For those who missed my regulatory write up last night, here you go.
No matter how much you speculate, its the bootm line to me.
A grand total of only 10 million dollars has been put aside for this entire program. Thats it for the whole year.
That includes getting the rules written, including the rules of audit and compliance, implementing the program throghout all member banks nationwide, which means the Feds have to go to the different banks and what not to train these people, and then enforcing it all nationwide.
All that for 10 million. First tell me this, WHOM IN THE HELL DO THEY HAVE HIRED, TRAINED AND IS READY TO DO ALL THIS? Somebody please tell me.
Up to 270 days my ass. Never. First, outside of the "Treasury" whom the hell is going to lead all this, but more importantly, TAKE THE FALL, when it cant be enforced and they call for his job and so on.
Please stop thinking people are going to walk into the office next week and turn everything off. Do you think the people whom work in all these places have a clue. In addition, a place like Bank of America cant just turn on a switch and read every transaction or sync there computers WORLD WIDE, to stop you, just like that.
Plus, I know how the regulation game is played. Do you have any idea the type of personnel these places will have to hire to comply with this. How many of these type of transactions of any eft or check kind take place a day at any one place. Weeks could go by with nothing happening.
In regulation, you have to prove you policed it. This means each bank has to have a compliance officer whom fills out the paperwork that says what happened that day and what measures were taken if any to keep things regulated.
All this has to be sent upstream to the person who oversees all of the banks in a district, lets say and he/she has to make sure they did everything right and did not miss anything. Any mistakes along the way you will be made to look like a criminal for letting somebody slip thru.
In order to pull off just the first two levels, you need an audit department to make sure everybody did everything right, and filed it correctly.
From there it goes into a bigger stream.
DO YOU REALLY BELIEVE ALL THIS IS GOING TO HAPPEN IN 270 DAYS? OR EVEN IN THE NEXT 27 YEARS? DO YOU?
Can I stop anytime now or do I need to continue? I will continue when needed.
No matter how much you speculate, its the bootm line to me.
A grand total of only 10 million dollars has been put aside for this entire program. Thats it for the whole year.
That includes getting the rules written, including the rules of audit and compliance, implementing the program throghout all member banks nationwide, which means the Feds have to go to the different banks and what not to train these people, and then enforcing it all nationwide.
All that for 10 million. First tell me this, WHOM IN THE HELL DO THEY HAVE HIRED, TRAINED AND IS READY TO DO ALL THIS? Somebody please tell me.
Up to 270 days my ass. Never. First, outside of the "Treasury" whom the hell is going to lead all this, but more importantly, TAKE THE FALL, when it cant be enforced and they call for his job and so on.
Please stop thinking people are going to walk into the office next week and turn everything off. Do you think the people whom work in all these places have a clue. In addition, a place like Bank of America cant just turn on a switch and read every transaction or sync there computers WORLD WIDE, to stop you, just like that.
Plus, I know how the regulation game is played. Do you have any idea the type of personnel these places will have to hire to comply with this. How many of these type of transactions of any eft or check kind take place a day at any one place. Weeks could go by with nothing happening.
In regulation, you have to prove you policed it. This means each bank has to have a compliance officer whom fills out the paperwork that says what happened that day and what measures were taken if any to keep things regulated.
All this has to be sent upstream to the person who oversees all of the banks in a district, lets say and he/she has to make sure they did everything right and did not miss anything. Any mistakes along the way you will be made to look like a criminal for letting somebody slip thru.
In order to pull off just the first two levels, you need an audit department to make sure everybody did everything right, and filed it correctly.
From there it goes into a bigger stream.
DO YOU REALLY BELIEVE ALL THIS IS GOING TO HAPPEN IN 270 DAYS? OR EVEN IN THE NEXT 27 YEARS? DO YOU?
Can I stop anytime now or do I need to continue? I will continue when needed.