MaxedOutMama
Tuesday, January 31, 2006
FinCEN's Fox Resigns, Goes To Bank Of America
After the Riggs bank debacle, there were new rules put out regarding a waiting period for regulators accepting positions at banks. There is a potential conflict of interest.
So I was rather surprised to read about Fox of Financial Crime Enforcement Network resigning his position to work for Bank of America. Letter Announcement.
He'll be a "Senior Compliance Executive" for financial crimes at Bank of America, beginning February 21st.
So I was rather surprised to read about Fox of Financial Crime Enforcement Network resigning his position to work for Bank of America. Letter Announcement.
He'll be a "Senior Compliance Executive" for financial crimes at Bank of America, beginning February 21st.
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Why did Fox get the waiting period exemption?
And what exacttly does a Compliance Officer for BoA do? Is Fox a lawyer?
And what exacttly does a Compliance Officer for BoA do? Is Fox a lawyer?
Well, I don't think he's subject to the OCC policy or the FDIC policy.
But I'm thinking of selling my BOA stock. He would help them comply with the law. That's what all compliance officers do.
But I'm thinking of selling my BOA stock. He would help them comply with the law. That's what all compliance officers do.
I know what they are SUPPOSED to do. I also know how they try to get around those laws, at times.
A while back, I was contacted by a law firm- apparently a commodities firm skirted compliance- and I actually got most of my money back (the princely sum of 4 grand. That was my first- and almost last- commodities trading.
I needed to lose money TWICE to figure out I was getting screwed.
A while back, I was contacted by a law firm- apparently a commodities firm skirted compliance- and I actually got most of my money back (the princely sum of 4 grand. That was my first- and almost last- commodities trading.
I needed to lose money TWICE to figure out I was getting screwed.
Well, usually they hire the big boys when they know they've got problems and are trying to forestall the fines and legal actions.
On the other hand, they might just be trying to corner the Money Services Businesses market. Many of those businesses have had their accounts closed by banks because they feel the risk is too high. I've got the wind up on this one, though.
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On the other hand, they might just be trying to corner the Money Services Businesses market. Many of those businesses have had their accounts closed by banks because they feel the risk is too high. I've got the wind up on this one, though.
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