Tuesday, January 31, 2006
FinCEN's Fox Resigns, Goes To Bank Of America
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.
And what exacttly does a Compliance Officer for BoA do? Is Fox a lawyer?
But I'm thinking of selling my BOA stock. He would help them comply with the law. That's what all compliance officers do.
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.
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.