Wednesday, July 23, 2014

Fed's Letter to Deutsche Bank

"In reviewing your earnings per annum,
We're less than impressed, and we pan 'em.
The bank may have gains,
But this letter pertains
To the haphazard way that you ran 'em."

The Wall Street Journal reports that the Federal Reserve Bank of New York has vented its frustration with the sloppy reporting of Deutsche Bank's US branches and subsidiaries.  In a December 2013 letter to the bank, senior Fed supervisor Daniel Muccia complained  that the bank's reports "are of low quality, inaccurate and unreliable. The size and breadth of errors strongly suggest that the firm's entire U.S. regulatory reporting structure requires wide-ranging remedial action."  It's a problem long in the making, wrote Mr. Muccia: "Since 2002, the FRBNY has highlighted significant weaknesses in the firm's regulatory reporting framework that have remained outstanding for a decade."

Of course, it's not only the Fed that should be concerned.  Investors too rely on firms' financial reports to value their securities and decide when to buy, sell or hold.  Lest we forget, the feeling that "you can't trust the numbers" was a factor in the global financial meltdown of not so long ago.

8 comments:

  1. Since online banks prepare their installments electronically, this makes the reimbursement procedure simple and advantageous.

    ReplyDelete
  2. On the off chance that you adhere to your month to month spending plan, and just utilize this type of credit for a brief timeframe, obtaining what you can bear to reimburse, you will have no issues with a fleeting advance.

    ReplyDelete
  3. Elective loaning alternatives may not be the best for long haul arrangements, yet moment vehicle title advances and payday credits keep on attracting new and old clients consistently.

    ReplyDelete
  4. Excessively numerous Americans live without financial balances, live on not as much as steady salary or questionable cash openings.

    ReplyDelete
  5. Payday advances have been around for some time, are as yet a mainstream alternative among a large number of individuals who need to get to crisis money.

    ReplyDelete
  6. Such a nice blog and i appreciate your all efforts about your thoughts. it's really good work. well done. I would like to share something really helpful for education.
    Assignment Help UAE

    ReplyDelete
  7. Thank you for sharing such a informative post with us, it will beneficial for everyone, It is one of the best sites that I have visited. I am looking forward to read more blogs post from here Autism treatment in homeopathy

    ReplyDelete
  8. I often get emotionally involved. Like when I read your post, I can cry, laugh, sad, funny, depending on your written words. I think you are a sensitive person.
    Law Assignment Help

    ReplyDelete

Popular Posts