A quick breakdown of what SWIFT is and why it matters
by dannyw on Friday February 25, 2022 @11:30PM
(#30475219)
Yeah, right.
Ask anyone in accounting in a large enough corporation how many millions of dollars go unaccounted each quarter.
Ask the Inspector General of the Defense Department how many trillions of dollars are fudged (answer: $2.6 trillion as of 2016).
Do you really think it's that easy? That *nobody else involved in the system ever was like "wait, what if someone tries to defraud us?"? That there aren't various levels of checks and methods to prevent such easy, easy things?
That, say, the FDIC in the US is just telling banks "sure, we'll insure your bank accounts, don't bother sending us verification, we trust you!"
Whenever you hear someone complain about onerous reporting requirements or other such business regulations, remember that those things get put in place to catch shit like this.